While the reconciliation process is one of the most important rules in trust account management, attorneys most often fail to properly perform this step on a regular basis, which causes unfortunate consequences. An IOLTA account is a pool, interest-bearing business checking account for the deposit of client funds which interest earned belongs ...
Take note of each entity listed to verify the information is accurate. You may find that there is an error on your credit report, such as outdated information, mistaken or merged accounts, or even a clerical error. Ratios like the Current Ratio and the Quick ratio measure the current liquidity situation is of the company. It may be necessary ...
You’ll get a customized lease rate schedule that includes options for term, lease type, and transaction size. LIQUIDATION VALUE is a type of valuation similar to an adjusted book value analysis. Liquidation value is different than book value in that it uses the value of the assets at liquidation, which is often less than market and ...
You also want to make sure the law firm accounting software you choose is one that integrates with the general ledger package your accountant or bookkeeper uses. This will save hours of data entry time as well as eliminate the possibility of errors. Revenue accounting is fairly straightforward when a product is sold and the […]
This allowance can accumulate across accounting periods and may be adjusted based on the balance in the account. To use the allowance method, record bad debts as a contra asset account on your balance sheet. In this case, you would debit the bad debt expense and credit your allowance for bad debts. Writing off these debts helps you avoid ...
Ground leases involve leasing land for a long-term period to a tenant who then constructs a structure on that property. For example, since they are building on land they don’t own, tenants may need to get the approval of the landlord before construction can begin. And tenants can lose control of their building after the term of the ...