Note: The following requires that your LeanLaw account be connected to QuickBooks Online, and set up to sync trust transactions. If you haven't already done this, here is the article on how to do so.
This happens automatically when a deposit is made, but if you to track the opening trust balance do this. Here is a link to the article on how to deposit funds to trust, which automatically sets up the Client/Matter with a liability account.
Steps to add an Opening Trust Balance
Step 1: Create the Client and Matter
If you haven't already added the Client and Matter to LeanLaw, you'll need to do so. Here's the article on how to complete that.
Step 2: Open the Matter
Once the Matter has been created, you're now able to manually add a liability account for it. In the Matters page, click on the matter you want to set the balance for. Once in the matter, go to the QuickBooks tab. Select Setup Trust Accounting in the lower left corner to open the "Prepare Trust Account" modal.
Step 3: Prepare the Trust Account
Now that you've opened the "Prepare Trust Account" modal it's time to fill out the form.
If the Client or Matter already have liability accounts set up in QuickBooks Online then you're able to pick them from the corresponding dropdowns. Make sure to check for existing Client/Matter accounts, as to avoid duplicates. Otherwise, select "Create account" to make new liability accounts for them.
Remember to add the Opening Balance before creating the accounts! These are the funds for this Client/Matter that have already been deposited in the bank account, but have not yet been allocated.
Note: If the Client is already listed in "Pick existing account" and "Create Account" is enabled for the Matter, LeanLaw will sync to the Client and create the Matter as a sub-account.
Step 4: Save Changes and Check QuickBooks Online
Verify that you've set the correct Client, Matter, and Opening Balance, then save!
The Opening Balance will be debited in QuickBooks Online to "Opening Balance Equity", and credited to the Client/Matter liability account. In addition, these funds are now available in LeanLaw to pay invoices.
Now that there are funds available in the account, you can finally bill the client — pay that invoice using funds held in trust.
Send trust requests from within LeanLaw: no memo required! — email your Clients a trust deposit link using Gravity Legal.