Sometimes firms need to track business and hard cost expenses charged to an attorney’s or staff member’s personal credit card.
If you want to track all business and personal credit card transactions within CosmoLex, consult with your accountant to determine whether it is appropriate, and if so, how you can properly record the transactions applicable to personal charges.
Set Up Your Personal Credit Card
To set up your personal credit card account, see Add and Manage Bank Accounts.
Enter Personal Credit Card Charges
To add credit card expenses in CosmoLex manually, see Add and Manage Credit Card Expenses. You can also import your credit card transactions.
Record a Personal Credit Card Payment
There are two ways a firm might make a personal credit card payment:
- Attorneys or staff members pay the credit card company directly, and then receive reimbursement from the firm for the business expenses portion.
- The firm may pay the business expense portion directly to the credit card company.
The only difference for record-keeping purposes is whether the payee field lists the attorney/staff member or the credit card company.
To record a personal credit card payment made from business operating funds, use the bank-to-bank transfer feature.