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CosmoLex - Client IOLTA Reporting - Immigration Law

CosmoLex - Client IOLTA Reporting - Immigration Law
CosmoLex - Client IOLTA Reporting - Immigration Law
Written by
Paul W Carlson, CPA
Published on
Dec 12, 2023

Paul W. Carlson, CPA (00:00):

Hi, this is Paul Carlson, CPA with Law Firm Velocity. We're getting towards the end of this CosmoLex case study. Now we want to go into CosmoLex and take a look at the invoice for this matter and take a look at an IOLTA transaction detail report, that we have all these transactions going into CosmoLex. We want to make sure that we can see some reports to understand what has been happening with the matter. So over to CosmoLex.


Okay, so the first thing we want to look at is to look at the invoices on the matter. So we go to matter. We're working on a test company. We want go to invoices. We want to see all. As we double click to open the invoice, make the screen bigger. So here we have the $6,000 invoice we saw earlier, and in the trust account detail, we can see the deposit and the two payments out. Typically, all the transactions don't happen on the same day, so they would be in a little more natural order.


So here we can see it. We have an invoice we can give to the client that explains the history of the funds flow. For a little more granular detail, we can also go into the reports page. Do trust. Trust ledger transactions. What we're going to do is we want to tell it, we want to see all the transactions on our test company. So here are the test company, immigration work. We're going to do view, and that's a little hard to read. So let's do download, save, open, and from here we have a nice report that lists the trust account deposit, the two payments to the USCIS and the payment into the law firm. So with this we can see that we're doing all these transactions through CosmoLex, and we can still have very clean reporting for the firm to understand what happened with all the funds and that we can show clients what happened with all their funds. Thank you much. If your immigration firm needs help with accounting, please contact us through Thanks.