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jennifer123

Client Funds, TAL Pro and Quickbooks

Posted By

I am new to TAL Pro and linking Timeslips to Quickbooks in a detailed fashion. So when I had to refund a client the remainder of his fund balance, I am thoroughly confused as to how to set up the journal entry. Typically I would have just entered the transaction in both Timeslips and Quickbooks seperately. But the GL Transfer clears the amounts, but doesn't allow for me to write the actual check. At the expense of my exhaustion, I want to just delete the journal entry posted from Timeslips and do it the old-fashioned way. But I want to learn and do it correctly for future incidents. Any advice on how to enter the journal entry would be appreciated.

  • 0
    If you have Timeslips v2014 or above, then you can set up the link to post a to be printed check and avoid the journal entry nonsense.
    If you have an older version of Timeslips then here's the procedure I recommend in my TAL Pro for QuickBooks link guide

    Link the Cash Escrow to the Undeposited Funds account and the Client Escrow to the Client Trust Liability account.
    • In QuickBooks you will go into Banking – Make Deposits and have both a debit and credit to be deposited. This will generate a zero dollar bank deposit. Deposit this into the Exchange Account. The balance in the Exchange Account should always be zero.
    • Go into Checks and write a check from the Retainer Bank Account for the amount to be deposited to the Operating Account. A single check can be written for multiple clients. For each client that has funds being withdrawn enter the account as the Operating Bank Account and include the client name in the customer:job line.

*Community Hub is the new name for Sage City