The Chart of Accounts must be established for accounting purposes. Numbers are assigned in a variety of areas in Juris, and the required assignments of account numbers will vary based on the selected Accounting Method (Accrual, Billed or Cash), Distribution Methods (Fees, Expenses) as well as Trust Accounting and A/P Accounting. In addition, Account Numbers will be assigned to Bank Accounts. Operating Bank Accounts require an Asset Account number and Trust Bank Accounts require Asset, Liability and In-Transit account numbers.
Caution
Only the firm's accounting staff should make decisions on establishing or modifying the Chart of Accounts.