Unpacking the Law Firm Chart of Accounts

In this episode we break down the essentials of building and maintaining a strong chart of accounts for law firms.

Learn common COA mistakes, best practices for trust, IOLTA, and equity accounts, and how proper setup supports compliance, reporting, and smoother audits.

00:27 Understanding the Chart of Accounts (COA)
01:02 Importance of Proper COA Setup
01:51 Common COA Mistakes and Solutions
02:19 Handling Trust and Liability Accounts
03:01 Equity Section and Professional Presentation
06:24 Advanced Client Costs and Operating Expenses
08:33 Payroll Systems and Software Integration
12:30 Practice Area Income and Detailed Reporting
14:55 Addressing QuickBooks Payroll and Miscellaneous Expenses
15:11 Challenges in Bookkeeping and Cleanup
17:06 Chart of Accounts for Law Firms
18:55 Reconciling Discrepancies and Transfers
20:08 DIY vs Professional Services
21:22 Setting Up and Managing Chart of Accounts

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Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust.
Music by ComaStudio from Pixabay - Edited by audiovideo_uk

Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.