If you are an attorney or a law firm and you hold client funds such as settlements or escrow money, you need to use one or more client trust accounts to segregate these funds from your general office funds. You can have one or more bank accounts designated as trust accounts, for the purpose of holding funds that belong, in whole or in part, to clients.
Each state has specific rules of professional and ethical conduct for handling client funds and the various accounts you might set up for those funds. Since failure to abide by those rules and practices could result in administrative, civil, or criminal sanctions, you should refer to your state's rules prior to setting up your client accounts in QuickBooks.
A Retainer Balance report breaks down the balance in your Client Retainers account by client (customer:job). You can customize the QuickBooks Customer Balance Summary report to view information about client retainers. To see an example of a customer up front deposit balance report, view the Client Trust Ledger report in the Sample Law Firm provided with QuickBooks. From the Reports menu in the sample Law Firm, select Memorized Reports, then select Professional Services. Then select Clients Trust Ledger.
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