Christie’s Bookkeeping took on a law office that wished to join the Paycheck Protection Program (PPP) as a contractor. They needed to provide accurate financials for the application.
The person who designed their QuickBooks chart of accounts did not understand IOLTA (Interest on Lawyers Trust Accounts) accounting, nor did they understand how to properly reconcile accounts in QuickBooks online. As a result, the accountant told our client that the financials were completely unusable and did not tie in accurately to the bank statements.
We corrected their QuickBooks chart of accounts and ensured that all operating income and expenses were being captured and recorded correctly. We also completely restructured their IOLTA account setup to be tracked correctly, and reconciled the law office’s books for all of 2019 through May of 2020. With the new financials in place, the law office was able to successfully apply for the PPP and receive a loan.