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Trust Accounting

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Compliant Trust Accounting – Right Out-of-the-Box!

Every Canadian law firm understands importance of keeping trust bookkeeping compliant with Law Society guidelines. CosmoLex provides an out-of-the-box solution that is fully integrated with billing, practice management & business accounting. Your trust accounts are always be current, compliant, and ready for a spot-audit.

A Comprehensive Set of Trust Accounting Tools

CosmoLex gives you a complete menu of trust accounting tools that help:

  • 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 cheques
  • Import electronic bank statements & auto-reconcile books
  • Generate 3-way reconciliation reports with a single click
  • Produce all required Law Society trust recordkeeping reports
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Law Society Compliance Docs

Every law firm gets audited by its Law Society periodically. Compliance must be demonstrated with the proper set of reports. CosmoLex makes it easy. You simply press a button to produce law society specified trust bookkeeping reports.

Trust accounting requirements vary across Canada — and CosmoLex provides support for each Canadian province. Plus, CosmoLex is formally approved by the Law Society of Alberta, the only law society with a rigorous approval system.

Your Trust Accounts Are Always Audit-Ready

Reconciling trust accounts every month is mandatory. It’s also your first line of defence to spot trust errors by your staff or by your bank. That’s why CosmoLex legal trust accounting software makes running bank reconciliations easy — and error proof. Just open up the trust bank account in CosmoLex and check off the transactions listed on your latest bank statement. Even easier — you can import bank statements electronically for auto-clearing! The entire process takes just a few minutes.

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

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Free Account for External Accountant or Bookkeeper

Every law firm needs a trusted advisor to help ensure that their financials are 100% compliant. Your accountant or bookkeeper will find it extremely easy to work on your books thanks to our CosmoLex Accounting Partner (CAP) program. Once qualified, they can access your account remotely — explicit permissions you control, There’s no cost to you or them. Contact us for details.