Self employed Attorneys and law firms have unique challenges that relate to the bookkeeping and record keeping standards set forth by the bar association and other regulating authorities.
The procedures you will learn in this course will enable you to keep records that will show you the results of your operations and be in compliance with the regulation for attorneys. You will learn: How to set up a file that is specifically designed for attorneys, how to record retainer payments from clients, how to record income earned for work done for a client, how to bill the client, how to adjust for a client who starts to pay late, calculate cost per client, calculate profit and loss by client, bill client for case related expenses and distribute cost to clients long after paying for the items or service (after the fact costing).
I know many attorneys who use these methods. They are simple to understand and easy to do. They will defiantly work for you!!
This introductory lecture will give you an overview of what you will learn in this course
In this lecture, you will learn what things in a QuickBooks file are unique to Law firms or self employed attorneys
In this video, you will learn how o record retainer payments from clients
In this lecture, you will learn how to creat invoices and bill clients for services rendered
In this lecture, you will learn how to apply payments from clients to the invoices that you billed them for
You will learn how to make invoices and record payments for clients who always pay after the legal services are give
Sometimes clients that pay in advance become clients who pay after the fact (or vice versa). This video will show you how to adjust for that
It is very important that you are able to find out how much money you are REALLY making on each client. This video will show you how to do that
Attorneys are only allowed to bill clients for resources used for their particular case. Sometimes resources are purchased in bulk and in advance. You cannot know which client you will use them for until after you purchase them. But, you still need to track these resources per client so that you bill the client for only what was used on their own case.
This video will show you how to do that.
Sometime clients move on before you can earn all the retainer that you were paid. This video lecture will show you how to issue a refund check and keep your records accurate
Sometimes you will have expenses related to clients that the are obligated to pay for. If their retainer has a balance, you can apply some to that expense with a journal entry. This is NOT the best method of recording it. However, it is a method that your accountant will understand. The better way, is the following video. A journal entry will not generate a paid invoice.
I have 2 decades of experience teaching Computerized Accounting. I have taught QuickBooks at A.S.A college in Manhattan New York. I have made my lessons available to job training schools for adult education and have helped place hundreds of students in good paying jobs using QuickBooks and other software that they learned in my class. I am a permanently licensed teacher by the New York State Education Department. I am also a Certified QuickBooks Pro adviser. I have made these videos by determining what my clients needed and how effective they were in real life situations. I enjoy helping students turn frustration in to a feeling of comfort and satisfaction with QuickBooks