This will guide you through the process for entering hard costs (or advanced client costs) and credit card expenses in LeanLaw. Watch this video or follow the instructions below to learn how to manage your hard costs with LeanLaw.
Step-by-Step Instructions
1. Set Up. Before starting with QuickBooks Online, make sure you are logged into your LeanLaw account. Now the entry can be input into QuickBooks Online. Start by navigating to the New button and then Record a Check. From the New menu, select a check you have written or are going to write. Then, choose the payee or vendor the check is for. Next, you will select the Bank - this is where you will select a bank or operating account for this expense. For the date, you can enter the date the check was written or when you plan to write it. If the check has been written, you will want to enter the check number - otherwise, select Print Later.
2. Enter. In the category section, select Advanced Client Costs. This is the account used so the expense will sync with LeanLaw. Enter a description and then the amount on the check. Selecting the client can look different from the video, depending on how your QuickBooks Online is set up. Client-level will act as a roster and show a list of names. For matter-level accounting, it will be the name with the specific matter as a subpoint.
3. Review. Review the information. Double-check the payee, account, date, check number, description, amount and client were entered accurately. Click Save and Close to record the check. The expense is now caption in QuickBooks Online. Open LeanLaw to verify the expense is captures. You may need to refresh the page to see the updates to the latest entries in the Expenses tab. Expenses are staged in the Ready to Bill area and can be included in client invoice when you are ready to invoice.
Recording Credit Card Expenses:
This method is suitable for capturing credit card expenses and automatically enters them in your credit card register.
If you have an expense paid by credit card, click on “Expense” from the “New” menu.
Choose the vendor and payment account (e.g., business credit card).
Select “Advanced Client Costs” as the category.
Add a description, amount, and other details.
Save and Close.
Creating a Bill:
This method allows you to record the expense as a bill even if you haven’t paid it yet.
If a vendor bills you for an expense, choose “Bill” from the “New” menu.
Fill in the bill details, including the bill number, date, terms, and vendor (e.g., Hometown Hospital).
Select “Advanced Client Costs” as the category.
Enter the amount and choose the client.
Save and Close.
By following these steps, you can effectively record hard costs in QuickBooks Online and ensure that they are captured for billing purposes in LeanLaw when necessary.