New Cosmolex Features (April 26, 2017)

Uncategorized Afaf Wills

Release No: 4.8

Release Date: April 26, 2017

NEW FEATURES & ENHANCEMENTS

Accounts Payable Module

Track all of your office expenses and bills with newly added Accounts Payable Module. This will allow CosmoLex users to enter office bills when they arrive and pay as they become due or when firm approves to pay. Incoming bills can be posted to proper general ledger accounts at the time of bill entry. Multiple vendor bills can be paid in a single check.

Recurrent Bills

Routine fixed amount bills such as rent, lease payments, mortgage etc can be set as “recurrent bills”. Bills will be automatically prepared at the set frequency and you will be reminded to add those to your Accounts Payable.

Accounts Payable Reports

You can now produce a detailed accounts payable report as well as accounts payable aging report as an aid to analyze firm’s profitability, cash flow and making payment decisions.

Matter Cost Related Bills

Post all of your matter cost related vendor bills to matters as expense card while entering bills in the Accounts Payable. You can even hold the bill payment until your client pays the invoice. Once client has paid the invoice in full, hold will be automatically removed from your vendor bill. Ability to post bills as client cost eliminates leakage and ability to mark a bill as “hold” improves cash flow. A single vendor bill (such as FedEx) can be split to multiple matters and paid as a single disbursement from your operating account.

3rd Party Matter Bills

In many practice areas such as personal injury, workers compensation, bankruptcy, family law mediations, lawyers are presented with bills from doctors, hospitals, other legal fees, etc which are to be paid from the settlement funds for the matter. Your firm is not obligated to pay those funds but is responsible to track and disburse once the matter is settled. Now you can track ALL those third party liens within the matter and pay off from Matter’s trust funds. Ability to properly track client’s obligation will ensure you have the full picture as you negotiate the settlement and minimize your liabilities to these 3rd parties. 

Matter Cost Statement

CosmoLex is now a single place for you to track your matter cost, 3rd party bills waiting to be paid and matter related bills that were paid by other parties (such as paid by the insurance). You are able to produce a comprehensive Cost Statement itemizing all these cost components as a settlement tool. 

Matter-to-Matter Trust Funds Transfer

You can now internally transfer one client matter’s trust funds to another matter (of the same client). This process automates internal transaction creation and ensures that resulting transactions are properly documented and reconciled.

FIXES/Enhancements

  • Contact Display now have a Company filter, which can be used to find contact by Company names. Company name is now part of the Grid Display

  • Details of Invoice Payments from Retainers/Advances can now be seen in the Invoice Details Screens.

  • Fixing of issue related to turning ON the matter client portal for legacy data import.