3/25/2023 0 Comments Billings pro expensesLiability account in which client retainers are recorded. Write a receipt to deposit the amount to your general bank. Depending on the tax laws in your state or province, you may not need to use this account.Īccount in which trust checks are recorded if you enter trust transfers to pay A/R and trust checks using the Create Bills program. Liability account used to accrue Tax 2 collected from billing. Depending on the tax laws in your state or province, you may not need to use this account. Receivable account used to record Tax 2 amounts paid to the government and then written off. Liability account used to accrue Tax 1 collected from billing. Depending on the tax laws in your state or province you may not need to use this account. This account may be set up as a liability account, reducing the amount of Tax 1 Collected. Receivable account used to accrue Tax 1 paid out by the firm for goods and services. Liability account used to record payables. Revenue account used to record revenue generated when billing client disbursements.Īccount to which revenue and expense accounts are closed out at year-end. Revenue account used to record professional fees revenue generated when billing. Revenue reversal or expense account used to record write-offs of WIP disbursements. When you view your billing report, each line item lists Cost Before Credit, Credit, and Cost After Credit. Revenue reversal or expense account used to record write-offs of WIP fees. Revenue reversal or expense account used to record write-offs of A/R disbursements. Revenue reversal or expense account used to record write-offs of A/R fees. Liability account used to record the total amount of funds for all clients/matters in all trust accounts.Įquity account to which professional fees are entered prior to billing.Īsset account in which daily time entries are recorded.Īsset account in which daily disbursements are recorded.Īsset account used to record billings for professional fees.Īsset account used to record billings for disbursements. Review this section so that you can configure your Chart of Accounts correctly. This topic lists the general ledger control accounts for systems that use accounting method B – Billings as Revenue. Control accounts for accounting method B - Billings as Revenue
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