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CosmoLex eliminates the need for any other software – along with all the syncing, importing, exporting, and duplicate entry busywork that entails.
Other web-based legal practice management software may include a few basic client trust funds functions. Only CosmoLex provides a comprehensive trust and IOLTA software accounting system. CosmoLex attorney trust accounting software gives you all of the following features – built-in:
Reconciling trust accounts every month is mandatory. It’s the first thing an auditor will want to see. That’s why CosmoLex attorney trust accounting software made sure that running bank reconciliations is easy — and “error proof”.
Just open up the trust bank account in the CosmoLex software, check off the transactions listed in your latest bank statement, and click. The entire process takes only a few minutes.
Your firm might have multiple trust bank accounts, and you can manage them all from within CosmoLex. In fact, you can manage multiple bank accounts with unlimited client ledgers per bank.
CosmoLex protects you and your firm from the most common IOLTA trust/escrow accounting violations.
You don’t need to use 3rd party accounting software for bank statement imports, bank reconciliation, report generation or check printing. (Every duplicate data entry or export/import is one more possible error you can’t afford!) CosmoLex integrates all the functions you need.
Monthly bank reconciliation is one of the most important aspect of trust accounting and is heart and soul of trust account audits. Monthly bank reconciliation reports are mandatory, helps you locate banks & your mistakes. These are also the first set of reports lawyers are asked for during the audit.
Beware of bank reconciliations methods offered by general business accounting programs! Most of them do not allow you to go back to prior periods and fix any discrepancies or reprint prior reports. Instead you need to re-start bank reconciliation all over again, from day-1. CosmoLex attorney trust accounting software’s reconciliation is robust and designed for only law firms and their unique IOLTA accounting requirements. You can auto-reconcile book transactions with electronic bank statement data (QBO format) or reconcile manually. Additionally, you can go back to any prior month and simply look at the snapshot of transactions exactly the way it was and fix any mistakes, reprint reports. CosmoLex also automatically locks your books after bank reconciliations are complete to prevent accidental edits.
In most states, attorney trust account regulations require monthly three-way reconciliation reports. CosmoLex will produce these critical documents for you — in one click.
CosmoLex legal trust accounting software may be 100% cloud-based, but that doesn’t mean you have to go paperless. When you need disbursements, you can print checks directly from the program. Print checks on your office printer using our check paper stock. With CosmoLex legal trust accounting software, you have the option to print voucher or standard check formats.
Retainer payments by credit card can be easily processed — in full compliance with legal accounting rules. Thanks to a seamless integration of LawPay® built in to CosmoLex, your office can make the charge within the CosmoLex billing screen, or your client can pay directly online.
CosmoLex gives you an end-to-end solution that begins with charging the card and flows through to all the associated bookkeeping adjustments — without you juggling between multiple systems and duplicated data entries.
For those involved in the real estate settlement industry, you know that new rules & guidelines proposed by CFPB/ALTA are game changers. It is absolutely imperative that your practice is in complete compliance with these new escrow accounting regulations and CosmoLex helps you with providing a out-of-the box solution for settlement funds and escrow accounting.
Check fraud can be especially devastating to practices in certain areas of law, such as personal injury and real estate settlements. Even a solo firm can easily have over a million dollars in a trust account, which means that the potential loss from the passing of a fraudulent check is enormous. And when a large number of checks are issued every month by multiple parties – this further increases the fraud potential.
Positive Pay is a service provided by most major banks. It has become the industry standard protection against check fraud. CosmoLex IOLTA software and trust accounting includes built-in support for integration with Positive Pay.
"Trust Accounting Software" is part of the CosmoLex line of products, developed by CosmoLex.