General Accounting Software

CosmoLex is built to handle the unique accounting needs of Canadian legal practices, including:

• Accrual Accounting
• Preconfigured Provincial Tax Settings
• Support for Transaction & Other Levies
• Preconfigured Chart of Accounts
• Law Society General Ledger Compliance Reports
• Input Tax Credit Reports
• Invoice Change/Write-off Handling

A Complete Legal Business Accounting Platform

CosmoLex gives Canadian firms a robust set of business accounting tools, including:

• Memorized Payee Accounts
• Journal Entries
• Cost-recovery Imports
• Electronic Data Imports
• Bank Reconciliations
• Cheque Printing
• Origination Credit Calculations
• Collected Fee Distribution
• Over 100 Financial and Billing Reports

Integrated LawPay with No Monthly Fee

Start accepting credit card payments with ease. When you sign up for LawPay within CosmoLex, we’ll cover LawPay’s fixed monthly fee for new accounts. Accept trust retainers, online payments, and reconcile your books.

Trust & Invoice Payments by Credit Card

Clients can pay by credit card (online or by phone) for trust retainers, prepayments, invoices, and more.

End-to-end Credit Card Accounting

CosmoLex automatically manages where credit card funds are deposited, how they are recognized, and how refunds are processed. This keeps your firm compliant and your books clean.

Electronic Bank & Credit Card Transaction Imports

Import digital statements for automated data entry. CosmoLex’s smart mapping rules adapt to payees and your chart of accounts. You can even post matter-related expenses during import to avoid missed entries.

Post-Reconciliation Edit Protection

Once reconciliation is completed, CosmoLex automatically locks your books. This protects your records and maintains compliance with Law Society audit requirements.

Office Expenses

Track, manage, and pay all office bills from a central dashboard. Set recurring payments like rent and utilities to post automatically.

Case Cost Tracking

CosmoLex performs all the required steps for matter-related vendor bills:

• Links each bill to the appropriate client matter
• Holds payment until funds are received from the client
• Clearly separates client vs. firm expenses

Advanced Productivity Tracking

Evaluate how your timekeepers or responsible lawyers are performing using billing and collection data.

Automated Fee Allocation

Easily set and calculate distribution percentages for billers, originating lawyers, and other matter parties. Generate detailed reports with a few clicks.

Invoice Adjustments with Tax Recovery

Need to change an issued invoice? Our invoice change/write-off feature lets you make corrections on a future date. This preserves accrual compliance and helps you recover previously remitted sales and income tax.

CosmoLex is designed to meet or exceed the requirements set by Law Societies across Canada. From BC to Newfoundland, our platform supports compliance with:

• Provincial Law Society accounting rules
• Input Tax Credit and GST/HST reporting
• PIPEDA data privacy standards
• Trust accounting audit protocols

Wherever your firm is based, you’re covered.