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

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.

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.

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.

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

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.

The void function can be utilized to record: NSF (bounced) checks (from clients or vendors) Firm checks voided due to errors

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 

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

You can document internal fund transfers between operating accounts or between credit and operating accounts. There are two options:

You can add an operating bank transaction within your application. To add an operating bank transaction: From the left navigation panel, click Banking.

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.

You can flag payees that qualify as 1099-eligible and produce reports to monitor your firm’s payments to those payees.