Create Class-Based Reports

Class-based reporting allows you to categorize your income and expenses based on classes to create a financial picture that meets your firm’s specific needs.

Step 1. Create a Class

To create a class:

1. From the left navigation panel, click Setup.
2. From the Setup left navigation, click List Items.
3. From the tabs atop the List Items screen, click Classes.
4. From the toolbar atop the Classes screen, click Add.
5. On the Add Class screen, in the Name field, enter the class name, such as the attorney’s name, the office location, or the area of law.
6. In the Description field, enter a class description, if desired.
   Note

   As a default, the Active field’s checkbox is checked. You can uncheck the box to deactivate a class or sub-class at any time.

    
7. In the lower right corner, click Save.
   The system saves your class and adds it to the Classes listing.

Step 2: Associate Transactions with a Class

Once you create your classes, ensure all firm transactions are assigned to their appropriate classes. To automate some of this activity, you can assign classes to various CosmoLex account components such as:

• Matters
• Matter Owners
• Areas of Law 

Matter Level

Assigning a class to an individual matter automatically links the matter’s transactions to that class. 

To assign a class at the matter level:

1. From the left navigation panel, click Matters.
2. On the Matters screen, single-click the matter, and then from the toolbar, click Edit.
3. From the bottom of the Matter’s left navigation, click Settings.
4. From the tabs atop the section, click Accounting.
5. In the Accounting page, from the Class field’s drop-down, select the class.
6. In the upper right corner, click Save.
   The system saves your matter’s class assignment and will automatically link the matter’s income and expense transactions related to the class.

Matter Owner Level

Assigning a class to a matter owner automatically links the matter owner’s transactions to that class. 

To assign a class at the matter level:

1. From the left navigation panel, click Setup.
2. From the Setup left navigation, click Matter Owner.
3. On the Matter Owner screen, either double-click the matter owner, or single-click them to highlight them, and then from the toolbar, click Edit.
4. On the Edit Matter Owner screen, from the Class field’s drop-down, click the appropriate class.
5. In the lower right corner, click Save.
   The system saves your matter owner’s class assignment and will automatically link their matter income and expense transactions to the class.

Based on Area of Law

Assigning a class to an area of law automatically links transactions related to that Area of Law to that class.

1. From the left navigation panel, click Setup.
2. From the Setup left navigation, click List Items.
3. From the tabs atop the List Items screen, click Area of Law.
4. On the Area of Law screen, double-click the area of law, or single-click it to highlight it, and then from the toolbar, click Edit.
5. On the Edit Area of Law screen, from the Class field’s drop-down, click the appropriate class.
6. In the lower right corner, click Save.
   The system saves your area of law class.
7. Edit your matters to assign the applicable areas of law.

Assign Multiple Classes to a Transaction

You can assign operating bank transactions to multiple classes from any Add Transaction or Edit Transaction window. For example, your firm may have a shared expense to be split among office locations or matter owners.

To split an operating bank transaction between classes:

1. Add or edit a transaction.
2. On the Add Transaction or Edit Transaction screen, from the Account field’s drop-down, click the appropriate Chart of Account.
3. To the far right of the field. click the orange Y.
4. On the Split Accounts screen, to the far right of the row in the Class column, click the orange arrow icon.
5. On the Transaction Class screen, in the upper left corner, click Add.
   The system adds a new row to the class listing. 
6. Repeat step 5 until you have reached the desired number of classes.
7. Under the Class column, assign a class to each row.
8. Under the Amount column. adjust the totals to the desired figures.
   The Percentage column’s fields auto-update with the split percentages.
9. In the lower right corner, click OK.
   The system saves your transaction and class splits. On the Split Accounts screen, the green Class icon displays to indicate you have correctly assigned a class or classes.
10. In the lower right corner, click OK.
    The system returns you to the Add Transaction window, displaying a green icon beside the Account field.
11. In the lower right corner, click Save.
    The Transaction screen updates to display your transaction.

Generate a Class-Based Report

You can generate any of three class-based reports: 

• P&L by Matter Owner Class
• P&L by Area of Law Class
• P&L by Matter Custom Class