Skip to main content
All CollectionsTrust, IOLTA & RetainersTrust
Adding an opening trust balance to your Client or Matter
Adding an opening trust balance to your Client or Matter

How to set an opening balance for Clients or Matters that already have trust funds accounted for in QuickBooks Online

Jay Sanchez avatar
Written by Jay Sanchez
Updated over a week ago

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.

What’s next?

Did this answer your question?