Online banking is the preferred method to process and reconcile credit card charges. But what if your firm doesn't have online banking? Fortunately, it is a fairly simple process!
If a vendor bill will be paid by credit card, open the vendor bill and from the vendor bill actions, choose to add a payment. Enter the amount being paid, change the "Type" to Credit Card and indicate in "Withdraw From" which credit card account will be used. Check the appropriate vendor bill that will be paid, then save and close.
If the vendor bill contains a matter expense, then the billing entry for that matter was already created when the vendor bill was entered. If the vendor bill contains a firm expense, that expense will be recorded when the credit card payment has been entered.
If a matter-related expenses is not related to a vendor bill, then a billing entry will need to be entered for each expense. Since the expense is paid by credit card, the correct card must be chosen from the Charge Account drop down. By doing so, this one entry will add a billing entry to the matter as well as a transaction to your credit card account.
All firm-related expenses that are not associated with a vendor bill must be added by journal entries.
Some firms prefer to wait until the statement is received and add all the journal entries at once. Others prefer to create a "living" journal entry for each month so that as credit card receipts are received, they are added. Then when the credit card statement is received, the credit card account can be reconciled and any missing expenses are added at that time.