Author name: quadminm

In this guide, we’ll cover the fundamentals of law firm accounting. Reconciling these forms with your own books is important so your reported income matches what others have reported to the IRS. Running reconciliation can be time-consuming and exhausting, so this can be a good time to leverage your practice management system’s accounting platform. Accurate

You can depreciate leased property only if you retain the incidents of ownership in the property (explained below). This means you bear the burden of exhaustion of the capital investment in the property. Therefore, if you lease property from someone to use in your trade or business or for the production of income, generally you

We have made this feature to book expenses to multiple expenses heads. Instead of a vague note like “lunch,” record “Lunch with prospective client to discuss Q1 marketing contract.” That level of detail makes your intent clear if the expense is ever reviewed. After this journal entry, total expenses on the income statement will increase