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Handling trust accounts (law firms)

If you are a law firm and you hold client funds such as settlements or escrow money, you need to use client trust accounts in order to keep these funds separate 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.

You might also handle retainers, which are also client funds that you hold, but which do not need to be held in separate bank accounts.

To handle trust accounts, use these Help topics

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