The Anti-DIY Chart of Accounts: How to Build it Right
Building a law firm's chart of accounts by leaving QuickBooks or Xero on default settings almost never works, and it usually creates a mess someone else has to clean up later.
In this episode, Lynda Artesani, Sarah Prevost, and Steven Libhart break down why the default chart of accounts (built for contractors, not law firms) falls short, and what a proper setup actually looks like.
They cover separating operating accounts from IOLTA/trust accounts, common naming mistakes that confuse tax preparers, the $2,500 fixed asset rule and why it trips people up, handling attorney compensation versus…
The skinny
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