Why is there no way to set up a non- trust account?
Solved
set up operating account
- Contributor
Best answer by JKibler
Its not clear to me based on your question what you are seeking as there are different types of “non-trust account(s)”. For example our firm uses two operating accounts. One is for legal fee income. The other is for “operating retainers” i.e. money that cannot be deposited to trust per IARDC IOLTA regulations but we do not consider income for taxable purposes or partnership purposes as it may be subject to reimbursement.
Smokeball only provides account receivable management for your operating account. You must use quickbooks online or xero to set up an operating account. SB will push income received and costs advanced to your QBO or Xero. These platforms allow you to do bank transaction downloads, payroll, credit cards, financial statements, etc.
Your question suggests that you need additional training / assistance for a critical need.
Its not clear to me based on your question what you are seeking as there are different types of “non-trust account(s)”. For example our firm uses two operating accounts. One is for legal fee income. The other is for “operating retainers” i.e. money that cannot be deposited to trust per IARDC IOLTA regulations but we do not consider income for taxable purposes or partnership purposes as it may be subject to reimbursement.
Smokeball only provides account receivable management for your operating account. You must use quickbooks online or xero to set up an operating account. SB will push income received and costs advanced to your QBO or Xero. These platforms allow you to do bank transaction downloads, payroll, credit cards, financial statements, etc.
Your question suggests that you need additional training / assistance for a critical need.
- Contributor
Do you know if it is possible to set up two operating accounts in SB? I am looking to establish a second one for two different types of legal work and am struggling to do this or even see if it is possible. I'd really appreciate it if anyone has done this if they could give me some guidance.
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