There are times where you need to void a trust transaction such as a bounced trust check. In Cosmolex, you want to make sure you have a record of this voided transaction.
To Void a Trust Transaction:
Click matters in the side panel > select the requested matter > click Details or double click on the matter.
On the matter details page > click the banking section > under the transactions tab > select the transaction > click Action > Void Transaction
In the Void Transaction Window:
Choose the void date
Memo - shows the original date of when the transaction was entered, the amount, and the ref# for the check.
Memo 2 - Put in a memo of why the transaction is being voided. (ex. Bounced check)
When ready, click Save.
- You will then see under the transaction tab, where it says type, it will say void check, and void adjustment in which means the funds went back in the trust account.
NOTE: If you receive the message below when voiding a trust transaction, this means this is linked to an invoice payment and you would need to delete the deposit transaction that went into the operating account. Once this is deleted, the trust transaction will automatically be deleted and the funds will go back into the trust account.
Keep in mind that voided trust transactions will not show in reconciliation statement but will show on the trust ledger transaction report.