Release Date: Sunday, August 04, 2019
We are very excited to announce our 6.0.1 release!
As part of the accounts payable module, CosmoLex now allows the entry of vendor credits. Once entered, vendor credits can then be applied to existing or future bills.
How to Enter Vendor Credit
The ‘Add’ operation in Accounts Payable (AP) has been split into two different actions and is presented as sub-menus, ‘Bill’ and ‘Credit.’ Use the Bill sub-menu to create AP entries as usual, while the ‘Credit’ sub-menu can be used to create Vendor Credit entries.
Vendor credit entries are recorded as negative accounts payable in the AP grid.
How to Apply a Vendor Credit
You can apply an existing credit on a bill by selecting the Bill(s) and related Credit(s) and clicking on the ‘Pay’ button.
Here are some notes to keep in mind when paying a bill using a credit:
- The application will calculate the applied amount and corresponding transaction amount automatically based on the selected bill(s) and credit(s).
- If required, the user can change the applied credit amount by editing ‘applied amount’ listed next to the credit in the payment screen.
- Credit vs. bill amounts:
- If the credit amount is equal to the bill amount, a zero-dollar transaction will be created and both payables will be zeroed out.
- If the applied credit amount is less than the bill amount, full credit will be used and the total difference will be displayed in the transaction portion of the payment screen, to be paid by the account of your choosing. If you wish to make a partial payment on the remaining balance, you can change the amount of this transaction before saving.
- If the applied credit amount is more than the bill amount, only a portion of the credit (equal to the bill amount) will be used and it will create a zero-dollar transaction. Any remaining credit will remain in the AP grid until it is used completely.
- The process for generating recurring AP bills has been modified to eliminate the need to approve/launch the upcoming bill. The system now automatically enters bills from recurring bills as per the recurring duration selected. These future bills can still be discarded by deleting them from the AP grid if not needed.
If any of these entered bills are no longer required:
- US Firms (Cash Accounting): DELETE these newly entered bills.
- Canada Firms (Accrual Accounting): IF your books are not closed, DELETE. IF books are closed, use Vendor Credit.
- New invoice variables have been added to provide additional flexibility in how costs display on an invoice. A listing of these, plus our existing invoice template fields, can be found HERE.
- ‘Combine similar expense’ option now also displays the default expense description when viewing the invoice. Since this is a grouped item, the default description must first be defined under Setup=>List Items=>Expense.
- Duplicate matter for a particular client is now allowed as long as Matter File# is unique. Considering Matter File# is not a required field, if left blank, uniqueness is enforced by Client-Matter Name. If duplicate matters are needed, we recommend setting up auto numbering for your matters to ensure unique numbering. Steps to set up auto-numbering can be found HERE.
- Task import now supports importing multiple assignees. Assigned-To-User-Name standard column in the Excel now allows comma-separated usernames