Client Trust Balance Reporting for QuickBooks Online

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Can I break rule #1?

Thanks, Caren for the article! I have a question about the rule #1 that you mentioned - that each and every transaction that debits/credits the Trust Bank Account also needs to credit/debit the Trust Liability Account. How would you handle credit card payments for earned legal fees/expenses that are deposited directly to the Trust Bank Account by the merchant services provider then removed via trust account check and deposited to the Firm Operating Bank Account? I find that if I use the Trust Liability Account for the trust account check it throws the balances and the reports off temporarily. One way I've found around it is to break Rule#1 and use a suspense account instead. Thoughts?

Jen Deal 309 days ago

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