A review of basic accounting principles, including double-entry bookkeeping, chart of accounts, and financial statements (balance sheets, income statements, cash flow statements).
This section delves into the nuances of legal accounting, such as trust accounting, IOLTA accounts (Interest on Lawyers' Trust Accounts), and handling client funds.
A deep dive into the rules and procedures for managing client funds held in trust, ensuring compliance with ethical and legal obligations. This includes record-keeping, reconciliation, and reporting requirements.
Learning how to accurately track billable hours, generate invoices, and manage expenses specific to legal cases and client matters.
Familiarization with accounting software commonly used in law firms, such as Clio, QuickBooks Online, or specialized legal billing and practice management systems.
Understanding the legal and ethical responsibilities of legal bookkeepers, including confidentiality, record retention, and adherence to professional standards.
Preparing and interpreting financial reports for law firms, including analyzing profitability, cash flow, and other key financial metrics.