Accounting and Bookkeeping Principles Defined

In the Balance Sheet, the equity accounts cover all the claims they have over the company. In the event you’re depositing funds into your bank account, you debit the cash account and credit the income or deposit category it relates to. For example, if you were paid...

Working Capital Position

Accounts payable, accrued expenses/expenses paid in arrears, short term loans, deferred revenue. Working capital can also be viewed as the current assets minus the law firm chart of accounts current liabilities of an organization. If efforts to improve working capital...

Legal Accounting 101: A Guide for Law Firms

For an in-depth discussion about the rise of electronic payments in the American legal profession, check out this guide to payment processing from the American Bar Association. Once you’ve determined what kinds of payments your firm will accept, you’ll then need to...

Legal Accounting 101: A Guide for Law Firms

For an in-depth discussion about the rise of electronic payments in the American legal profession, check out this guide to payment processing from the American Bar Association. Once you’ve determined what kinds of payments your firm will accept, you’ll then need to...