Business Accounting

You can add an operating bank transaction within your application.

You can edit an operating bank transaction even if it includes posted or reconciled items.

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.

You can record your credit card payments to ensure proper tracking, reporting, and accounting.

You can manage your credit card expenses for reporting and accounting purposes.

You can record rebates that appear on your credit card statement for office supplies, computer equipment purchases, and more.

Sometimes firms need to track business and hard cost expenses charged to an attorney's or staff member's personal credit card.

You can record, track, and mark firm bills paid through accounts payable.

You can post an accounts payable (AP) bill to a matter or to multiple matters.

You can record payment for individual and multiple accounts payable (AP) bills.

You can manage your accounts payable credits to ensure proper application to future payables.

Your General Ledger is split between two locations: 1) Bank, and 2) Chart of Accounts (COA)

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.

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.

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.

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.

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 your application.

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. If you have another business entity that necessitates a distinct General Ledger or set of books, we suggest reaching out to our support team for additional clarification.

You can create a petty cash account to manage your petty cash transactions and perform account reconciliations.

You can use our Excel template to e-file your 1099-MISC Form.

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

The easiest way to record payroll in the application is to use the journal entry feature. If you are on a cash basis, you also have the option to enter payroll into your system without creating a journal entry.

You can track your line of credit and loan payments in CosmoLex. Your loan principal should display on your Balance Sheet as a Liability while your paid Interest displays on your Profit & Loss (Income Statement) report as an Expense.

You can use this guide to help you gather the documentation you will need to file your firm’s taxes.