Create trust liability sub-accounts, manage client relations, matter-to-matter operating funds transfer and more.
Trust Liability Sub-Accounts
You can now create sub-accounts to the 2300 Client Trust Liability or the 2310 Client General Retainer (Trust) account by navigating to Accounting > Chart of Account > Add screen. By creating the sub-account, you can:
- Specify the firm’s default Client Trust Liability GL account by navigating to Setup > Firm Settings > Accounting > Default Trust Transaction Account
- Assign a different default liability account for each trust bank assigned at the matter level
- Use any sub-account of 2300 or 2310 that you have created when entering a trust bank transaction
By replacing the Edit Contact button with the new Edit button, CosmoLex gives its users the ability to edit Matter Relations from the Matters screen. By clicking the Edit button, a user can update the Contact, Relation type, and notes for the matter relation. You can now also export all the relations added to the Matter.
To learn more, see Manage Client Relations
Matter-to-Matter Funds Transfer
The Matter-to-Matter Funds Transfer feature now includes the existing trust funds transfer, along with the newly introduced operating funds transfer which gives you the ability to move Operating (Retainer) funds from one matter of a client to another.
To learn more, see Matter to Matter Funds Internal Transfer
Operating Transfer Record Report
To go along with the ability to make matter to matter operating funds transfers, we now have a new report, Operating Transfer Record. This report gives you a listing of all the funds transfers you made from one operating account to another within a selected time period.
To Learn more, see Operating Transfer Record
- User will be able to tag an email using the Outlook Add-in.
- Deselecting and selecting same invoices when making bulk invoice payment using existing trust retainer from activities area will reflect the correct amount.
- The space in the payee’s name on a QBO file will be retained when importing transactions.
- Matter Party Allocation and Timekeeper Allocation for a matter will retain timekeeper details in the read only format even if the timekeeper is deactivated.
- If the default percentage contains a non-zero decimal when set for fee allocation in Setup > Firm Settings > Financial, adding a Matter Owner/Timekeeper with that default in the matter will retain the correct default percentage.
- User will be able to run the Accounts Receivable report with Include Balance Breakdown option without getting an error message.
- While creating a matter, users will be able to use auto-numbering and save the matter.