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Add and Manage Credit Card Expenses

Introduction

In CosmoLex, you have the option to track Operating, Credit, and Trust accounts. Operating accounts are meant to be used for checking accounts, like general business accounts. A credit card is an entity all on its own, and these transactions must be tracked separately. 

Add Credit Card Account(s)

Learn how to add a bank account. Be sure to select “Credit Card” as your account type when creating a new credit card account. When you create a new credit card account, a corresponding liability account is created in your COA (Chart of Accounts) for accurate record-keeping. 

Add Expense Transactions

To add a transaction, follow the steps below:

1. Click the Accounting Tab

2. From Banks tab, select the desired credit card account

3. Click  Add, then select CC Charge

4. Complete the Add Transaction Screen

  • Date of transaction
  • Amount
  • Type/Method cannot be changed
  • Pay To
  • Memo, if necessary
  • Account where the transaction should be posted

All set! You’ve recorded your credit card expense!

Matter Expenses

Are your credit card expenses related to particular matters? Learn how to add and manage matter expenses from the bank account.

Import Credit Card Expenses

The instructions above are needed when entering transactions as you go. However, you can also import transactions in bulk, using your statement. Learn more about Importing Bank and Credit Card Transactions

Record Credit Card Payments

Learn how to post your credit card payments.

Reconcile Credit Card Account

Follow the same steps to reconcile your credit card account as you would for your operating accounts. Learn how to reconcile your bank account.

Updated on September 7, 2018

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