End-to-end

Credit Card Processing

Integrated LawPay with No Monthly Fee

Start accepting credit cards hassle-free by signing up for a LawPay account within CosmoLex. For new accounts, we’ll cover the LawPay’s fixed monthly fee. Use our end-to-end credit card processing solution to complete trust retainer payments, online invoice payments, and daily reconciliations of received funds.

Retainer & Bill Payments by Credit Card

Clients can pay by credit card (online or by phone) for initial trust retainers, fee prepayments, ongoing invoice payments, and more.

End-to-end Credit Card Accounting

Our integrated system manages the bookkeeping procedures required for credit card payments, like managing where funds are deposited, how they are recognized, how to handle refunds, and more.

Automated

Bank Reconciliations

Bank/Credit Card Transaction Imports

Import electronic bank/credit card statements for automated data entry. Built-in, adaptive mapping rules can correct payee names and learn a chart of account(s). You can even post matter-cost related transactions while importing to prevent missed expense entries.

Accidental Post-Reconciliation Edits Protection

Designed specifically for Canadian law firms and the requirements mandated by your Law Society, CosmoLex locks your books automatically after a bank reconciliation is completed to prevent accidental revisions.

Legal-specific

Accounts Payable

General Office Bills

Manage all payees from a central dashboard with a chart of accounts. Track and pay all office bills, and always have a comprehensive financial picture. You can even set recurrent bills, such as rent or utilities, and let CosmoLex enter it for you automatically.

Case Cost Bills

CosmoLex automatically performs the required accounting steps for this type of accounts payable like:

• Linking each vendor bill to the correct client matter(s)
• Holding payments until the client’s payment is received
• Differentiating between invoices for client expenses and firm expenses

Legal-specific

Fee Collections & Revenue Distribution

Advanced Productivity Analysis

Analyze finance productivity of your timekeepers or responsible lawyers in a variety of ways, based on billing or collection data.

Automated Fee Distribution

Automate revenue distribution calculations by specifying the distribution percentage for billers, as well as various matter parties (originating attorney, matter owner, working attorney, etc.), and generate the report.

Advanced Invoice Changes/Write-offs

Due to accrual accounting requirements in Canada, an invoice can’t be altered once issued. We offer an advanced invoice “change/write-off” function that allows an invoice change — but on a future date. This way, you can efficiently add finance charges, late fees, or write off invoices (in the case of non-payments) to recover previously paid income and sales taxes.