How To…Integrate the New Timeslips With QuickBooks

Several years ago, Timeslips introduced a direct link between Timeslips and QuickBooks. Clients and consultants found the link less than ideal and were able to work with Sage to re-write the link from the bottom up. Today, firms have a single point of data entry for accounting information when receiving payments, allocating fees and expenses, and tracking client funds. Terry Rosenthal demonstrated the new link and provide instruction for configuration and use.

Watch the archived session, watch the quick demonstration, and see Terry’s response to a few audience questions:

  1. Does this integration link work with Timeslips 2012?

No.  The new link only functions with Timeslips 2014.  The required version of QuickBooks is QuickBooks Pro 2011 or higher.

  1. Is there a mobile app?

Sage Timeslips eCenter is a mobile site that is optimized for tablets and smartphones.  Users can enter their time using the eCenter; all time is then downloaded into Timeslips by the system administrator.  At this point, this is the product to be used for tablet and smartphone time and expense entry.  There is not yet an “app” to manage the entire billing process.

  1. Does Timeslips have any plans for a cloud based system?

Sage Timeslips has not disclosed any plans for rolling out a cloud based ASP model product.

Action Alert for Lawyers Who Accept Credit Card Payments

Do you take credit cards?  If so please read about the changes to IRS verification requirements effective January 2013!

From Lawyer’s Trust Fund of Illinois:

Significant penalties in 2013 if credit account information doesn’t match

If you accept credit card payments, you may be impacted by IRS verification requirements that may impact you and your practice in 2013.

Under federal law, credit card processing companies are required to verify information regarding each merchant accepting credit card payments. For the purposes of this requirement, a lawyer or law firm that accepts credit card payments is considered a “merchant.”

The credit card processors must verify and match each merchant’s federal tax identification number and legal name with those found on file with the Internal Revenue Service.  An EXACT match is required.

There are serious consequences for lawyers if there is NOT an exact match:

  •  Beginning January 2013, the IRS will impose a 28% withholding penalty on all credit card transactions, including those that the lawyer directs to an IOLTA account.
  •  The lawyer may be in violation of the Illinois Rules of Professional Conduct if client funds that should be in the IOLTA account are withheld by the IRS (and not available to the client on demand) due to the lawyer’s failure to act.

Take action now

If you accept credit card payments, take steps now to avoid IRS penalties and potential rule violations:

  •  Contact the credit card processor to determine that a match occurred. (The credit card processor should have information from the IRS if a mismatch occurred and already have notified the lawyer of the problem. However, it is not known if all processors have provided such notice.)
  •  Correct any mismatch if you have been informed of one.

For more information on this issue, see:

Want to learn more about trust accounting rules? Watch the archived program “Trust Accounting: Everything You Need To Know” from the CBA, and check out the New Lawyer Toolkit: Basic Skills and Opening a Law Practice programs (both complimentary for CBA members) which include information about trust accounting, taking credit cards and best practices for billing.

New How to… and CLE Archives Available

New archives available:

Did you know that if you registered for a CBA LPMT CLE program or training class you can go back and watch the recording any time?  Simply log in to the Chicago Bar Association website and look under “Webcasts” and then select “My Seminars” from the drop down menu.  If you missed a session, the links to the recordings will be available on the LPMT site listed in the Program Archives link under “Upcoming Programs”. Just register to watch.

Also, all Chicago Bar Association members have access to previous progam materials, as well as white papers and other information.  Click on the “Articles (CBA Members Only)”  tab in the site header.

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