How do I record a short term loan to the firm?
Short term or temporary bank loans are considered to by any loan that is expected to be paid back in under one year's time.
Here are the steps needed to be made if the firm has taken out a short term loan from the bank or any other third party entity:
Create a "Short Term Liability - [EntityName]" account
(optional) Create a "Short Term Liability Principal Repayment - [EntityName]" account (contra liability account)
Record the borrowing of the loan by debiting the Operating Bank Account that the money was deposited into and crediting the Short Term Liability account created in step 2.
Record the repayment of the loan:
Please make sure to consult with your accountant
How Do I Record a Phone Call in Zola Suite?
The phone call feature will allow you to record notes about your phone call and store it in your matter communications. You can do this one of two ways. From Quick Add menu Click on the "+" from the Quick Add menu Select "New Phone Call Note" From ...
How to Download the Caseway Secure Firm Portal for iOS?
The Caseway Secure Firm Portal is a safe and secure way to access your legal documents and invoices while on the go. You are also able to share documents with the firm using your mobile device. Below are the instructions on how to find the app and ...
What is a Firm Collaborator?
Through the Firm Collaborators feature, you can assign additional users to a matter. A collaborator may be another attorney, staff, billing or intake person, docketing manager, or legal assistant/paralegal. To add a Firm Collaborator, navigate to ...
How do I record one check into separate retainer accounts?
There are times where a client will submit one check for a trust and operating retainer and the firm is unable to get 2 separate checks. The firm would deposit the check in the trust bank account and then either transfer or write a check for the ...
How do I record owner's equity (contribution/draw)?
Here is how you can record a contribution to your firm in Zola: Go to the Bank & Register tab under the Accounting section. Press the "+" on the top right of the green bar and select "New Journal Entry" Fill in the date of the transaction In the ...
Experiencing degraded performance in Zola Suite?