Accounting for Insurance Proceeds
When a business suffers a loss covered by an insurance policy, it recognizes a gain in the amount of the insurance proceeds received. The most reasonable approach to recording these proceeds is to wait until the company has received them.
Reasons Why Your Law Firm Needs Legal Accounting Software
Legal accounting software enables you to manage all your practice finances with ease and also helps to automate various financial transactions. It is a powerful accounting tool for attorneys with several benefits. Here are some of the reasons why attorneys
Legal Liabilities of an Accountant
The accountant is legally liable if they miss key information in examining the company. This could result in charges from either investors or creditors who rely on that work, as well as financial losses due to an incorrect representation about
How to record settlement payment in QuickBooks
When two parties agree, all accounts must be settled. An account settlement can mean either paying off your balance or completing a process of settling debts between you and another person/company in which there’s still some amount owed by one
Personal Injury Loss Accounting: What You Should Know
One of the main roles of forensic accountants is to assess the economic loss suffered by individuals and organizations as a result of accidents and incidents. This typically involves calculating how much money has been lost due to factors such
Accounting and Bookkeeping Best Practices for Law Firms
Lawyers often neglect their finances, but it can have serious consequences. If you want to get off on the right foot as a new lawyer and understand your firm’s numbers in full detail- from billable hours per client down to