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Setting up Xero for a solicitor

  • Fellow PM.Dip
  • Practice Licence
  • 111 posts
  • # 111817

Hi Janine

I may stand corrected but I don't think it will be possible to do it as you need to run seperate ledgers, not just bank accounts, when doing solicitors accounts. I used to have a solicitor client and we completed all the work on spreadsheets and it was quite complex. The only alternative was specialist accouting software for solicitors but it wasn't cheap and as they were a small practice it wasn't viable to start with.

Your friend will need an accountant to sign off their annual accounts so my advice would be to speak with them and ask them what software they would recommend. It would be better to get them on board at the start than find out at the end of the year that Xero wasn't sufficient.

Best of luck.

 

Victoria

  • 491 posts
  • # 111822

Hi Janine

I haven't had any experience of solicitor accounts - but have had a facility managment company, which deals with client payments coming in that have to be held 'in trust' until needed to be used.

Would a 'loan account' be better that a credit card account?

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