2 Best Practice Options for Recording Atty Fees & Recovered Costs

Here we explain the two best practices for using the QuickBooks Connect integration to record attorney fees and recovered costs from trust into Filevine and push the correct transactions into QuickBooks. 

Option 1: Using the disbursement section, such as an ACH payment, to create an outgoing trust expense transaction (for example, $3,500 for attorney fees and costs). Note - this does not automatically record the operating income so a separate bank deposit must be handled. 

Option 2: Using an invoice in Filevine for your attorney fees and reimbursable costs to then apply project funds to the invoice as payment. The integration will generate a journal entry automatically, typically balancing with debits and credits across transfer to operating, income accounts, and trust bank and liability. Note - the integration may initially put all $3,500 to income, requiring a manual adjustment to split fees, hard costs recovered, and soft costs recovered, with an optional clearing account approach.