Tech Tip #14 – Are IOLTA Account & Billing Activities Disconnected?
One of the most valuable features of CosmoLex is the ability to handle your Billing and Trust activities side by side. Why is that important? It all boils down to when Trust funds cross over into your Operating bank, which is at the time of invoice payment. At this time, you need to keep several things in order… Verify retainer balance available vs. the unpaid balance, ensure the proper transfers are recorded out of trust and into operating, and make sure all balances are then updated. Sound complicated? Not with CosmoLex! Take a look at the following clip which walks you through receiving invoice payments from existing trust retainers.