Question:
- When I Record a Trust Transaction how does it get inputted into QuickBooks Online?
Environment:
- Clio Manage
- QuickBooks Online
Additional Information:
- How Can I Sync Trust Accounting with Quickbooks Online?
- When my Trust Account Syncs to QuickBooks Online, What are the Debits and Credits?
- Why Do My Trust Account Transactions Sync into Two Accounts in Quickbooks Online?
Answer:
This is how Trust Transactions within Clio are recorded in QuickBooks Online:
Trust Deposits:
Trust Account - Deposit as Journal Entry
Trust Liability - Increase as Journal Entry
Trust Disbursements:
Trust Account - Payment as Journal Entry
Trust Liability - Decrease as Journal Entry
Disbursement Check Printing:
Trust Account - Payment as Check
Trust Liability - Decrease as Check
Trust Transfer to Operating:
Trust Account - Payment as Journal Entry
Trust Liability - Decrease as Journal Entry
Trust Transfer From Matter Balance to Client Balance / Client Balance to Matter Balance:
Trust Account - Deposit then Payment as Journal Entry
Trust Liability - Increase then Decrease as Journal Entry