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Using Deposit Slips in CosmoLex

Introduction

Deposit Slips are a way to group together more than one deposit. You can use this feature for reconciliation and correct record-keeping. Here are the two main scenarios that 

  1. Many times, especially with trust deposits or invoice payments, you may receive several checks from various clients and wish to deposit them at the bank together. When you enter these transactions into your records in CosmoLex, each check is entered individually. However, when it comes time to reconcile, your bank statement may reflect one lump sum deposit and not specify the individual checks. In order to accurately reconcile, you will want to create a deposit slip, around the time of making your deposit, to group the checks in your records together.
  2. If you are using our credit card processing feature, you can charge your client’s credit card directly within CosmoLex. Typically, the merchant (Visa, Amex, Discover etc) will make one lump sum deposit at the end of the day. You may have had 5 credit card payments, but will only see that lump deposit in your bank. Being able to batch your credit card transactions together, again makes reconciliation a breeze.

Creating a Deposit Slip

To group transactions together using a Deposit Slip, follow the instructions below:

1. Click on the Accounting Tab

2. From the Bank Tab >  Select desired bank and click  Details, or double-click the bank

3. Click the Deposit Slip Tab > Click Add

4. Under Options, select the type of transactions you would like to combine:

    • If you are grouping checks and wire/ACH payments, select “Combine Check/Wire/ACH payments.”
    • If you are grouping only deposit checks, select “Combine Check Payments Only”

Important

While operating transactions added to a deposit slip can have different dates, all trust transactions on a single deposit slip must have the same date.  Since our deposit slip function groups transactions for easier reconciliations, this safeguard is in place to ensure ledger, bank and book balance can be properly compared for your three-way reconciliation reporting.

    • If you are grouping credit card transactions, select “Combine Credit Card Payments (Batch)” and locate the credit card deposits you wish to batch and you can filter this list by the merchant for easier grouping.
Note

  • Only credit card transactions processed through CosmoLex’s integration with LawPay will display here
  • Credit card transactions do not have to have the same date, as in some situations a charge entered today may not be processed until the next business day.
  • Trust retainers received via LawPay having differing dates will not be corrected by the deposit slip.
  • Voids are included in this list as sometimes they occur days after the original transaction.

5. Select the deposits you would like to combine

6. You will then be presented with a total deposit count and dollar amount. When ready, click Save to create a Deposit Slip.
 
Now, when it comes time to reconcile, your deposit amount (i.e. $40.00), will match the deposit slip in your books of the same amount.

Printing a Deposit Slip Summary

A deposit slip summary is a way to print out a record of a particular deposit slip (set of combined transactions).

1. Click on the Accounting Tab

2. From the Bank Tab > click to select the bank and click  Details, or double-click the bank

3. Click the Deposit Slip Tab and click to select the Deposit Slip

4. Click Action > Click “Print Deposit Summary”

This will generate a PDF of the deposit slip summary which you can save and/or print.

Other Deposit Documents

In addition to a deposit slip summary, you can also print a deposit summary for one particular transaction. This is often used as a receipt or for internal records

To print out a Deposit Slip of this kind, go to Accounting > Bank > Transactions (select the individual transaction you want to retrieve the record for) > Action > Click Print Deposit Slip.

Or it can also be done from the Matter Details page. Start at the Matter, double-click on the desired Matter > Click on Banking > Under Transactions, click Action > Click Print Deposit Slip.

 

Updated on September 4, 2019

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