7.7.11 Update (September 25, 2021)

This weekend’s update brings a number of enhancements and fixes.

Enhancements

New Financial Productivity Reports

We added two additional reports under Reports > Financial Productivity

1. Billing By Matter Party

Very similar to our Billing by Matter Owner report, this report allows you to view fees billed during a chosen time period for matters assigned to a specific allocation party. These are the same party roles available when setting up matter party allocations (Originating, Responsible, Work, Other)

This report is especially useful for those who calculate distributions based on billed fee (accrual accounting) or focus realization metrics on billed fee. 

Click to view Billing-By-Matter-Party_Report

2. Collection By Matter Party 

Very similar to our Collection by Matter Owner report, this report allows you to view fees collected during a chosen time period for matters assigned to a specific allocation party. These are the same party roles available when setting up matter party allocation (Originating, Responsible, Work, Other)

This report is especially useful for those who calculate distributions or realization based on collected fee.

Click to view Collection-By-Matter-Party_Report

LEDES 2.0 

CosmoLex now supports the industry-standard format known as LEDES 2.0 for eBilling, in addition to LEDES 1998B.

Accrual Accounts in GL Reporting

When running the General Ledger (GL) report, with the ‘Accounting’ filter set to ‘Accrual’, the Chart of Accounts drop-down list will include accrual basis GL accounts, such as 1200, 2100, and 21001. These accounts will also be included in the reporting when ‘All’ is selected. 

Audit Trail of Item Creation & Last Updated

When in edit view for time cards, expense cards, notes, tasks, and events, the display will include:

  • Created By: [user first name] [user last name] [date created] [time created]
  • Last Updated By: [user first name] [user last name] [date updated] [time updated]

Fixes

  • When a user creates a Trust Deposit transaction for a matter, there will no longer be a delay when saving.
  • The figures on the Client General Journal Report will now match completely when running it for all dates, or for the date the transaction took place.
  • Balances will be updated automatically when you save the transaction using save and new button.
  • Using split account with mapping rules will require allocation before you add or match the transaction.
  • When importing QBO file in Bank reconciliation statement to clear deposit slip, the system will now change the clear count.
  • User can now view migrated Clients when creating an event in the invite attendee list.
Updated on October 22, 2021

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