The sample Chart of Accounts (COA) included with accounting software is intended as a basic template. Often, law firms strictly adhere to these predefined accounts, which leads to disorganized bookkeeping. Our approach involves developing a tailored COA that effectively serves a law firm's unique requirements.
Provided below is a sample of a customized chart of accounts optimized for a family law practice.
Family Law Sample Chart of Accounts
1000-1999: Assets
- 1000 Operating Account
- 1001 Savings Account
- 1011 Petty Cash
- 1050 Trust Account - 1
- 1051 Trust Account - 2
- 1110 Credit Card - 1
- 1120 Credit Card - 2
- 1130 Credit Card - 3
- 1150 Line of Credit
- 1610 Accumulated Depreciation
- 1620 Computer Hardware
- 1630 Equipment / Furniture
- 1700 Advanced Client Costs
2000-2999: Liabilities
- 2300 Client Trust Funds Current
- 2310 Client General Retainer (Trust)
- 2320 Client General Retainer (Operating)
- 2400 Payroll Liabilities
- 2405 401k Payable
3000-3999: Equity
- 3100 Opening Bal Equity
- 3210 Partner Capital - 1
- 3220 Partner Capital - 2
- 3230 Partner Capital - 3
- 3310 Partner Draw - 1
- 3320 Partner Draw - 2
- 3330 Partner Draw - 3
- 3400 Retained Earnings
- 3500 Income and Expense Summary
4000-4999: Income
- 4100 Fee Income
- 4125 Discounts
- 4150 Other Income
- 4160 Interest Income
- 4200 Reimbursed Client Costs
6000-6999: Expense
- 6000 Amortization Expense
- 6010 CLE
- 6015 Client/Marketing Meals
- 6016 Client/Marketing Gifts
- 6040 Contributions & Sponsorships
- 6050 Depreciation Expense
- 6055 Document Storage
- 6060 Dues / Fees / Licenses
- 6070 Equipment Expense
- 6080 Finance Charge
- 6090 Firm Meals
- 6091 Firm Outings
- 6092 Firm/Staff Gifts
- 6100 Firm Promotion & Marketing
- 6110 Furniture / Art / Fixtures
- 6121 Insurance - Malpractice
- 6122 Insurance - Liability & Property
- 6123 Insurance - Key Person
- 6124 Insurance - Workers Comp
- 6130 LLC Expenses
- 6140 Miscellaneous
- 6150 Office Supplies
- 6160 Parking & Transportation
- 6165 Parking - Employee
- 6170 Postage and Delivery
- 6180 Processing Fee - LawPay
- 6190 Processing Fee - Gusto
- 6200 Professional Services - Accounting
- 6205 Professional Services - Bookkeeping
- 6208 Professional Services - Legal
- 6210 Professional Services - Contract Staff
- 6215 Professional Services - Collection
- 6220 Professional Services - IT Support
- 6225 Professional Services - Staff Recruiting
- 6230 Professional Services - Training
- 6250 Reimbursable Client Costs
- 6255 Non-Reimbursable Client Costs
- 6260 Rent
- 6263 Rent-Maintenance
- 6270 Salary - Net Payroll
- 6271 Salary - Employee Deductions
- 6272 Salary - Employer Payroll Tax
- 6273 Salary - 401k Employee Deductions
- 6274 Salary - 401k Deduction - Partner 1
- 6275 Salary - 401k Deduction - Partner 2
- 6276 Salary - 401k Deduction - Partner 3
- 6277 Salary - 401k Employer Contributions
- 6280 Service Charges & Fees
- 6290 Software Expense
- 6300 Subscriptions/Books/Media
- 6305 Taxes - State
- 6310 Telephone/Internet/Communications
- 6330 Unrecovered Client Expenses
- 6340 Website & Email
- 6345 Online Research
- 6500 Uncategorized Expense