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Add and Manage Operating Bank Transactions

Introduction

There are three types of banks in CosmoLex – Trust, Operating, and Credit Card. Operating banks are usually used for your general business account or any other bank account for your firm that doesn’t fall under the other two categories. 

While matter-related operating transactions can be done through the matter in CosmoLex (i.e. Invoice Payments are recorded through the billing / invoices section), there will be many firm-related transactions that you will need to keep track of. 

Need to add your operating bank? Learn how to here.

Add Operating Transactions

1. Click the Accounting Tab

2. From the Bank tab, select the desired bank and click Details or double-click on the bank account

3. From the Transaction tab, click  Add then select Deposit (incoming funds) or Payment (outgoing funds)

4. Complete the Add Transaction Window
 
  • Date of the transaction
  • Amount
  • Type of Payment (i.e. Check or Wire-ACH), then choose Method
  • Payee / Payor – who paying or receiving the money
  • Memo – this is an reference note that can be used to be printed on a check, or can appear on reports
  • Memo2 – internal reference note
  • Account – choose the chart of account this transaction will be posted to

5. When ready, click Save

All set! Your transaction will show on the Transactions tab for the bank account.

Locate Operating Transactions

1. Click the Accounting Tab

2. From the bank tab, select desired bank and click  Details or double-click the bank account

3. On the Transactions tab, the transactions shown by default are those with the “Entered” status. To see more or different transactions, use the  Advanced Search on the right-hand side. Here, you will be able to search using your own parameters

1. From the Matters Tab, select desired matter and click  Details or double-click the matter

2. Click the Banking Tab

3. From Transactions, use the Advanced Search to find operating transactions and search by other relevant parameters

Edit or Delete Transaction

To Edit: Select the transaction and click  Edit to make changes

To Delete: Select the transaction and click Delete to make changes

Note

You cannot edit an already posted or reconciled item. You must either re-open your reconciliation or unlink this transaction from any invoices to continue. 

Void an Operating Transaction

You may need to void an operating transaction. Voiding a transaction, instead of deleting, leaves a record in your books for your reference. 

Tip

Have a bounced check? There are a few things you want to take into account before you void the transaction.

Learn more about bounced checks.

1. Click the Accounting Bank

2. From the Bank tab, select the desired bank and click  Details or double-click the bank account

3. From the Transactions tab, select the desired transaction and click  Action, then click Void Transaction

4. Complete the Void Transaction window

  • Void Date
  • Memo – shows the original date of when the transaction was entered, the amount, and the ref# for the check.
  • Memo2 – Put in a memo of why the transaction is being voided. (ex. Bounced check)

5. When ready, click Save

6. You will see a warning message asking if you are sure you want to continue. Click Yes

All set! The transaction will be moved from entered status to posted status, and the type will become “Void Adjustment In”

Learn More

Set Up and Use Check Printing

Understanding Transaction Status

Add and Manage Bank Accounts

Importing Bank and Credit Card Transactions

Getting Started with Office Expenses

Managing Accounts Payable

Transfer Operating Retainer Funds to Trust Account

Bounced Check

Bank Activity Report

Updated on September 3, 2018

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