When it comes to Operating and Trust Banks, the only time you should need to import bank transactions is for migration purposes when you first start using the program and need to bring in historical transactions as opposed to just starting with the correct chart of account balances.

Subsequently, once you start using CosmoLex, given that your bank transactions are entered into CosmoLex as you receive payments or issue checks, import would no longer be needed.

(Instructions on how to 
manually enter transactions can be found HERE for operating, and HERE for trust)

To Import:

First, off you will have to download your QBO format electronic statement from your bank or credit card account website. QBO format statements are provided by most of the financial institution. If you cannot download this type of file, there are also 3rd party tools which can help in converting to QBO format.
Note: If you have a .ofx format, you can rename that file to have the .qbo extension to import.

Once you have that file, follow these steps:
  • Navigate to Accounting > Bank
  • Click to highlight the requested bank
  • Click > Details

 

  • In Bank Details, make sure the "transactions" tab is selected
  • Click Action > Import Transactions

 

  • In the Import Transactions screen, click "choose file" to browse for the requested QBO, Excel or CSV file. This file needs to be retrieved from your bank's website. 
  • Once the requested QBO file is selected, click "upload".




Operating Transactions

In this location, the transaction has not been imported yet. Here, the transactions are waiting to be matched, added, or removed.




Add/ Confirm Match - used to add transactions and/ or match imported transactions to existing ones. Single or multiple transactions can be selected.

Delete - remove any unwanted transactions individually, or in bulk from import screen.

Payee Mapping Rules - used to help auto-populate payee names and users' choice of chart of accounts. Click HERE for detailed information on how Mapping Rules work.

Status - This will appear as "matched" or "add" next to the transaction. When the status is "matched", there is an existing transaction already listed in CosmoLex with the exact same information. When the status is "add", the transaction is not listed and needs to be added. Both "Matched" and "Add" can be clicked. This will remove the transaction from the import list, adding them to CosmoLex.

Statement Payee - the payee listed on the imported statement

Payee - the name of the payee that will be used once the transaction is imported. This can be changed as per the user's request before adding the transaction. If the transaction matches what's listed in CosmoLex, the payee will display "match".

Account (operating bank only) - the user selects the requested chart of account they want the transaction(s) to be mapped to for accounting purposes

Match Details (arrow icon on the right of transactions) - The screen shows the matching transactions based on date and amount of the imported transaction. If there are multiple matches, make sure to check the box next to the correct transaction. Click "Save" once finished.

Notes Tab - Notes associated with the transaction, if any. 

 
  • You will see a triangle shaped icon next to some transactions that can be added to CosmoLex. This means the payee and account are required before adding the transaction.
  • Enter the correct payee and account for the requested transactions.
  • Once corrections are made, click the status buttons (add or match) to add each transaction individually.
  • If you wish to add in bulk, click the boxes next to the transactions you wish to add. Click "Add/ Confirm Match" to remove the transactions from the import list, at the same time adding them to CosmoLex.

Matter Expenses

If the expense you are importing is matter related, you can link it to the appropriate matter by clicking the edit icon for that transaction, check “post as matter expense” and select the matter it is to be linked to and enter any expense card information needed and save. This will automatically create a linked expense card for that matter.

Trust Transactions




All the features and options are the same as operating transactions (above), with the exception of the following:


Matter - each trust transaction is required to be assigned to a matter.The transaction cannot be added if a matter is not provided.

 
  • If you see the triangle shaped icon on this screen, it means the payee and matter are required before adding the transaction.

Once all the requested transactions are added, you will see them listed with their respective bank accounts and matters.

 



Importing Excel/CSV from Generic Business Accounting programs and Legacy Systems


Importing Excel/CSV into Business and Credit Card Accounts


In Cosmolex, when importing historical operating bank transactions, the incoming chart of accounts can be mapped with CosmoLex chart of accounts at one central place and applied to all the transactions being imported. The purpose of this process is to migrate operating account data from legacy systems or generic business accounting programs fast and accurately.


Once you have the excel or csv file, follow these steps:

  • Go to Accounting > Bank

  • Click to highlight the requested bank

  • Click > Details


import csv,excel.png


  • In Bank Details, make sure the "transactions" tab is selected

  • Click Action > Import Transactions


import csv, excel 2.png


  • In the Import Transactions screen, click "choose file" to browse for the requested Excel or CSV file. 

  • Once the requested file is selected, click "upload".


import excel upload 2.png


In the raw data mapping window, you will see mapping columns where you can map the Incoming chart of accounts with CosmoLex chart of accounts as well as other project names such as date, memo, payee, etc as shown in the list:


import excel for operating account 2.png


  • When ready click complete import.


You will then see all the transactions go into the operating or credit card account.



Importing Excel/CSV for Trust Account


In Cosmolex, when importing historical trust bank transactions, the incoming matter/project names can be mapped with CosmoLex matters at one central place and applied to all the transactions being imported. The purpose of this process is to migrate trust account data from legacy systems or generic business accounting programs fast and accurately.


Go to Accounting > Bank

  • Click to highlight the requested bank

  • Click > Details


import trust account 10.png


  • In Bank Details, make sure the "transactions" tab is selected

  • Click Action > Import Transactions


import lakeland trust account 13.png


  • In the Import Transactions screen, click "choose file" to browse for the requested Excel or CSV file. 

  • Once the requested file is selected, click "upload".


import lakeland trust 14.png



In the raw data mapping window, you will see mapping columns where you can map the incoming matter names with CosmoLex matters. You can also map different project names such as date, memo, payee, etc as shown in the list:


import trust lakeland account 16.png

  • When ready click complete import.


You will then see all the transactions go into the trust account.