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Add a Trust Deposit Transaction

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Add a Trust Deposit Transaction

There are a few areas in which you can add a trust deposit:

  1. From the main matters page – When looking at your list of matters, you will see several icons on the right, one of which is for trust deposit (2nd from the bottom)
  2. From matter details – When viewing the details of a matter, click on the banking tab and in the toolbar, you will see Receive Retainer as well as Trust Transactions. Both will give you the option to receive a trust deposit into trust
  3. From the bank ledger– Under Accounting > Banks you will find your list of bank accounts. When viewing a trust banks’ details, click on the transactions tab. Here you can add a deposit.

No matter where you enter a trust deposit, as a trust accounting safeguard, CosmoLex requires that a matter is selected.

Entering Deposit Details

  1. From the Date field’s drop-down, click the trust deposit date.
  2. In the Amount field, enter the trust deposit amount.
  3. If using CosmoLexPay or LawPay, you will see an option for Integrated Payments. If you wish to process this deposit using your integration, check this box.
  4. From the Type field’s drop-down, click the deposit type.
  5. In the Ref # field, enter a reference number, if desired.
  6. From the Method field’s drop-down, select the deposit method.
  7. In the Payor field, enter the payor.
  8. Complete the address fields, if desired.
  9. From the Bank field’s drop-down, select the trust bank to deposit the funds. If you have multiple trust accounts, this list will only include those assigned to this matter.
  10. Complete the Memo field either by typing or choosing from the drop-down.
  11. In the Memo2 field, enter the information you want to record for internal recordkeeping only. 
  12. In the Account field, confirm the pre-populated selection or use the drop-down to click a different account. We provide two trust liability accounts: Client Trust Funds and Client General Retainer (Trust). While not necessary, you can use these accounts to differentiate between settlement funds and retainer funds. You can default the appropriate account on the firm and matter level. 
  13. In the lower-left corner, check the Remember Payee box if you would like to add this payee to your address book. If you do not wish to remember, leave the box unchecked. 
  14. Take the appropriate action:
    • Click Cancel to exit the screen without saving the trust deposit transaction.
    • Click Save and New to save this trust deposit transaction and enter another.
    • Click Save to save this trust deposit transaction and return to the Transactions screen.

If you clicked Save or Save and New, the system adds the trust deposit transaction and associates it with its designated matter.

If you chose to apply an integrated payment, an additional screen will display asking for payment details (see below)

Processing an Integrated Payment

Integrated payments are real-time charges. Once this information is saved, the credit card, or bank account will be charged the amount of this transaction.

  • Credit Card (For LawPay)
    • Enter the card information and then click Charge at the bottom right.
  • Credit Card (For CosmoLexPay)
    • Enter the card information
    • If you would like to securely save this card’s information for future payments, check off the box to the left of “Save for future use”.
    • Enter the payee’s email id. (on which a receipt will be sent) and then click Review at the bottom right.
    • On the Review Payment screen, confirm that the details entered by you are correct. Click Charge at the bottom right.
  • Bank Account (CosmoLexPay Only)
    • Enter the account’s information.
    • If you would like to securely save this bank account’s information for future payments, check off the box to the left of “Save for future use”.
    • Click Review at the bottom right.
    • On the Review Payment screen, confirm that the details entered by you are correct. Click Charge at the bottom right.
Updated on August 5, 2021

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