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Advanced_User
Advanced_User
August 22, 2021
Question

Does a law firm have to purchase separate subscriptions for its Business and Trust accounts?

  • August 22, 2021
  • 2 replies
  • 0 views
Quoting from https://www.tech4law.co.za/business/trust-accounts/processing-attorneys-trust-interest-and-bank-charges/ "The Law Society expects attorneys to maintain their Trust Accounts. As an attorney it’s your obligation to ensure clients trust funds are safe. The purpose of a trust account is to safeguard and protect client’s funds. To ensure the safety of trust funds, you need to separate trust funds from business funds."

2 replies

Advanced_User
Advanced_UserAuthor
September 10, 2021

QBO team, please reply.

E
Ethel_A12
September 10, 2021

Hello there, @Advanced_User.

 

Let me share an idea about a Trust account where you can keep a record of your client's trust fund.

 

In QuickBooks Online, you can create a Trust account where you can record trust funds. However, this is for recording purposes only. You don't need to have a different subscription. But if you're referring to a Trust account where there is money movement, I'd recommend you consult an accountant to help you.

 

Here's how you can create an account:

  1. Go to Settings ⚙ and select Chart of Accounts.
  2. Click New.
  3. From the Account Type ▼ dropdown, choose an account type.
  4. Select the Detail Type. Learn more about detail types.
  5. Enter an account name and add a description.
  6. Add an opening balance and the start date you want to track the account that matches your real bank account.
  7. Click Save and Close.

 

And, when you're ready to reconcile your accounts, you can check on this article for your reference: Reconcile account in QuickBooks Online.

 

If you have clarification about a Trust account, I'm always here to help you. Keep safe.

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