Add an Operating Bank Transaction
You can add an operating bank transaction within your application. To add an operating bank transaction: From the left navigation panel, click Banking.
Business Accounting
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Edit an Operating Bank Transaction
You can edit an operating bank transaction even if it includes posted or reconciled items. To edit a transaction that includes a posted or reconciled item, you must first either
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Void an Operating Bank Transaction
The void function can be utilized to record: NSF (bounced) checks (from clients or vendors) Firm checks voided due to errors
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Manage Your Operating Retainers
Some jurisdictions allow you to accept and retain client funds in your firm’s operating account. You can track these funds using the Operating Retainer feature. Add an Operating Retainer Navigation There are a few areas in which you can add an operating retainer deposit: From the main matters page – Click on the three dots at the end …
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Record a Credit Card Payment
You can record your credit card payments to ensure proper tracking, reporting, and accounting. Record a Credit Card Payment To record a credit card payment: Reconcile your credit card statement. Create a Bank to Bank Transfer from your operating account to your credit card account.Take these specific actions during the transfer process: On the Transfer Details screen, click Transfer …
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Manage Your Credit Card Expenses
You can manage your credit card expenses for reporting and accounting purposes. Add a Credit Card Expense To add a credit card expense: From the left navigation panel, click Banking. On the Bank screen, double-click the credit card bank. From the toolbar atop the Transactions screen, click Add > Add Charge or Add > Add Payment as applicable. The Add Transaction screen opens. From the Date field’s drop-down, …
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Record a Credit Card Rebate
You can record rebates that appear on your credit card statement for office supplies, computer equipment purchases, and more. Step 1: Create a Chart of Account To create a chart of account for rebates: Create a chart of account. Use an account number in the 6400 range since a rebate COA is an expense. Name the account Rebates. …
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Record Business Charges Made on Personal Credit Cards
Sometimes firms need to track business and hard cost expenses charged to an attorney’s or staff member’s personal credit card. If you want to track all business and personal credit card transactions, consult with your accountant to determine whether it is appropriate, and if so, how you can properly record the transactions applicable to personal charges.
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Manage Accounts Payable
You can record, track, and mark firm bills paid through accounts payable. Note: Your firm is recording your AP billing activity rather than paying the bill through the application. Add a New Bill When you add a new bill, you have options such as: Holding bill payment Posting it as a matter expense Posting it to …
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Post an Accounts Payable Bill to a Matter
You can post an accounts payable (AP) bill to a matter or to multiple matters. Post an AP Bill to Multiple Matters You can allocate vendor cost to multiple matters. For example, a single vendor bill can be split to multiple matters and paid as a single disbursement from your operating account. To allocate vendor …
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Record Payment for Accounts Payable Bills
You can record payment for individual and multiple accounts payable (AP) bills. Record Payment for an Accounts Payable Bill Note: You can also apply a vendor credit to pay an accounts payable bill. To record payment for an accounts payable bill: From the left navigation panel, click Accounting. From the Accounting menu, click Accounts Payable. On the Accounts Payable screen, …
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Manage Your Accounts Payable Credits
You can manage your accounts payable credits to ensure proper application to future payables. Enter an Accounts Payable Credit To enter an accounts payable credit: From the left navigation panel, click Accounting. From the Accounting menu, click Accounts Payable. From the toolbar atop the Accounts Payable screen, click Add > Credit. On the Add Credit screen, from the Date field’s drop-down, click the …
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Accessing Your General Ledger Accounts
Caution: Making changes to your General Ledger Accounts can have significant effects on your financial reports. We recommend making changes only after you consult with your accountant or bookkeeper. Your General Ledger is split between two locations: Bank Accounting > Chart of Accounts (COA) Note: You can view a full list of accounts by generating …
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Use the Account Register
The account register allows you to view, add, and edit individual transactions associated with some GL accounts that display on the Accounting > Chart of Accounts (COA) screen. Caution: Because the account register affects your General Ledger balance we recommend that you consult with your Accountant or a Certified CosmoLex Consultant before adding, deleting, or editing any …
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Create a Journal Entry
Sometimes you may need to make a journal entry that affects specific general ledger accounts. The journal entry feature allows you to create journal entries when needed.
Caution: The system will not permit you to use the journal entry function -
Customize Your Chart of Accounts
Though the application provides a complete Chart of Accounts (COA) for your firm, you may need to add your own accounts, change account types, or create sub-accounts. Before customizing your COA, we recommend you consult with your accountant.
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Set a Payee’s Default Chart of Account
If you frequently or regularly submit payments to vendors or payees, you can set up a default chart of account for them. This will save you time and ensure reporting accuracy.
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Transfer Operating Retainer Funds to Trust Account
Under certain circumstances, you may move client funds from your operating account to your trust account. To track this transfer for accounting purposes, you must record it in CosmoLex. Step 1. Create Credit Memo for Operating Funds Transfer
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Record Non-Fee Income
Easily record external income arising from activities such as mediation and speaking events. Please be aware that these instructions specifically address income associated with your legal firm and do not cover income from business entities other than your legal firm.
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Matter to Matter Internal Funds Transfer
With our matter-to-matter internal transfer tool, you can transfer funds between: Trust accounts for the same matter and client Operating accounts for the same matter and client
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Manage Your Petty Cash Account
You can create a petty cash account to manage your petty cash transactions and perform account reconciliations. Manage a Petty Cash Account To set up a petty cash account: Add an operating bank account. In the Bank Name and Account Name fields, enter Petty Cash. Add a deposit transaction to post your opening balance. From the Type field’s drop-down, click Adjustment In. In …
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Record a Bank-to-Bank Funds Transfer
You can document internal fund transfers between operating accounts or between credit and operating accounts. There are two options:
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E-File a 1099-MISC Form
You can use our Excel template to e-file your 1099-MISC Form. Important: This service is independent from your CosmoLex account. New users must create an account to use the site.
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Manage Your 1099-Eligible Payees
You can flag payees that qualify as 1099-eligible and produce reports to monitor your firm’s payments to those payees.