Bookkeeping

Many people starting out learning accounting get mixed up with their debits and credits. Luckily there is an easy way to keep it straight at an account level. We will look at what T accounts are and how to use them so you can grasp accounting easier. An account is simply a record of all […]

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With transaction histories, invoices, and receipts readily available, firms can respond quickly to audit requests and demonstrate full compliance. Trust funds must only be used for client-related expenses under proper law firm trust accounting controls. Interest on Lawyer Trust Accounts, also known as IOLTA accounts, are bank accounts used to hold client retainers, settlement funds, […]

Create value for your organization through expert consulting services. Instead of debiting cash and crediting income, you should debit the IOLTA account with a corresponding credit to Trust Account Liabilities. When you later earn your fee, you would debit Trust Account Liabilities and credit your revenue account. Grow Your Firm Faster With CosmoLex Legal Software […]