Release Date: Monday, July 9th, 2018
CosmoLex 5.5.0 is here! This release contains some long-awaited new features and useful enhancements. We’re especially excited about how easy it will be to use our new Global Timer and TimeSheet function, make transfers from one bank to another, and use multiple trust banks for single matters. Take a look to see what’s new!
Big new features you can enjoy right now!
Take advantage of our quick-access global timer, now at the top right of your screen. Some key features to take note of:
- Your timer won’t be lost if you log off, close your browser, switch computers, refresh, etc! It will always be there waiting for you when you come back to CosmoLex no matter where you log in from.
- Switching to your Mobile App? Pick up your timer where you left off. Or start your timer on the mobile app and pick it up on your computer when you get to the office.
We’ve added some great new features to our TimeSheet function. It now appears right next to your new timer. Here are some key features to know:
- It has built-in timer support so you can manage multiple timers from the TimeSheet. Your “current” timer will always show at the top.
- Manage your timers or enter time manually and post that time instantly!
- Intuitive interface to support quick-posting or bulk-posting of TimeCards.
- Easily delete TimeCards in bulk.
- Firm-Level Admin View of un-posted time from the TimeSheet. This can be found under Activities >TimeSheet and will only show to users with Admin permissions. This new screen is currently a read-only screen and serves to let administrators know who is using the TimeSheet and whether time has been posted.
Multiple Trust Bank Support for Matter
A Matter can now be associated with more than one trust bank. You can select a default trust bank account on the matter for your convenience, but you can select a particular bank account when recording transactions. Try adding a new bank account to an existing matter!
This is a big improvement that affects many areas throughout the program.
Take a look at what else has changed:
- A new “Bank” column when looking at Trust Transactions under Matter > Matter Details > Banking > Transactions
- Invoice Payment using Trust retainer now allows you to select which trust bank the funds are coming from
- Trust Payment and Deposit also now allows you to select a trust bank. The Trust Bank list you choose from will be based on which bank accounts have been assigned to the matter.
- Trust check printing from the Matter Details section now has a trust bank drop-down menu, which will be populated with the Matter trust banks.This way, you can print checks for any of your trust bank accounts.
- Online Trust Funds Request screen now has a Bank selection to specify the target bank where funds needs to be deposited.
- 3rd Party Bill Payment screen now has a Trust bank selection field, so you can choose which trust account you’d like to pay a matter’s 3rd party bills with.
- Closing Ledger import now has a Trust bank selection field to specify the Destination bank where transactions will be imported.
And don’t forget Trust Reports! We’ve updated some reports to include bank-related info and a way to group trust activities by bank accounts.
We’ve also added a few new reports!
Take a look at what’s changed:
- Trust Ledger Balance – Updated!
- Trust Ledger Activity Summary – Updated!
- Trust Ledger Transactions – Updated!
- Trust Client Balance – Updated!
- Trust Balance By Matter Name – Updated!
- Trust Journal – New to U.S.!
- Trust Receipts Journal – New to U.S.!
- Trust Disbursements Journal – New to U.S.!
- Trust Transfer Record – New to U.S.!
- Trust Listing (Canada – Law Society Compliance) – Updated!
Revamped Matter to Matter Funds Transfer
The Matter to Matter funds transfer functionality has been extended to transfer funds between two matters even if they do not belong to the same client. Additionally, we’ve improved the screens to make the fund transfer easier to follow.
Bank To Bank Funds Transfer from Operating to Operating OR Operating to Credit
We’ve added a Convenient Bank-To-Bank transfer function when you need to move money between operating bank accounts or from operating account to credit card account. This will make it easier to pay those credit card statements
And now the system links the involved transactions internally, to prevent individual transactions from being updated or deleted, making the process consistent and reliable.
Enhancements And Fixes
Minor enhancements and fixes that make for a better every-day experience.
- We’ve made it easier to see long task names and descriptions associated with Time/Expense Cards. For example, go to Matter > Matter Details > Billing > Time/Expense. Notice any time or expense cards that have a long description or name. Just mouse over the long description or name and it will auto-adjust the row-height to make it easier to easily see the information.
- On the same screen, now the Description field for Time/Expense can be edited in-place for your convenience. No more editing the card to fix grammar on description. Simply click right on the description to change it! We will be extending this to various places in the application, to make things easier to manage for you.
- Time and Expenses under Activities and Matter Details now have a quick access view ( icon on the right of each entry) to see information associated with the cards.
- User Invitation: Link in the Email is now cleaner and easy to follow. The activation link is now hyperlinked to enhance email readability.
Customer Feature Request
New releases inspired by direct feedback from our customers.
- Tasks now have two new fields to record Estimated Hours vs Actual Hours. These are also available as a search filter in the task page.
- Invoice creation screen now has ‘Total Time’ Information when selecting TimeCards to figure out time component along with the dollar amount of the invoice.
- Various landing pages like Time/Expense, Invoice, Task, Notes, etc now have Matter File# column along with Client and Matter Name, as requested by various customers
Enhancements made to our data import functionality
- We’ve separated the Contact, Matter, and Time/Expense import options to make the import process simple to manage.
- The Trust Cleared Balance import now has an additional column to map Matter Trust Bank in order to support the new Multiple Trust Bank functionality in the matter. The user can now specify the bank for each balance. And to make things more accurate, Bank Mapping in Trust Cleared Balance Import and Matter Import now use the ‘Bank Index#’ field rather than the Bank Name. Find your Bank Index# for each bank in the Accounting > Bank section.
- Now, when importing Matters and related contacts, you can now use the the Contact Index# and Contact Id in addition to Contact Import Identifier. This gives you more options for a more accurate import of your contacts.
Fixes to existing features
- Error Message in iOS and and Android Mobile App when searching for Client Matter – has been fixed.
- We’ve fixed the ability to make certain items, like Postage, non-taxable even if Matter is configured as Taxable. For example – if you have a taxable matter but have some expenses that are non-taxable, go to Setup > List Items > Select and Edit the item > and set the taxable status to No.
Subscription Price Change: Effective July 9th, 2018, the CosmoLex subscription price is $59/user/month for Annual Billing & $69/user/month for Monthly Billing. This modest increase is our first since 2013. During this time, CosmoLex has added dozens of new product features and innovative client services — always at no additional cost.
Most recently CosmoLex launched Live Chat Technical Support and Free LawPay accounts (a $20/month value) to reduce your credit card processing costs. You may now also take advantage of a free External Bookkeeper CosmoLex Login Account (a $59/month value). This lets your accountant work on your books remotely — another way to reduce practice costs.
We remain focused on providing more value for our customers by adding new features like these to CosmoLex on a regular basis. We are extremely thankful for your business and hope it will be another 5 years before needing to make a similar announcement. Please call us to discuss any questions.