Release Date: November 20, 2015
NEW FEATURES & ENHANCEMENTS
ELECTRONIC FORMAT (QBO FORMAT) BANK STATEMENT IMPORT FOR INITIAL AND ONGOING DATA ENTRIES
With version 3.3 release, new customers migrating to CosmoLex are able to keep their historical financial transactions by simply importing their prior bank statements for operating accounts, trust accounts and credit card accounts.
While importing operating or credit card accounts, users will be asked to specify chart of account for each transaction (see “Adaptive Mapping Rules” below on how to automate that). While importing trust transactions, users will be asked to specify Matter for each transaction. Import logic will automatically detect if a transaction already exists (“match”) or if its a new transaction (“add”). This import feature will be specially useful for ongoing Credit Card Statement loading as credit card transactions are normally entered on monthly basis once statement becomes available.
ADAPTIVE MAPPING RULES FOR AUTOMATED PAYEE AND ACCOUNT NAMES SELECTION WHILE IMPORTING BANK STATEMENTS
As bank and credit card statement transactions are imported, CosmoLex will automatically build “mapping rules” that will auto-populate correct payee names and users' choice of chart of account(s). Users can add their own mapping rules, stop application of a rule by making the rule “inactive” as well as prevent creation of certain rules by adding “exclusion” rules. Adaptive mapping rules will make bank statement imports much simpler and accurate.
ABILITY TO POST TRANSACTIONS AS MATTER COST WHILE IMPORTING
Very often, users realize a transaction being a matter cost while entering / importing those transactions. This is specially true for Credit Card charges. CosmoLex users can simply post a transaction as a matter cost while importing / entering thus preventing it from being missed in next billing cycle. Apart from this, user can also add memo notes to the transactions being imported and split chart of accounts.
AUTOMATIC BANK RECONCILIATION
This is likely to be the biggest benefit of this release as it impacts ALL users. CosmoLex users should be reconciling monthly each of their bank account in CosmoLex, be it Operating, Trust or Credit Card for proper bookkeeping and catching bank’s mistakes as well their own bookkeeping mistakes.
Now in reconciliation section, users can simply load their electronic format bank statements (QBO format, obtained from their banks) and CosmoLex will do “auto-clearing”. Checks with same number AND amount, and all other transactions with same date AND amount will be auto-cleared instead of manually checking each. And, if transaction is found to have multiple matches, user will be asked to specify which one to match with (which will often help users in finding mistakes). With Automatic Bank Reconciliations, hours of manual clicking and checking now becomes a task which will take minutes and will enhance accuracy.
NATIVE EXCEL FORMAT REPORTS
With year-end approaching, CosmoLex users will need to provide their financial statements (profit & loss, balance sheets…) to their accountants for review and tax reporting. Most of our accounting reports can now be saved in native Excel format for easier analysis. We will be converting additional reports into native Excel formats in future release(s).
INVOICE PAGE NUMBERING OPTION
You can now choose to print page numbering on your printed invoices. As default, option is ON.
- Fixed Excel Reporting issues with time entries (#Value)
- Fixed occasional blank page in printed invoice
- About 40 Major and Minor issues got resolved