Add a Trust Withdrawal Transaction

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

  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 withdrawal (last icon)
  2. From matter details – When viewing the details of a matter, click on the banking tab, and in the toolbar, you will see Trust Transactions. Click and choose Withdrawal
  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 withdrawal

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

Watch a Video 

Entering Withdrawal Details

Trust Withdrawal Screen Fields

Bank From the drop-down, select the trust bank from which you are withdrawing the funds. If you have multiple trust accounts, this list will only include those assigned to this matter.
Date From the drop-down, click the trust withdrawal date.
Amount Enter the trust withdrawal amount.
Integrated Payments

If using CosmoLexPay(US),  CosmoLexPay (Canada) or LawPay, you will see this option. If you wish to process this withdrawal using your integration, check this box.

Type From the drop-down, click the withdrawal type.
Ref # Enter a reference number, if desired.
Method From the drop-down, select the withdrawal method.
Pay To Enter who is receiving the amount.
Address Complete the fields, if desired.
Memo Complete the field either by typing or choosing from the drop-down.
Memo2 Enter the information you want to record for internal recordkeeping only.
Split Section
  • Confirm the pre-populated selection or use the drop-down to click a different account.
  • 2300 Client Trust Funds and 2310Client General Retainer (Trust) and their sub-accounts will display here.
  • 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. 
Remember Payee Check the box if you would like to add this payee to your address book. If you do not wish to remember, leave the box unchecked. 

Once you have completed the fields, take the appropriate action:

    • Click Cancel to exit the screen without saving the transaction.
    • Click Save and New to save this trust transaction and enter another withdrawal.
    • Click Save to save this trust transaction and return to the Transactions screen.

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

If you marked this as a check to be printed, it has been added to your check print queue. you can choose to print this check now, or later on.

Updated on March 24, 2023

Was this article helpful?

Related Articles

Need Support?
Can't find the answer you're looking for?
Contact Support