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.
The following instructions are to import large amounts of transactions. If you would prefer to enter the transactions individually, those Instructions can be found HERE
Locating Previous Transaction Record
To import trust transactions, you will need to extract a list of transactions that includes the transaction date, amount, payee/payor, related matter and check number.
There are two options.
1- From previous accounting program - If your previous program allows a transaction export to excel or csv you can export a transaction list for the time period that you wish to import in one of those formats. This is recommended, as this record will include the related matter which is needed for import.
2- From your online bank records - This file will need to be in either csv or QBO format. QBO format statements are provided by most of the financial institutions. If you have a .ofx format, you can rename that file to have the .qbo extension to import. Note that this export will not contain the related matter and must, therefore, be added prior to import.
Once you have the exported file as described above, 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 QBO, Excel or CSV file you exported from either your old system or your online bank account.
- Once the file is selected, click "upload".
Importing from QBO format
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.
Date - Transaction Date
Ref # - Check or reference number
Memo - Memo (if available)
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".
Matter - Given that these transactions came directly from your bank, the related matter will be empty. This will be completed in the next steps
Edit (pencil icon) - for editing transaction details
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.
You will see a triangle shaped icon next to some of the transactions. This means one of the required items are missing which can include the payee and matter. Once entered, this icon should disappear. and you can then click the add or match buttons 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.
Importing Excel/CSV from Generic Business Accounting programs and Legacy Systems
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.
Be sure to follow the steps above to begin the import, and upload your csv/excel file.
Once uploaded, 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 on the list:
When ready click complete import.
You will then see all the transactions listed under your trust account.