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Trust Accounting - Error Prevention

Error Prevention

CosmoLex eliminates the need for any other software, along with the error-prone tasks of syncing, importing, exporting, and duplicate entries. We provide a comprehensive menu of trust and IOLTA accounting functions including:

Daily Reconciliation With Automatic Bank Data Feed

Though performing daily trust account reconciliations isn’t mandated, it’s a best practice when it comes to trust accounting. The automatic bank data feed drastically reduces the effort of performing daily reconciliations because bank-cleared transactions get loaded automatically.

CosmoLex is able to connect with thousands of financial institutions and retrieve daily activities. As new transactions are completed, CosmoLex will periodically fetch, automatically match it with book transactions, and request users to review them. One bank account feed is included free of charge. Additional bank account feeds will incur a nominal fee.

Trust Accounting - Bank Feed
Trust IOLTA Accounting 1

Audit-Ready Trust Accounts

Reconciling trust accounts every month is mandatory and it’s usually the first thing an auditor will want to see. CosmoLex legal trust accounting software makes running bank reconciliations easy and error proof. Just open up the trust bank account and then select the transactions listed in your latest bank statement or import bank statements for auto-clearing.

Would you survive a trust account audit? This video shows you how.

Free Account for External Accountant or Bookkeeper

Every law firm needs a trusted advisor to help ensure that their financials are 100% compliant. Our CosmoLex Accounting Partner (CAP) program makes that process simple and efficient. If your external accountant or bookkeeper qualifies to become a CAP, he or she can be granted access to your account remotely, without any cost to you or them. Contact us for details.

Legal Business Accounting - 2
Notebook