firmTRAK will pull in your chart of accounts information for review in the firmTRAK application. To navigate to the account information for review click on the gear icon and click on Account Setup.
Name: This field is imported from Xero
Code: This field is imported from Xero
Status: This field is imported from Xero
Type: This field is imported from Xero
Class: This field is imported from Xero
Account Category: Review and select the most appropriate account mapping.
Operating Account: Map to any bank account that is used for operating
Trust Account: Map to any bank account that is the law firm’s IOLTA bank
Client Expense: Map to any asset or expense account that is used for
expenditures related to client reimbursable expenses. (Ex: filing fees, court fees…)
Marketing Expense: Map to any expense account the law firm uses on obtaining new clients
Wages and Salaries: Map to any expense account used for recording employee wage or salary expense
Draw: Map to each equity account that is used for recording law firm owner distributions
None: This is the default setting for each account. If a previously mapped account is no longer needed, change the mapping back to this option
In order to update any of the account setup options, click the pencil icon in the
Actions column. Clicking the icon will activate the Account Category for editing.