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 two scenarios that may fit the need to create a deposit slip:

  • Many times (especially with Trust deposits or income checks) 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 under its respective matter. However, when it comes time to reconcile, your bank statement may reflect one lump sum deposit. In order to reconcile, you will want to create a deposit slip to group the checks in your records together, to match that single deposit in your statement. 
  • 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, LawPay, 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 lump your credit card transactions together, again makes reconciliation a breeze.
Other Types of Deposit Slips

In CosmoLex, there is a second type of Deposit Slip. This can be found under Bank Transactions and is used to retrieve a PDF printout with details of an individual deposit.

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.

The instructions in this article are about how you can create a deposit slip for correct record-keeping in your books, as explained above.

Create 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.”
  • Note that trust retainers received via LawPay having differing dates will not be corrected by the deposit slip.
  • If you are grouping only deposit checks, select “Combine Check Payments Only”

Important

Operating banks can have different dates for deposited transactions. All transactions must have the same date when creating deposit slips for Trust banks.

  • 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 that voids are included in this list as sometimes they occur days after the original transaction.

Important

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.

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.

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.

Updated on June 7, 2019

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