New CosmoLex Features (January 31, 2017)

Uncategorized Afaf Wills

CosmoLex Release Notes

Release No: 4.6

Release Date: January 30, 2017

NEW FEATURES & ENHANCEMENTS

Automated Bank Data Feed Module

Multiply CosmoLex productivity by leveraging CosmoLex’s bank data feed capabilities. Once initial bank account connection is established, entire process is automatic. Newly cleared bank transactions will be fetched automatically and processed. Bank feed dramatically enhances CosmoLex’s productivity as users can keep an eye on what’s happening at the bank on daily basis as opposed to finding issues at the end of the month. Currently bank feed module supports main financial institutions. We will be adding more institutions periodically. All users are provided with one CosmoLex bank account data feed connection at no additional charge. Add-on charge applies for each additional bank account feed connection.

Automated Bank Data Feed Matching with Book Transactions

Wherever possible, incoming bank feed transactions are matched with an existing book transaction using a complex algorithm. And, if transaction is found to have multiple matches, user will be asked to specify which one to match with (which often helps user in finding mistakes). User is provided a visual cue about unprocessed feed transactions so they can confirm the match. 

If user forgot to pre-enter a transaction into the books, they can quickly add from the feed by specifying a chart of account (for operating transactions) or client-matter (for trust transactions). If any of these feed transactions are related to a Matter Cost (specially in the case of Credit Card feeds as those are not likely to be pre-entered in the books), those can be posted as Matter Cost right from the feed screens. Apart from this, user can also add memo notes to the transactions being imported and split chart of accounts.

Automatic Daily / Monthly Bank Reconciliation

While most lawyers are not required to perform daily bank reconciliation, it is a necessary step to safeguard against unforeseen errors or fraud. Automated bank data feeds make this easy as incoming transactions are automatically matched with book transactions.  This also simplifies month end reconciltions as transactions already matched are automatically marked as “Cleared”. With Automatic Bank Reconciliations, hours of manual clicking and checking now becomes a task which will take minutes and will enhance accuracy.

Unified Calendar & Pending Tasks

In the CosmoLex’s global calendar view, now you can see simplified list of upcoming tasks along with its deadlines. You can even check those tasks completed from the same view. Lastly, you can now view events in a list view and export/print. 

Migration of Historical Billing (AR) Balances

Efficiently migrate legacy receivables with aging info into CosmoLex from an Excel or CSV dataset. Entire process is designed to migrate business accounting data from legacy systems or generic business accounting programs fast and accurate.

Migration of Trust Ledger Balances

Efficiently migrate matter trust balances into CosmoLex from an Excel or CSV dataset. Entire process is designed to migrate business accounting data from legacy systems or generic business accounting programs fast and accurate.

FIXES

  • While importing legacy trust or business transactions, COA and Matter mapping can be printed.