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How to Set Up QuickBooks for Law Firms

Aug 19, 2015 | By Seth David | 0 Comments

Topics: Legal, Industry Insights, Law Firms

Don't forget that QuickBooks Online integrates seamlessly with BQE Core, the award-winning project accounting platform built for professional services firms. Core offers business intelligence, project management, time and expense tracking, billing, accounting, and reporting together in one intuitive package. You can integrate Core with QuickBooks, or handle your accounting within Core so it's right alongside all of your other essential business processes.

I’ve been writing about how to run the accounting for law firms in the cloud. I believe we all need to be looking at moving there, and I am of the firm belief that it is better to do it now, while you can plan it well. If you wait to move your law practice, or that of your clients’ to the cloud, then you may find yourself in a position where you have to do it under duress, because the ecosystem forces you there. In short, I think it’s unavoidable, and if you wait, you’ll be forced to after everyone else already has.

Meanwhile I do understand that not every law firm will be making the move to the cloud. For those who are not ready yet, I give you, How to set up QuickBooks for Law Firms.

I am going to show you how to set up QuickBooks for law firms in small, digestible pieces.

The first thing when you set up QuickBooks for any business is to walk through the setup interview. QuickBooks will ask you a series of questions, one of which will be for you to choose which industry your company is in. If you really want to set up the company from scratch, you can choose Other/None here. The choice you make here tells QuickBooks what to include in your chart of accounts. There are basic, standard sets of accounts. BillQuick does the same thing when you are setting up for any industry. I would recommend choosing “Law Firms” here. It will save some time, and it is very easy to add more accounts and remove any that you don’t need.

The first thing you will want to do, once the books are set up and the QuickBooks company file is created, is add your bank account. I’ll show you how to do that in the video.

The next thing you will want to learn to do when you set up QuickBooks for law firms is set up your customer list. This is a critically important area. You are going to want to track your time and expenses by case, and this is where that set up occurs. We’ll set up our customers as customers, and then our cases will be jobs within the customers. In this video I’ll show you how to set up QuickBooks for law firms. Then in future videos we’ll look at how the time and expenses can actually be tracked by case.