When you return money to a client, you must issue a credit memo to record the transaction.
Issue a Credit Memo from Operating Retainer
To issue a credit memo:
- From the left navigation panel, click Matters.
- On the Matters screen, either double-click the matter, or single-click it, and then from the toolbar, click Details.
- From the Edit Matters left navigation, click Banking.
- From the toolbar atop the Banking screen, click Action > Credit Memo.
- On the Credit Memo screen, from the Date field’s drop-down, click the credit memo date.
- Confirm the Amount field matches the Available Credit field and reflects your intended credit amount.
- From the Type field’s drop-down, click the credit type.
- From the Method field’s drop-down, click the credit method. If you are using CosmoLex to print checks, you can use this to cut a check directly from the program.
- Confirm the Bank field displays the correct bank. Otherwise, the available credit will not display to prevent you from making an error.
- From the Memo field’s drop-down, click the appropriate memo or enter one. The Memo displays on a printed check if you print it from CosmoLex.
- In the Memo2 field, enter an internal note if desired.
- In the lower right corner, click Save.
A Warning message reads: You are allocating outgoing funds to an account normally used for incoming funds. Do you want to continue?
- Click Yes.
The system saves the credit memo and displays it in the respective matter’s Transactions tab for your records.
If you selected To be Printed, you can print the check from your operating bank.
Issue a Credit Memo from Your Trust Account
To issue a credit memo from you trust account, see Add a Trust Withdrawal Transaction.