Preparing Your Chart of Accounts

Preparing Your Chart of Accounts

General ledger accounts used to accumulate client costs or trust balances will be mapped to Filevine as needed. These can have different names and will be selected during the configuration. General ledger accounts duplicated for each client or project will not be supported (see help article). Where applicable, Finance Connect users will have a general ledger account supporting each of the following;

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  • Advanced Case Costs (for contingency projects): This is typically an Other Current Asset account type in QuickBooks Online. The account acts as a receivable as it accumulates a balance of client costs incurred by the firm, which the client will reimburse. The Finance Connect integration will also work if this account is an Expense account type in QuickBooks Online. The Finance Connect integration will only read debit (+) balances to summarize the total costs. This allows a Filevine settlement section to retain the balance of the total client costs as they are distributed among multiple settlement stages. 
  • Uncollectable Cost (for contingency projects): This is an Expense account type in QuickBooks Online and is used to write off uncollectable Advanced Case Costs. 
  • Trust Settlement (liability): This is typically an Other Liability Account type in QuickBooks Online. When trust money is deposited into an IOLTA bank account, this general ledger account defers revenue from the firm until the client service is rendered. 
  • Trust Bank Account (Asset): This is a Bank account type in QuickBooks Online and will be the source of truth for your trust balance after regular reconciliation. The Trust Settlement account balance will be regularly reconciled against the IOLTA Bank Account to meet industry requirements.