Introduction
We understand that some firms are reviewing/correcting data as they go, or perhaps have only a handful of balances to enter, and would prefer to make manual entries. The instructions to do so are listed below.
If, in your case, you have a larger amount a data and would like the option to upload your data in bulk, we have bulk import tools and instructions listed in our migration guide. Following those instructions is the most efficient way to import your matter balances so we encourage that you review that first.
Before doing manual entering of AR Balances, make sure your system settings are set to accrual-basis and/or matters are set to taxable. The system should automatically record the information correctly. For any additional questions regarding accrual-basis or taxable matters, please contact our Support Team.
Entering Billing Balances
Choose a cutoff date (ex: 5/31)
From old system pull an AR report telling you what was owed by each matter on that cutoff date. You will need to know for each balance, what portion is cost and what portion is fee so that when that invoice is eventually paid, the accounting entries are correct
Note that we suggest billing as many clients as possible at the time of migration. If you still have some WIP (Work in Progress) for fixed fee or non-monthly clients, those entries will need to be made manually (add time/expense)
The next steps must be followed for each matter that has a balance
Add a time card for the fee amount owed
- Select matter
- Click add time
- Date: cut off date
- Select timekeeper
- Task: previous balance
- Rate type: Flat
- Rate/price: enter fee owed
- Save
Add a soft cost for the cost amount owed
- Select matter
- Click soft cost
- Date: cut off date
- Select timekeeper
- Expense: previous balance
- Rate/price: enter cost owed
- Save
Final Steps
Once you have entered all balances for all of your matters, you will generate dummy invoices in bulk
- Go to the Activities section
- Go to Billing > Click Invoices tab
- Click “Create Invoice”
- Invoice Date: Cutoff Date
- Due Date: Cutoff Date
- Include Matter Til: Cutoff Date
- You should see a list on the right of all of the matters you entered balances for
- Click Generate
You now have a list of dummy invoices for those matters. Go back to the Matter tab and you will see those balances are now in the unpaid column.
You have now successfully migrated your billing balances. You want to begin entering ALL billing and payment entries as of the date following your cutoff date, directly into CosmoLex.
Your next billing will also reflect any remaining unpaid balances.