How to use QuickBooks to manage fund from client?
Some users who are doing accounts for law firm or payroll outsourcing firm did ask me how to use QuickBooks to manage their client’s fund which was temporary parted with them.
Example:
Client A parted $100,000.00 with you.
Client B parted $150,000.00 with you.
Client C parted $200,000.00 with you.
You banked all these money into your Bank account.
In QuickBooks, you can make use of the Sub-Account in Chart of Accounts to record these funds from Client. First, you create a Bank account in QuickBooks, then, you create Client A, B and C as a sub-account of the Bank account (Cash at Bank).
Next, you make deposit into your client’s account accordingly.
This client’s bank account can be used as a Bank account in either Pay Bill or Write Cheque function to pay off the expense incurred for client.
Besides, you can also print a General Ledger report to list out the transactions incurred.
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My firm which deals in IT Solutions. Because It’s a small-scale firm I don’t have much resources to put in payroll infrastructure that’s why I am considering on having services of some payroll company. But can I get there services in fair pricing?