Regardless of where you input a trust deposit within the application, a matter must be selected as a trust accounting safeguard. Navigation There are a few areas in which you can add a trust deposit: From the main Matters page – When looking at your list of matters, Click on the Action icon and select ‘Online Trust Retainer …
There are a few areas in which you can add a trust withdrawal: From the main Matters page: From the main navigation panel, click Matters. Select a matter, click on the 3 dots to the far right of the row, and from the drop-down, select Trust Transaction Withdrawal. Banking: Click on the Banking tab. Double-click on the Trust Account, and scroll down …
You can edit, delete, or void a trust transaction. From the left navigation panel, click Banking. Double-click on the Trust Account bank and scroll down to review the specific details of the selected Trust account.
For added convenience, we provide the option to email a request for trust replenishment which includes a link for payment. When utilized, funds will be deposited into your trust account, and all trust records will be updated within your CosmoLex account.
You can utilize a single trust credit (deposit) or debit (withdrawal) from a trust account across multiple matters. However, please note that this method is not designed for recording invoice payments within your firm. Apply a Credit (Deposit) to Multiple Matters To apply a credit to multiple matters: Create a matter called Internal Funds Transfers for use as a bridge between the credit and …
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From the navigation panel, click Banking. On the Banking screen, double-click on the relevant bank account.
Our third-party bills tool lets you add, edit, and delete your third-party bills. This helps you manage these bills to ensure proper payments from trust, accurate trust reporting, and quick, reliable reporting in the Matter Cost Statement. Add a Third-Party Bill To add a third-party bill: From the left navigation panel, click Matters. On the Matters …
You can pay third-party bills individually, or in bulk. Pay a Third-Party Bill To pay a third-party bill: From the left navigation panel, click Matters. On the Matters screen, double-click the matter. From the tabs atop the Matters Details section, click Banking. From the tabs atop the Banking screen, click 3rd Party Bills. On the 3rd Party Bills screen, check …
If you wish to hold a certain amount in a matter’s trust deposit account that cannot be used against invoice payments, you can place trust funds on hold. Trust Hold has to be configured at the firm level and you can override the firm level settings at the matter level. Configure Trust Hold Settings Note: …
You can place holds on third-party bills until you want them paid. Add or Remove a Hold To add or remove a hold from a third-party bill: From the left navigation panel, click Matters. On the Matters screen, double-click the matter. From the tabs atop the Matters Details, click Banking. From the tabs atop the Banking screen, click 3rd Party Bills. …
Utilize our Low Retainer Reminder tool to monitor low retainer balances, commonly referred to as evergreen retainers, and generate replenishment reminders for clients.
Employ the inherent trust safeguards to guarantee compliance with each recorded transaction. Nevertheless, be aware that there are specific safeguards that you have the option to override.
Attorneys often retain a nominal amount of personal funds in their trust account to cover bank fees and other related incidentals. We refer to this as a personal buffer. Important: Check with your jurisdiction, as the total funds allowed in trust for this purpose can differ. Create a Personal Buffer Matter To create a personal …
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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
When you switch trust banks, you also transfer funds from the old account to the new at the matter level with a Matter to Matter Internal Trust Fund Transfer.
Ensuring accurate reconciliation of your account statements involves tracking the transactions related to Interest on Lawyer Trust Accounts (IOLTA) if your bank credits interest to your trust account and it reflects on your statements.
