Objective:
- Debits and Credits for QBO
- Bookkeeper, Accountant
- General Ledger Account
Environment:
- Clio Manage
- QuickBooks Online
Additional Information:
- When setting up the sync in Clio, you will need to map your Trust Account in Clio to a Trust Account in QBO, and you will also need to select a Trust Liability Account in QBO to map to.
- You may need your accountant or bookkeeper to help you set up your Trust Account and Trust Liability Accounts in QBO.
Answer:
When Trust Account Deposits sync to QBO from Clio, they will 'Debit' the Trust Account in QBO that you have mapped to and 'Credit' the selected Trust Liability Account.
Any funds that leave the Trust Account in Clio (in the form of Disbursements or payments on bills) will 'Credit' the Trust Account and 'Debit' the Trust Liability Account in QBO.