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How are retainers synced to QuickBooks?

How are retainers synced to QuickBooks?

MyCase has the ability to sync two types of retainers to QuickBooks: General (Credit) and Trust Retainers.

Updated over 2 weeks ago

Overview

MyCase has the ability to sync two types of retainers to QuickBooks: General (Credit) and Trust Retainers. This article will show you how!

Trust Retainers

These are up-front funds which are placed in a separate trust bank account. As the firm performs work, money is withdrawn from that trust account as payment for the work performed. Any amount that is left over after legal representation has concluded must be refunded to the client.

Syncing Deposits into Trust

If a client gives you a check for a retainer, and you would like allocate those funds to a contact in MyCase without creating an invoice, follow these steps:

  • Search on the client’s name in the upper-right corner search bar in MyCase

  • Click on their name, which should bring you to the Contact Details for that client

  • Select the Billing tab

  • Click Deposit into Trust

  • Input the Payment Method, Date, Amount and any Notes that are associated with the Deposit

  • Confirm the deposit


General (Credit) Retainers:

These are retainers which are deposited directly into your Operating Bank Account, which means the money is intermingled with the Firm’s funds. Unlike Trust Accounting, there is no transfer of funds when work is performed, this is used strictly to account for the “credit” the client has left before they need to replenish their retainer.

Syncing Deposits into Credit

If a client hands you a check for a non-trust retainer, and you would like to allocate those funds to a contact in MyCase without creating an invoice, follow these steps:

  • Search for the client’s name in the upper-right corner of MyCase

  • Click on their name, which should bring you to the Contact Details for that client

  • Click the Billing tab

  • Click the Credit History sub-tab

  • Click the Deposit into Credit button

  • Input the Payment Method, Date, Amount and any Notes that are associated with the Deposit

  • Check off the Sync to QuickBooks box if you would like the deposit reflected in QuickBooks

  • Upon clicking Deposit Funds, a deposit will be created in MyCase and QuickBooks, reflecting the deposit into your Operating Bank Account, with a related transaction into the non-trust liability account

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