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Automated Bank Data Feed & Reconciliations

Bank Reconciliation - Import Transactions

Daily Reconciliation Is Necessary for Lawyers

Bank reconciliations are normally performed on a monthly basis. However, a lot can happen in 30 days. Law firms that only perform a monthly bank reconciliation find this out the hard way. A deposit uncleared by the bank can easily overdraft operating or trust accounts. A disaster if it goes unnoticed until the end of the month. One way your firm can increase the frequency in which it reconciles accounts is to utilize bank data feeds. CosmoLex is the 1st law practice management solution with automated bank data feed capabilities.

Daily Reconciliation Using Automatic Bank Data Feed

CosmoLex is able to connect with 1000s of financial institutions and automatically retrieve daily activities. Once the initial connection with the financial institution has been established, no further manual steps are necessary. As new transactions are made, CosmoLex will periodically collect them, automatically match them with book transactions, and request users to review them. Bank account feeds are included free of charge for each CosmoLex subscription.

Trust Accounting - Bank Feed
Bank Reconciliation - Credit Card

Import Bank/Credit Card Transactions

Automatic bank data feeds can also be used to add individual transactions that are not recorded in books. Alternatively, CosmoLex also lets you import electronic bank/credit card statements (QBO format) for automated data entry. This feature is often used to import monthly credit card transactions, as credit card charges are normally only entered after the statement becomes available. Built-in, adaptive mapping rules can correct payee names and learn chart of account(s). You can even post matter-cost related transactions while importing, thus preventing a major source of missed expense entries.

Bank Reconciliation Auditors Can Trust

The bank reconciliation is one of the most important aspects of office accounting. Monthly bank reconciliation reports are mandatory and additionally may help you locate mistakes made by you or your bank. These are also the first set of reports lawyers are asked for during an audit.

Transactions which were previously “matched” or “added” using bank data feeds are automatically marked as bank cleared. You can also import electronic bank statement data (QBO format) and Auto-reconcile transactions or reconcile manually. Additionally, you can go back to any prior month, look at a snapshot of transactions exactly the way they were, and reprint previous reports.

Bank Reconciliation - 2
Accounts Payable - 2

Minimize Accidental Post-Reconciliation Edits

Beware of bank reconciliation methods offered by general business accounting programs! Most of them do not prevent accidental edits of transactions during the reconciled duration or reprint prior reconciled reports. CosmoLex is designed specifically for law firms and their unique business & IOLTA accounting requirements. CosmoLex automatically locks your trust books after bank reconciliations are complete — to prevent accidental revisions, providing added protection against a rogue employee.

Compliant Trust Account 3-Way Reconciliation

In most states, attorney trust account regulations require monthly three-way reconciliation reports. CosmoLex will produce these critical documents for you in one click.

Our three-way reconciliation report consists of:

  • Bank Balance
  • Book Balance
  • Client Ledger Balance
Three-Way Reconciliation Report