You must review your accounting settings prior to using CosmoLex to ensure your accounting entries are made appropriately as you conduct your normal business activities in CosmoLex.
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Set Your Chart of Accounts Defaults
To set your chart of accounts defaults:
- From the left navigation panel, click Setup.
- Atop the Setup left navigation, click Firm Settings.
- From the tabs atop the Firm Settings screen, click Accounting.
The Accounting screen opens.
Default Accounts for Client Costs Posted to Matters Section
- From the Hourly Matters field’s drop-down, click either 1700 or 6610, if applicable.
- From the Fixed Fee Matters field’s drop-down, click either 1700 or 6610, if applicable.
- From the Contingency Matters field’s drop-down, click either 1700 or 6610, if applicable.
- From the Default Legal Fee Income Chart of Account field’s drop-down, click the default account for your fee income. Firms often use this to track income per practice area.
- From the Default Trust Transaction Account field’s drop-down, click either 2300 or 2310.
Account Books Settings Section
- From the Reporting Method field’s drop-down, click Accrual Basis or Cash Basis as applicable.
- From the 1st Month of Fiscal Year field’s drop-down, click the month within which your fiscal year begins.
- From the 1st Month of Income Tax Year field’s drop-down, click the month within which your income tax year begins.
- From the Dates through which books are closed field’s drop-down, click the applicable date.
Vendor Tax Account Section
- In the Vendor Tax Enabled field, check or uncheck the box to enable or disable vendor taxes.
- From the Vendor Charged GST account field’s drop-down, click either None, 1700, 1701, or 1702.
- From the Vendor Charged Sales Tax 2 account field’s drop-down, click either None, 1700, 1701, or 1702.
Default Accounts for Sales & Service Taxes Section
- From the Firm Collected GST field’s drop-down, click either None, 2200, 2201, or 2202.
- From the Firm Collected Sales Tax 2 field’s drop-down, click either None,1700, 1701, or 1702.
- From the Firm Paid GST account field’s drop-down, click either None or the appropriate account.
- From the Firm Paid Sales Tax 2 field’s drop-down, click either None or the appropriate account.