Get 50% OFF QuickBooks for 3 months*

Buy now
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Work smarter and get more done with advanced tools that save you time. Discover QuickBooks Online Advanced.

Reply to message

View discussion in a popup

Replying to:
ShiellaGraceA
QuickBooks Team

Reply to message

Thanks for getting back to us, @Advanced_User.

 

I have some information to share about recording trust account. In QuickBooks, you can set up your client as a vendor and use the trust liability account to categorize its transaction.

 

Here’s how to do it:

  1. Go to Accounting, then select Chart of Accounts.
  2. Tap New.
  3. For Account Type, choose Other Current Liabilities.
  4. Pick Trust Accounts - Liabilities under Detail Type.
  5. Enter your desired name under Name.
  6. Click Save and Close. See the image below.

 

 

 

I'd still recommend consulting with an accountant to ensure you tracked and report the funds held in your trust account. Feel free to search here www.quickbooks.intuit.com/find-an-accountant/ if you want someone local.

 

On the other hand, you can look for a third-party application that'll handle recording trust deposits that sync with QuickBooks.

 

In case you need help with other banking-related tasks, check this link to go to the page: Find help with bank feeds and reconciling accounts.

 

I'll be around if you still have questions or concerns with trust liabilities accounts. Don't hesitate to reply. Take care and have a good one.

Need to get in touch?

Contact us