Trust Accounting

Built-in Trust (IOLTA) Accounting Software

Built-in Trust (IOLTA) Accounting Software

When it comes to trust accounts, “close enough” is NOT good enough. Trust account mistakes lead to ethics violations and disbarment — you need an attorney trust accounting software that has zero tolerance for errors. With built-in legal trust accounting, you’ll find it easy to stay current on the bookkeeping for all your trust accounts — because CosmoLex takes care of it automatically. And electronic safeguards protect you against common mistakes, such as overdrafts and check fraud. Your trust accounts will always be current, compliant, and audit-ready.

Don’t just take our word for it when it comes to maintaining end-to-end trust accounting in CosmoLex! Download the Minnesota State Bar Association’s free 53-page eBook Other People’s Money: Keeping Trust Accounts Using CosmoLex.

Trust Accounting Software that Prevents ErrorsTrust Accounting Software that Prevents Errors

CosmoLex eliminates the need for any other software – along with all the tedious syncing, importing, exporting, and duplicate entry busywork lawyers had to deal with in the past. CosmoLex provides a comprehensive menu of trust and IOLTA accounting functions:

  • Manage individual client ledgers
  • Add or disburse client funds
  • Accurately debit trust funds to pay client invoices
  • Prevent common trust mistakes, such as ledger overdrafts or commingling
  • Print disbursement checks
  • Import electronic bank statements & auto-reconcile books
  • Generates three-way reconciliation reports in one click
  • Comprehensive set of trust recordkeeping reports
Perform Daily Reconciliation Using Automatic Bank Data Feed

Perform Daily Reconciliation Using Automatic Bank Data Feed

Performing daily trust account reconciliations may not be mandated but is a smart choice. Law firms that only perform a monthly bank reconciliation find this out the hard way. Automatic bank data feed can greatly reduce daily reconciliation efforts as bank cleared transactions gets loaded automatically.

CosmoLex is able to connect with 1000s of financial institutions and automatically retrieve daily activities. As new transactions are made, 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.

Your Trust Accounts Are Always Audit-ReadyYour Trust Accounts Are Always Audit-Ready

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 or import bank statements for auto-clearing. The entire process takes just a few minutes.

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

Free Account for External Accountant or Bookkeeper

Free Account for External Accountant or Bookkeeper

Every law firm needs a trusted advisor to help ensure that their financials are 100% compliant. We make it easy for you to work with your trusted advisor with our CosmoLex Accounting Partner (CAP) program. If your external accountant or bookkeeper qualifies to become CosmoLex Accounting Partner, he or she can access your account remotely (with your explicit permission), without any cost to you or them. Contact us for details.

– CosmoLex connects with the tools you know and love –

Microsoft Office 365