MyCase has the ability to sync two types of retainers to QuickBooks: General (Credit) and Trust Retainers.
OVERVIEW
Trust Retainers
These are up-front funds which are placed in a separate trust bank account. As the firm performs work, money is withdrawn from that trust account as payment for the work performed. Any amount that is left over after legal representation has concluded must be refunded to the client.
Syncing Deposits into Trust
If a client gives you a check for a retainer, and you would like allocate those funds to a contact in MyCase without creating an invoice, follow these steps:
Search on the client’s name in the upper-right corner search bar in MyCase
Click on their name, which should bring you to the Contact Details for that client
Select the Billing button, and then click Deposit into Trust
General (Credit) Retainers:
These are retainers which are deposited directly into your Operating Bank Account, which means the money is intermingled with the Firm’s funds. Unlike Trust Accounting, there is no transfer of funds when work is performed, this is used strictly to account for the “credit” the client has left before they need to replenish their retainer.
Syncing Deposits into Credit
If a client gives hands you a check for a non-trust retainer, and you would like allocate those funds to a contact in MyCase without creating an invoice, follow these steps:
Search on the client’s name in the upper-right corner of MyCase
Click on their name, which should bring you to the Contact Details for that client
Select the Billing button, then Credit History and then click Deposit into Credit
Input the Payment Method, Date, Amount and any Notes that are associated with the Deposit - make sure to off Sync to QuickBooks if you would like the deposit reflected in QuickBooks
Upon clicking Deposit Funds, a deposit will be created in MyCase and QuickBooks, reflecting the deposit into your Operating Bank Account, with a related transaction into the non-trust liability account: