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CosmoLex - IOLTA Deposit - Immigration Law

CosmoLex - IOLTA Deposit - Immigration Law
CosmoLex - IOLTA Deposit - 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. In this video, we are continuing our CosmoLex case study for immigration law firms. So this is the video we've been eagerly anticipating. This is where we are going to start IOLTA Trust accounting. So in this example, the client paid $7,300 on a single credit card charge upfront. So let's jump over into CosmoLex and record this entry. At this point, we're going to make the videos really short because the accounting piece is unnerving for most folks. And so we're going to keep this very short and just one task at a time. And here's the CosmoLex dashboard.


So we want to work with a matter. Start getting used to searching by client names or other criteria, because quickly this list of matters is going to become way too long and you won't be able just to click on what you want. So here we're working with test company. So we can search for test company, click into the matter. Going to go into the transactions tab. We're going to do a trust transaction. If you click that and you get an error saying a trust account hasn't been set up that there's some default settings within CosmoLex, we will need to help you set up. So we received our payment today. Received $7,300. Type is a deposit, so credit card charge. The best practice is to type in the name on the credit card plus last four digits.


What we'll sometimes see happen is the names on the credit cards don't match what we see on the matters. And when we try to tie transactions back to the merchant account statement, we need these details to tie payments to exact matters. And with that, we hit save. And in my example account, we do not have a law pay account set up yet. So we will hit okay and we'll just say this is a deposit by check, so we can get this transaction into CosmoLex for the example. We'll hit save. And now under the matter we have the IOLTA Trust account deposit. So with this video we showed how to create an IOLTA account deposit within CosmoLex. Our next video will show how to apply the $6,000 flat fee to the invoice we created. And if you need any help with your immigration law firm's accounting, please find us at Thanks.