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How are Trust Transactions Displayed in QuickBooks Online?

Question:

  • When I Record a Trust Transaction how does it get inputted into QuickBooks Online?

Environment:

  • Clio Manage
  • QuickBooks Online

Additional Information:

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

 

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