General Accounting Software
Manage all of your bookkeeping and accounting requirements with built-in compliance checks every step of the way.
CosmoLex’s accounting is developed to handle the unique requirements of Canadian law firms, including:
- Accrual Accounting
- Preconfigured Provincial Tax Settings
- Support for Transaction & Other Levies
- Preconfigured Chart of Accounts
- Law Society General Ledger Compliance Reports
- Input Tax Credit Reports
- Invoice Change/Write-off handling
Total Business Accounting Solution
We provide you with an extensive set of tools for business accounting that is robust and complete, like:
- Memorized Payee Accounts
- Journal Entries
- Cost-recovery Imports
- Electronic Data Imports
- Bank Reconciliations
- Cheque Printing
- Origination Credit Calculations
- Collected Fee Distribution Calculation
- Over 100 Accounting & Billing Reports
Integrated LawPay with No Monthly Fee
Start accepting credit cards hassle-free by signing up for a LawPay account within CosmoLex. For new accounts, we’ll cover the LawPay’s fixed monthly fee. Use our end-to-end credit card processing solution to complete trust retainer payments, online invoice payments, and daily reconciliations of received funds.
Retainer & Bill Payments by Credit Card
Clients can pay by credit card (online or by phone) for initial trust retainers, fee prepayments, ongoing invoice payments, and more.
End-to-end Credit Card Accounting
Our integrated system manages the bookkeeping procedures required for credit card payments, like managing where funds are deposited, how they are recognized, how to handle refunds, and more.
Bank/Credit Card Transaction Imports
Import electronic bank/credit card statements for automated data entry. Built-in, adaptive mapping rules can correct payee names and learn a chart of account(s). You can even post matter-cost related transactions while importing to prevent missed expense entries.
Accidental Post-Reconciliation Edits Protection
Designed specifically for Canadian law firms and the requirements mandated by your Law Society, CosmoLex locks your books automatically after a bank reconciliation is completed to prevent accidental revisions.
General Office Bills
Manage all payees from a central dashboard with a chart of accounts. Track and pay all office bills, and always have a comprehensive financial picture. You can even set recurrent bills, such as rent or utilities, and let CosmoLex enter it for you automatically.
Case Cost Bills
CosmoLex automatically performs the required accounting steps for this type of accounts payable like:
- Linking each vendor bill to the correct client matter(s)
- Holding payments until the client’s payment is received
- Differentiating between invoices for client expenses and firm expenses
Advanced Productivity Analysis
Analyze finance productivity of your timekeepers or responsible lawyers in a variety of ways, based on billing or collection data.
Automated Fee Distribution
Automate revenue distribution calculations by specifying the distribution percentage for billers, as well as various matter parties (originating attorney, matter owner, working attorney, etc.), and generate the report.
Advanced Invoice Changes/Write-offs
Due to accrual accounting requirements in Canada, an invoice can’t be altered once issued. We offer an advanced invoice “change/write-off” function that allows an invoice change — but on a future date. This way, you can efficiently add finance charges, late fees, or write off invoices (in the case of non-payments) to recover previously paid income and sales taxes.
All the tools your firm needs
to run your business.
Built with the needs of modern small and mid-sized law firms in mind, CosmoLex’s legal practice management software increases efficiency and profitability.
Simplify your practice with one tool.
