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Canadian Accounting

General Note on CosmoLex and Canada Accounting Guidelines
Disclaimer:  Sales Tax in Canada is complex, especially surrounding disbursements.  Our FAQ’s and instructions describe how to use CosmoLex’s accounting mod...
Wed, 30 Aug, 2017 at 4:50 PM
Initial Setup For New Customers
One Time Setup: In Setup -> Regional Setting -> Enable “Enable Canada specific accounting/tax customization”  Apply “Customize for provi...
Wed, 30 Aug, 2017 at 5:36 PM
How to Enter Disbursements
How to Enter Disbursements “Incurred As Agent” Note: Per CRA P-209R, The phrase “incurred as agent” indicates that the disbursement described is general...
Wed, 30 Aug, 2017 at 5:37 PM
How to Enter Soft Costs/Out of Pocket (Expense Recovery)
Note:  For Canada, as Matters are set to be taxable, the system is set to automatically mark all soft costs as “taxable”.  You may change this on the expens...
Wed, 6 Sep, 2017 at 10:18 AM
How to Override Tax Rates on a Fee or Expense Cards
Occasionally, you might have expense items which are required to be charged a different rate than the standard HST. CosmoLex allows you to override taxes...
Wed, 30 Aug, 2017 at 5:17 PM
How to Apply Different Tax Rates on a Particular Matter
When the requirement is that taxes be applied based on your client’s jurisdiction and not the firm’s jurisdiction, you will need to override the global sett...
Wed, 30 Aug, 2017 at 5:18 PM
How to Track Taxes Paid on Operating Expenses
Taxes paid to vendors for operating expenses must be input at the time the transaction and are posted to contra liability account for lawyer’s input tax cre...
Wed, 30 Aug, 2017 at 5:20 PM
Understanding Total Taxes on Invoices and Reimbursement Logic
The total taxes charged on an invoice can be found by going to the arrow on the invoice in the invoice screen: Partial payments are applied accordi...
Wed, 30 Aug, 2017 at 5:29 PM
How to Reconcile Client Costs Vendor Disbursements (Paid vs. Collected)
Advanced Client Costs include sales taxes paid on behalf of the client and appear on the balance sheet.  At this time, the only way to identify unpaid taxe...
Wed, 30 Aug, 2017 at 5:30 PM
How To Compute Input Tax Credits
CosmoLex has provided the reports needed to get the raw tax data for this calculation.   Go to Reports > Tax Collection/Payments.  You will find Billed/C...
Wed, 30 Aug, 2017 at 5:31 PM