Release Date: May 31, 2015
NEW FEATURES & ENHANCEMENTS
INTEGRATED BUSINESS ACCOUNTING
With version 3.0 release, CosmoLex now offers a single platform that integrates legal billing, law office accounting and practice management. The newest accounting related features in the software update include:
Fully Integrated General Ledger Accounting
CosmoLex includes a complete general ledger system that is fully integrated with legal billing, thus preventing any need for duplicate data entries or tedious export/imports into general accounting software.
Customizable Chart of Accounts
CosmoLex includes a complete chart of accounts out-of-the- box, which can be further customized if needed.
Prevention of Accounting Mistakes
One of the biggest benefits of CosmoLex is its ability to prevent accounting mistakes. At every level, program is designed to protect and prevent lawyers from making accounting mistakes.
Accurate Accounting for Hard & Soft Matter Costs
CosmoLex now provides full support to handle direct matter costs:
Hard Cost transaction (e.g. payment by check or credit card) can be posted at the time of entry to a corresponding legal matter for future billing ensuring no profit leakage. Hard costs can only be posted to your choice of account (advanced client costs or reimbursable client costs).
Soft Costs (e.g. billing for copies, mileage, etc which are already expensed as office expenses) can be billed to legal matters -- and its reimbursement tracked separately.
Automated Revenue Allocation
A daily accounting activity at law firms is proper posting of invoice payments. Liabilities and costs must be paid first, prior to applying anything to income. Without a specialized legal accounting software such as CosmoLex, this activity can often be time consuming, frustrating and prone to errors, which only get worse if partial payments are received. CosmoLex now automates this complex activity 100%, and all you need to do is receive payments against invoices and CosmoLex will do complete and accurate allocations for you to appropriate accounts.
Track Income By Practice Area
Law firms should know which practice areas are most profitable, which practice area are “rainmaker”, and which ones need more marketing attention. In CosmoLex, now you can create multiple “income sub-accounts” within your fee income structure and make these part of the matter setup. After that, as matter invoices are paid, fee income will be credited to its specific income account.
Journal entries are normally made by the law firm accountant for occasional one-time adjustments between accounts, payroll entries, as well as year end depreciation and amortization bookings. CosmoLex also provides a “book closing date” feature so an accountant can lock the books up to a particular date to prevent accidental edits once books are closed.
Memorized Payee Accounts
You can “memorize” frequently used payees for quicker transaction entries and accurate check printing. You can also memorize an account (or set of accounts) thus preventing wrong postings. For example, you can memorize your landlord with account “Rent”. Now, every time you record a payment to your landlord, your “Rent” account will be pre-selected. This feature is also useful to record payroll entries as those involve use of multiple accounts on an ongoing basis.
Credit Card Accounts
CosmoLex provides full support for credit card bank accounts. You can record statement transactions, post cost charges to matters for billing and reconcile statements.
1-Click Accounting Reports
CosmoLex operating accounting software includes the following reports,which can be printed or saved as PDF/Excel formats:
- General Ledger
- Sales Tax
OTHER FEATURES AND IMPROVEMENTS
Detailed View for Transactions and Invoices
Each invoice and transaction now has a detailed view (icon in the last column) where user can view related breakdowns and allocations.
Linking Invoice Payments with Operating Transactions
Invoice payments using Trust transactions have enhanced handling and are now internally linked with the resulting operating deposit transaction and cannot be modified individually.
Display of Taxes on Invoice Creation
Invoice creation screen shows applied tax amount if there is an associated tax.
Apply Operating Retainer for Multiple Invoices
Bulk apply operating retainer is now supported under Activities > Invoices.
Miscellaneous User Interface Improvements
- Screens now have visual cues for required fields (* asterisk sign).
- Transaction list screen now has a visual cue if its linked to an invoice payment or credit memo.
- Add / Edit Matter screen is re-organized to improve user efficiency so that minimal information is required for quick matter creation.
- Invoice Reminder, Low Retainer Reminder and Apply Operating Retainer (in Bulk) pop up screens are enhanced.
- Hard and soft expenses are now shown with different icons in Time-Expense grid to distinguish between the two.
- Getting started screen is overhauled to make it more user-friendly.