Built-in Trust Accounting
Comprehensive, Compliant, Complete
Trust accounting is built-in, right alongside practice management, billing, and general accounting. CosmoLex will do all of your trust bookkeeping — automatically, in the background, in real-time.
- Manage individual client ledgers
- Prevent common trust mistakes like ledger overdrafts or commingling
- Individual or bulk invoice payments using trust funds
- Automatic trust-to-general transfer
- Print disbursement checks
- Track & disburse third-party lien claims
- Import electronic bank statements and auto-reconcile books
- Generate three-way reconciliation reports in one click
- Generate a comprehensive set of trust recordkeeping reports
Keeping your trust accounts reconciled monthly is mandatory and typically the first thing an auditor will review. Running bank reconciliations is easy and error-proof - just open up the trust bank account and select the transactions listed in your latest bank statement or import bank statements for auto-clearing.
Three-way Client Ledger Reconciliation
With built-in trust account management functions, CosmoLex makes it easy to generate reconciliation reports. Simply select the Three-way Reconciliation option to generate a report and you can see if the balances match, and archive the report for future audits.
CosmoLex offers a complete list of trust reports, so staying on top of your accounting and avoiding compliance issues is easy and automatic. Reports include:
- Trust Ledger Balance
- Trust Ledger Activity Summary
- Trust Ledger Transactions
- Trust Client Balance
- Trust Balance by Matter Name
- Trust Journal
- Trust Receipts Journal
- Trust Disbursements Journal
- Trust Transfer Record
- Three-way Reconciliations
What Our Clients Are Saying
It helps with keeping time, accessing my files, and keeping track of emails. I love this program. I also like… that is is not as confusing as the double-entry method used by other accounting programs. “Laura Davenport”
Ford Jones IV
Cosmolex provides a familiar and simple user interface that allows our firm to quickly and efficiently manage billing and times.
CosmoLex helps me efficiently track my time. Only positive experiences so far!
Cosmolex offered its services to me for free while I was in an incubator program, and I like that Cosmolex… supports incubators. I stayed with Cosmolex after because it includes an accounting feature and I don’t have to buy extra software or subscriptions. The dashboard saves me time and earns me money because I see how I am doing all at once, and reminds me to bill for emails I have sent or received. I also like how the accounting updates instantly and it is all available in one package. “Amy Rotering”
Very feature-rich. Accounting features are great and it’s one of the few programs out there that has full legal accounting… built into a case management system…Very easy billing/invoicing. Love having access to certain Cosmolex features via mobile and being able to report billable time outside of the office. Love the cloud-based nature of Cosmolex. “Mikhail Lopez”
CosmoLex is like the outstanding office assistant I don’t have, who reminds me and keeps me on track without my… having to remember every detail about every case and my schedule. CosmoLex provided me with a seamless experience over the summer as I moved to and fro between my under-construction office, home office, and car. I chose CosmoLex because of its built-in accounting features: as a solo just starting out, I could not invest in multiple programs or learn multiple platforms while still learning my actual job. CosmoLex made accounting so easy and the training resources are plentiful. I can also see how I will be able to scale up my business using the software and unlock even more features. “Melinda McElheny”
I really enjoy how uniform my office has become with CosmoLex. I’m able to search tasks to see if someone… else has completed them and billed for them, which avoids duplicating work and unnecessary meeting time. It also quickly and conveniently lets me change billings for things like emails or calls, when I need to add in time for additional follow-ups, rather than billing the client numerous .1’s, I can bill a cohesive .5 for 6 separate 5-minute calls. This makes both me and the client happy. I love the CosmoLex app. It is incredibly user-friendly and helps me bill contemporaneously while I am in court or on the phone, as I can add in my time from my cell phone, which is usually already in my hand, rather than trying to write it down and keep track when I get back into the office. It also lets me tell clients exactly what they owe in the moment, rather than trying to guesstimate or call them back later. “Stephanie Gilbert”
There isn’t anything I don’t like. Easier timekeeping and keeps the books straight because they have to match up…we switched… because it includes bookkeeping and timekeeping in one program. “Rebecca Norton”
It is useful for keeping track of time for billing, and generation of retainer requests and invoices.
I enjoy having my billing and timekeeping in one software. I like that it integrates with other software, such as… Office 365, and integrates with LawPay. It’s a very nice and easy to use, all in one software for case and practice management, as well as billing, invoicing, and accounting. Saves a lot of duplicate entries in multiple places. “Sarah Cox”
I like the dual accounting/billing feature of Cosmolex. It saves a lot of time from double entering things into two… programs. “Sara Bachman”
CosmoLex has drastically changed our office in the way that we can check our calendar outside of the office on… the mobile app so we never miss an appointment! I haven’t found anything that I don’t like about CosmoLex yet. “Lori Radke”
CosmoLex’s trust accounting features make it a great companion to and even replacement for QuickBooks…CosmoLex generates great detailed reports that… have come in handy from administrative work, to customers and for the attorneys. CosmoLex has improved the detail levels of my trust accounting and is a great database for all the financial records attached to our clients. The reports I can generate help us track revenue streams and keep on top of billable hours with ease. “Robert O’Hanlon”
I like that it has both client billing and back-office accounting.