1. What happens if the transaction was already in the books (in CosmoLex)?

    1. What determines a match?

      1. For deposits type transaction, date AND amount must be same.

      2. For check type transaction (both in book and bank should be checked), Ref number and amount must be same.

      3. For all other payment type transactions, date and amount must be same.

    2. If there is a match, we will automatically show your imported transaction in “Matched” status. If there is more than one match found, the user will be asked to select.

  2. How can I assign multiple accounts to a transaction?

    1. While importing transactions, you can edit each item and select proper Chart of Account. To split the transaction across multiple accounts, next to the Account field, click the ‘Y’ button to select accounts and allocations.

  3. What are “mapping rules”?

    1. Mapping rules are used to automatically rename payees as well as memorize accounts when importing bank statement transactions. Additional mapping rules are built automatically as you import statements, which can be later edited if needed. To block a certain statement payee name from automatically becoming a mapping rule, add those names as an 'Exclusion Rule'. To prevent application of any rule, make it inactive.

  4. How are “mapping rules” lists created?

    1. Located under the Actions menu within the Bank Tab. You can manually add to this list, but it is also auto-populated. As you add transactions, rules are added if Statement Payee rule does not already exist.

    2. Each bank type has a global mapping rules list. One list for ALL credit card accounts, One for ALL Operating and One for ALL Trust Accounts.

    3. You can add or edit entries. Specify split accounts.

  5. How do I apply mapping rules?

    1. Mapping rules are applied automatically when you import statement data.

    2. If you add or edit a rule while importing and wish to have it apply to the rest of the import, click on the “mapping rules” button and click “Close and Apply Rules”

  6. How can I stop mapping certain rules?

    1. You have the option to inactivate any rule, by editing it and unchecking the Active box.

    2. You can also add exclusion rules for those statement payees which are never to be memorized for renaming purpose.



Operating Transactions

  • The process is the same as for credit card transactions, However, in normal situations, imports for the operating account are only done in the beginning when you move to CosmoLex for the first time. After that, every transaction should be entered in the books first so import of the statements for data entry is not needed.

  • You can still import for your monthly reconciliations to allow for auto-reconciling (Click HERE).

 

Trust Account Transactions

  • The process is the same as for credit card transactions except instead of assigning an account for each, you need to choose a matter for each transaction. Only matters which have the same Trust Bank will be shown as options. Again, in normal situations, imports for the trust account are only done in the beginning when you move to CosmoLex for the first time. After that, every transaction should be entered in the books first so import of the statements for data entry is not needed.

  • You can still import for your monthly reconciliations to allow for auto-reconciling (Click HERE).