Understanding Transaction Status

Introduction

When managing transactions in CosmoLex, you will come across the status column. This field informs you of whether your transaction is Entered, Posted, Cleared, or Reconciled. It is helpful to be aware of what the transaction status mean and how they affect the possible changes you can make to a particular transaction.

Entered Status

What It Means

An ‘Entered’ transaction means it has been entered in the system and is affecting your balances. 

How Transactions are Affected

While in the ‘Entered’ status, the transaction

  • can be edited
  • can be voided
  • can be deleted
Important

There are special situations when the transaction cannot be edited. For example, if the transaction is attached to an invoice as a payment or a balance transfer. If you try to edit an ‘Entered’ Transaction that is attached to another item, the system will alert you.

Posted Status

What It Means

A ‘Posted’ transaction means:

  • It is part of a deposit slip
  • It is an uncleared transaction that is part of a closed reconciliation statement (Only trust accounts)

How Transactions are Affected

While in the “Posted” status, a transaction:

  • Can be Edited (just the Memo or associated Account)
  • Can be Voided
  • Cannot be Deleted

How to Revert to ‘Entered’ Status

If you absolutely must edit this transaction, follow the steps below.

  • If part of a deposit slip: 
    • Find the deposit slip. Go to the bank account, then Deposit Slips. Find the deposit slip that should include this transaction
    • Edit the deposit slip to remove the individual transaction, or Delete the deposit slip to get rid of it altogether.

Wondering what Deposit Slips are for? Click here.

  • If uncleared, part of a closed reconciliation for a trust account:
    • Find the transaction. It can usually be found in the month that matches the date of the transaction. For example, if the transaction is dated in January, this transaction will be marked as posted if the January reconciliation statement is reconciled.
    • Open Reconciliation Statement. Find the statement, click Delete, then click Reopen Statement. (This is a permission-based action. If you do not see this option, speak with your firm’s CosmoLex administrator)

Cleared Status

What It Means

A “Cleared” transaction means it has been marked ‘Clear’ in an open reconciliation statement

How Transactions are Affected

While in the “Cleared” Status, a transaction:

  • Can be Edited (just the Memo or associated Account)
  • Cannot be Voided
  • Cannot be Deleted

How to Revert Status

If you absolutely must edit this transaction, follow the steps below.

  • Go to open reconciliation statement
  • Select the reconciliation statement and click  Edit, or double-click the statement

  • Use the Advanced Search to find your cleared transactions

  • Un-check the desired transaction in order to unclear it

Reconciled Status

What It Means

A “Reconciled” transaction means it has been marked ‘Clear’ in an closed reconciliation statement

How Transactions are Affected

While in the “Reconciled” Status, a transaction:

  • Can be Edited (just the Memo or associated Account)
  • Cannot be Voided
  • Cannot be Deleted

How to Revert Status

We do not recommend that you make changes to reconciled transactions. Please see the Learn More section below or contact your Accountant, one of our Certified Consultants, or our support team if you have a question about a special situation. 

With this in mind, if you must make changes to a reconciled transaction, follow the steps below.

    • Find the transaction. It can usually be found in the month that matches the date of the transaction. For example, if the transaction is dated in January, this transaction will be marked as posted if the January reconciliation statement is reconciled.
    • Open Reconciliation Statement. Find the statement, click Delete, then Reopen Statement. (This is a permission-based action. If you do not see this option, speak with your firm’s CosmoLex administrator)

    • Un-check the desired transaction in order to unclear it 

Learn More

Reconcile Your Bank Account

Reopen a Reconciliation Statement

Using Deposit Slips in CosmoLex

Add and Manage Trust Transactions

Add and Manage Operating Transactions

Updated on September 6, 2018

Was this article helpful?

Related Articles

Contact Our Support Team
Can’t find the answer you’re looking for? Don’t worry we’re here to help!
Submit a Ticket
X
X