Paul W. Carlson, CPA (00:00):
Hi, this is Paul Carlson, CPA with Law Firm Velocity. In this video we're going to look at adding a new client, opening a new matter and recording an advanced fee deposit within CosmoLex. So let's jump in.
(00:14):
We go to matter, add. Date opened. We have an option to add a new client. So it's a business client, so it is going to be Client B. We can set the display name and we can add all this other information to keep track of the client contact information. Let's go ahead and hit save. See here. So it wants a entity name here and a contact name. So we'll go ahead and hit save.
(00:55):
From here we can say name the matter. It's going to be hourly matter. We're going to deposit to that trust account. Matter owner is Partner A. Billing method is hourly, and if you have assigned numbers to matters, we can add that number there. With that, the matter is added.
(01:21):
Now the final step is to add the advanced fee deposits. So from here we will click on the matter, transactions. We received a retainer into the trust account. Today's date we received $10,000. Deposit, a reference number if you like, and we can hit save.
(01:48):
With that, we have created a new client, added the matter, and recorded our advanced fee deposit. If you need any help with your law firm's accounting, please check us out at Law Firm Velocity. Thanks, bye-bye.
