Mastering QuickBooks v 2014 for Lawyers Training Tutorial

This QuickBooks tutorial is specifically designed for those who practice law.
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  • Lectures 27
  • Length 2.5 hours
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 11/2013 English

Course Description

Using QuickBooks in a law firm comes with unique challenges. From setting up and maintaining a legal company file to managing trust accounts, QuickBooks includes several powerful features for law professionals. This QuickBooks training course includes training specific to the practice of law. You will learn how to create and effectively manage a legal company file as well as use QuickBooks for trust accounting. Mastering QuickBooks Made Easy for Lawyers features 24 video lessons with 1 hour of instruction for versions 2014 and 2013. Watch, listen and learn as your expert instructor guides you through each lesson step-by-step. During this media-rich learning experience, you will see each function performed just as if your instructor were there with you. Reinforce your learning with the text of printable classroom instruction manual, additional images and practice exercises.

What are the requirements?

  • QuickBooks software recommended for practice

What am I going to get from this course?

  • Video Lessons
  • Includes Printable Instruction Manual
  • Maintaing a legal company file
  • Managing trust accounts

What is the target audience?

  • Those who practice law
  • Law Firms
  • Attorneys

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Course Introduction
01:14

This lecture provides a brief summary of the topics covered throughout the course and offers suggestions for further reading and learning materials.

Section 2: Creating a Legal Company File
06:52

You can use the Express Start feature to create a new company file. This feature simplifies and segments the steps in the EasyStep Interview into more manageable sections, so you can get started with QuickBooks more quickly. When you first open QuickBooks, the option to create a company file using the Express Start feature is displayed in the “QuickBooks Setup” screen. Note that this is the same screen that opens if you select “File| New Company…” from the Menu Bar or simply click the “Create a new company” button shown in the “No Company Open” window. If you wish to use the Express Start feature, then click the “Express Start” button within the “QuickBooks Setup” screen to begin. Learn this and more during this lecture.

07:16

You can use the Express Start feature to create a new company file. This feature simplifies and segments the steps in the EasyStep Interview into more manageable sections, so you can get started with QuickBooks more quickly. When you first open QuickBooks, the option to create a company file using the Express Start feature is displayed in the “QuickBooks Setup” screen. Note that this is the same screen that opens if you select “File| New Company…” from the Menu Bar or simply click the “Create a new company” button shown in the “No Company Open” window. If you wish to use the Express Start feature, then click the “Express Start” button within the “QuickBooks Setup” screen to begin. Learn this and more during this lecture.

10:26

In QuickBooks, you can use the EasyStep Interview to quickly and easily create your legal company file. You complete the EasyStep Interview by entering information into the different screens shown within the Interview. Once you have filled-in the information in a screen, you can click the “Next >” button to proceed to the next screen. Once you have answered all of the questions within all of the screens, you can click the “Go To Setup” button to start using QuickBooks. Learn this and more during this lecture.

02:54

After you initially create your company file, you should review the chart of accounts to add, edit or remove any accounts, as needed. Please review the lecture “The Chart of Accounts” in section 3 of the Introductory QuickBooks manual if you need assistance in adding, editing, and deleting accounts within the chart of accounts. Before you make any changes, however, you should inspect the default chart of accounts provided by QuickBooks so that you can see what changes you would like to make. Learn this and more during this lecture.

01:30

After creating the company file and reviewing the chart of accounts, you should add any vendors to your vendor list. Note that you only need to add beginning balances for vendors to whom you owed money as of the start date of your QuickBooks company file. You can add more vendors to your Vendor List, as needed. However, if managing trust accounts, you should also add your own law firm to the vendor list. Learn this and more during this lecture.

03:37

Once you have finished creating your initial vendors within your QuickBooks company file, you should then enter any clients and cases who owed you money as of the start date of the company file. You can always add additional clients and cases as the need arises later on. Learn this and more during this lecture.

04:29

You can enables classes within QuickBooks in order to classify all transactions for reporting purposes. As used within law firms, classes often represent individual lawyers, partners, or departments within the firm. You can then create reports within QuickBooks that can detail transaction amounts by class. So, for example, you can easily review the income earned by a particular law firm partner by using classes. You could also generate a report that lists all transactions classified as being attributed to a specified lawyer. However, before you can create the classes, you must first enable class tracking within QuickBooks. Learn this and more during this lecture.

02:30

Line items are simply the various types of items that you create within the “Item List” for use within the line item areas in your purchase and sales forms. Since you will want to use the same item to track income for legal services provided, as well as expenses for payments to partners, you will set the items up as “double-sided services” within the “Items List” in QuickBooks. A “double-sided” service is simply a service item that you create that can be used to track income when used in sales forms and also track expense when used to pay the partners in the firm for their billable hours. The vast majority of your legal services provided will be set up as double-sided services for ease of use within QuickBooks. Learn this and more during this lecture.

Section 3: Setting Up a Trust Account
02:58

In this section, we will review the processes that often occur within QuickBooks when dealing with a trust account. One type of trust account used by many legal professionals is an IOLTA or Interest on Lawyer’s Trust Account. Most lawyers use an IOLTA account to hold client funds separately from their own funds. An IOLTA account is an interest-bearing checking account. The interest earned from all IOLTA accounts within a state is pooled together to assist low-income individuals to afford legal aid. Learn this and more during this lecture.

02:56

If you use an IOLTA account to track funds in trust for use in paying client expenses, you should ensure that you create the necessary accounts with the QuickBooks “Chart of Accounts” window. Please review the lecture “The Chart of Accounts” in section 3 of the Introductory QuickBooks manual if you need to reference creating and managing accounts. Learn this and more during this lecture.

04:10

In this lecture we will examine the items that you should create within the “Items List” in your QuickBooks company file to use when managing trust accounts. Please review the lecture “Setting Up Inventory” in section 5 and “Service Items” in section 6 of the Introductory QuickBooks manual if you need assistance in creating reimbursable items. The items created will be “doubled-sided items” like the ones created in lecture “29.7- Creating Billing Line Items” within this manual. Learn this and more during this lecture.

Section 4: Managing a Trust Account
02:31

In this section, we will review the transactions that you will need to use in order to correctly account for funds held within a client’s trust account within most, if not all, states. You should always be aware of the reporting requirements within your state and adhere to the regulations given. While you will have all of the required transactions and accounting information stored within the legal company file in QuickBooks, it is important to remember that you must also keep paper copies of ALL records related to your client trust account, including bank-created records. Be sure to keep paper copies of all of this information! Learn this and more during this lecture.

03:09

In this lecture, we will review entering bills that are to be paid from the client trust account. Remember that when entering these types of bills, you will want to use the special “Client Trust A/P” account that was created specifically for this purpose. It is very important to remember to select this account from the top of the “Enter Bills” window when entering these bills so as to not enter these bills against the law firm’s A/P account. Learn this and more during this lecture.

01:29

In this lecture, we will review entering bills for minor expenses incurred for each client that can then be entered as a single bill for the monthly totals. This could be performed with a minor charge, such as postage, for example. You can enter a single bill for this at the end of the month and then split it amongst all of the clients who will, in turn, pay their portion of the bill from their trust account balances. Learn this and more during this lecture.

01:41

In this lecture we will examine how to pay bills from the client’s trust account using the “Pay Bills” window. If you need to review paying bills, please read the lecture “Paying Bills” in section 12 of the Introductory QuickBooks manual. To start the process, select “Vendors| Pay Bills” from the Menu Bar within QuickBooks to open the “Pay Bills” window. Learn this and more during this lecture.

02:29

In this lecture we will examine using the “Client Credit Card” account to track and pay all client costs, if allowable within your state. Remember that if you do use a client credit card to NEVER mix charges between the client and the firm’s credit cards!Before you begin, you should review all of the lectures within section 21 from the Advanced QuickBooks manual regarding entering and paying credit card bills. Learn this and more during this lecture.

03:21

Next we will examine tracking time for the partners and paraprofessionals within the firm. Note that if you wish to use time tracking for hourly billing, you should first set up an item for each partner or paraprofessional within the firm and assign their billing rates within the “Sales Price” fields. Review the lecture “29.7- Creating Billing Line Items” within section 29 of this manual for assistance in creating line items to use for legal billing. Note that the “Income Account” associated with the items should be the “ Legal Fee Income” account. You should also review the lecture on “Weekly Timesheets” in section 19 of the Advanced QuickBooks manual to reacquaint yourself with the basics of timesheet entry, if needed. Learn this and more during this lecture.

02:31

You can also use QuickBooks to pay invoices created by the law firm using fund’s from the client’s trust account. Before you do this, however, you should check to ensure that there are sufficient funds within the trust fund to cover the invoice amounts. You should NEVER overdraw a client’s trust account, as there are severe penalties for doing this. Learn this and more during this lecture.

01:26

You can easily issue a refunds check to return unused client trust account funds, if the need arises. To do this, first open the “Write Checks” window within QuickBooks. Then select the “Client Trust Checking” account from the “Bank Account” drop-down at the top of the window. You can then select the name of the client and matter/case from the “Pay to the Order of” drop-down within the check form. You can then enter the amount of the client’s trust fund to be refunded into the “$” field. Be sure to enter a detailed description of the refund into the “Memo” field, as well. Learn this and more during this lecture.

02:19

In this lecture, we will examine using QuickBooks to return escheated trust funds. Escheat occurs when there are no legal heirs to property. Most commonly this is used to return abandoned trust funds to the state. For example, if a lawyer held funds in trust for a client and then could no longer find the client or any other legal heirs after pursuing all avenues possible. When escheat occurs, law firms are required to send the funds to the state along with a detailed report. The reporting requirements vary from state to state, and you should check with your state to find the specifics. Escheated funds are then held by the state and can be collected at a later date by the original owner, should they return and claim the funds. Learn this and more during this lecture.

Section 5: Trust Account Reporting
03:01

In this section, we will learn how to create basic customized reports that are needed in order to manage trust accounts. This lecture examines creating the Trust Account Liability Proof Report, which is used to ensure the balance in the trust account is never overdrawn when paying the invoices from the law firm. Note that there are severe penalties in place for overdrawing a client’s trust account. Learn this and more during this lecture.

02:01

The next type of report that we will examine creating is the Trust Liability Balances by Client Report. This report can show you the liability balances for all clients. Once again, start by creating a custom summary report within QuickBooks. You can do this by selecting “Reports| Custom Reports| Summary” from the Menu Bar. Learn this and more during this lecture.

02:24

The next report that you will learn to create is the Client Ledger Report. This report will allow you to view the individual transactions that have been attributed to the “Client Trust Liabilities” account. Within this report, the “Source Name” column shown will be the “Payee” field for checks written and will be blank for deposited amounts received. If you need to change the name of the column to “Payee” for reporting purposes, you can easily export the report to Microsoft Excel, where you can then rename the column and print the report. Learn this and more during this lecture.

02:39

The next report that you will learn to create is the Account Journal Report. This report will allow you to view the individual transactions that have been attributed to the “Client Trust Checking” account. Within this report, the “Source Name” column shown will be the “Payee” field for checks written and will be blank for deposited amounts received. The “Name” column will be the client and matter. The “Paid Amount” column is the amount of the deposit or check. Negative amounts are checks and positive amounts are deposits. If you need to change the name of the columns to “Payee,” “Client/Matter,” and “Amount” for reporting purposes, you can easily export the report to Microsoft Excel, where you can then rename the columns and print the report. Learn this and more during this lecture.

Section 6: Conclusion
00:51

This lecture provides a brief summary of the topics covered throughout the course and offers suggestions for further reading and learning materials.

Section 7: Instruction Manual
57 pages

QuickBooks 2014 for Lawyers Manual. Plus practice exercises and keyboard shortcuts.

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Instructor Biography

TeachUcomp, Inc., Quality Software Training

Founded in 2001, TeachUcomp, Inc. began as a licensed software training center in Holt, Michigan - providing instructor-led, classroom-style instruction in over 85 different classes, including Microsoft Office, QuickBooks, Peachtree and web design, teaching staff at organizations such as the American Red Cross, Public School Systems and the Small Business Association.

At TeachUcomp, Inc., we realize that small business software can be confusing, to say the least. However, finding quality training can be a challenge. TeachUcomp, Inc. has changed all that. As the industry leader in training small business software, TeachUcomp, Inc. has revolutionized computer training and will teach you the skills to become a powerful and proficient user.

In 2002, responding to the demand for high-quality training materials that provide more flexibility than classroom training, TeachUcomp, Inc. launched our first product - Mastering QuickBooks Made Easy. The enormous success of our first tutorial led to an ever-expanding product line. TeachUcomp, Inc. now proudly serves customers in over 80 different countries world-wide including individuals, small businesses, non-profits and many others. Clients include the Transportation Security Administration, NASA, Smithsonian Institution, University of Michigan, Merrill Lynch, Sprint, U.S. Army, Oracle Corporation, Hewlett-Packard and the U.S. Senate.

Our full-time staff of software training professionals have developed a product line that is the perfect solution for busy individuals. Our comprehensive tutorials cover all of the same material as our classroom trainings. Broken into individual lessons, you can target your training to meet your needs - choosing just the lessons you want (and having the option to watch them all if you like). Our tutorials are also incredibly easy to use.

You will listen and watch as our expert instructors walk you through each lesson step-by-step. Our tutorials also feature the same instruction manuals (in PDF) that our classroom students receive - and include practice exercises and keyboard shortcuts. You will see each function performed just as if the instructor were at your computer. After the lesson has finished, you then "toggle" into the application and practice what you've learned - making it the most effective interactive training solution to learn on your own.

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