Since CosmoLex contains fully integrated accounting, expenses can be one of two types:
Hard cost - Billing for items in which you paid an amount out of pocket, and now seeking reimbursement. They are directly linked to a particular transaction, such as filing fees, postage, court costs etc.
Soft cost - Billing for items which are already expensed as office expenses such as telephone, copies, mileage, etc. For steps on adding those expenses, click HERE
NOTE: If you do not plan on using CosmoLex for business accounting at this time, you should enter ALL expenses as soft costs. If in the future you wish to enter the associated transactions, you can link them.
Hard cost - Billing for items in which you paid an amount out of pocket, and now seeking reimbursement. They are directly linked to a particular transaction, such as filing fees, postage, court costs etc.
Soft cost - Billing for items which are already expensed as office expenses such as telephone, copies, mileage, etc. For steps on adding those expenses, click HERE
NOTE: If you do not plan on using CosmoLex for business accounting at this time, you should enter ALL expenses as soft costs. If in the future you wish to enter the associated transactions, you can link them.
HARD COST
- Go to Matters in the side panel. Highlight the requested matter.
- Click Expense(Hard Cost) on the right side of the screen
There are two sections to this screen:
TOP - Transaction: This is the out of pocket expense you are making from your Operating Account. This can be a check, wire etc. The account field here will default as a client cost, as that is exactly what a hard cost is. To change your default for this account field, go to Setup> Firm Settings section > Accounting tab.
BOTTOM - Expense card: This is the expense being created on the matter, seeking reimbursement. An amount is not asked for as it should be for the same amount of the transaction (If not, you may be trying to enter a soft cost)
BOTTOM - Expense card: This is the expense being created on the matter, seeking reimbursement. An amount is not asked for as it should be for the same amount of the transaction (If not, you may be trying to enter a soft cost)
Here, the billing and accounting are happening together. You are:
1. Entering your business transaction
2. Passing through the expense to the matter
3. Making an entry on your general ledger (for a matter cost)
Bank Level
This process takes place when creating an operating bank transaction. For this procedure, click HERE.
This process takes place when creating an operating bank transaction. For this procedure, click HERE.
- On the "Add Transaction" screen, enter the required information. To use this feature, the transaction must be a check or ACH-Out.
- After the required information is entered, click the box (lower left) next to "Post as a matter expense".
- Choose if this transaction is for a new or existing expense card.
New Expense Card
- Begin entering information for the client or matter name. Your choices will begin to appear below the box. Select the requested matter.
- Enter the other remaining information (timekeeper, billing status, expense, description), and click "save".
Once the transaction is saved, the created expense will be added to the matter linked to the transaction.
Existing Expense Card
Existing expense cards must be an exact match to the transaction.
- Begin entering information for the client or matter name. Your choices will begin to appear below the box. Select the requested matter.
- Choose the expense. Once chosen, the remaining information will be automatically filled in.
- Click Save.
Once, the transaction is saved (new and existing), the transaction, as well as the expense, will have a linked icon next to it.
