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Canadian Bookkeeping/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
How to Enable Canadian Accounting Settings
Tracking taxes paid and accepted by a firm is very important for Canadian accounting. You can set up your CosmoLex software to start tracking these funds in...
Thu, 18 Jan, 2018 at 9:32 AM
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...
Thu, 18 Jan, 2018 at 9:40 AM
How to Enter Individual or Bulk Out of Pocket Costs (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...
Thu, 18 Jan, 2018 at 10:12 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...
Fri, 19 Jan, 2018 at 9:33 AM
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...
Fri, 19 Jan, 2018 at 9:40 AM
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...
Fri, 19 Jan, 2018 at 9:44 AM
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 add/edit invoice screen: ...
Fri, 19 Jan, 2018 at 9:50 AM
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