Category Archives for Tricky Transactions

Working With Attorneys: Trust Accounting

Trust Accounting

This article is for the person who just picked up a brand new law firm client and has no clue where to start. Trust accounting can seem scary. Also, what is all this terminology???? Trust accounts, retainers, matters, advanced client costs, and an Iolta account? What does it all mean?Well, it is super important to […]

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Reconcile a Credit Card with Sub-Accounts in QBO

Reconcile a credit card with sub accounts QBO

Reconcile a credit card with sub-accounts is a bit tricky. It’s one of those transactions that you may not discover you didn’t do exactly right until you hand your records over to your tax professional at year end. He or she may look at the records and say why are the balances so weird or messy? And […]

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Prepaid Rent and QuickBooks

Prepaid rent and QuickBooks

Prepaid Rent and QuickBooks.  I consider this a bit of a trickier transaction.  Why?  Because it involves a account that can be considered not the “norm”.  What  type of account is prepaid rent?  It is  current asset account that reports the amount of future rent expense that was paid in advance of the rental period. […]

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Handling security deposits in QuickBooks

Handling security deposits in QuickBooks

Handling security deposits in QuickBooks can be a bit of a tricky transaction. In the video and corresponding post below, I outlined the steps. The key when using QuickBooks in making this transaction work is in the way you use the items. Proper setup of the items is paramount.Handling a security deposits in QuickBooks:  Create the […]

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Uncategorized Income transactions in QBO

uncategorized income

Uncategorized income, if it was populated via an invoice using an improperly set up item, can make your ears go back like my friend to the right.   The fix can be super time consuming and not an easy task.  As I mentioned in this older post, the only way to update is to fix […]

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