Want to track all of your hard cost matter expenses directly against your Credit Card and be able to report on them in PracticePanther? Now you can!
Adding a Credit Card to PracticePanther will allow you to track your matter expenditures in PracticePanther, which will provide a more accurate picture of your firm's finances.
Set up a Credit Card as a New Account
Navigate to Payments in the top menu and select Accounts.
Click New Account.
Name the account and select Credit Card from the Account Type dropdown.
Click Save.
What happens now?
When creating an expense for a matter, you can select your credit card account instead of an operating account. The system will automatically assign "Credit/Debit Card" as the payment method.
In the Payment History section of a contact, matter, or firm-wide record, use the Account dropdown to view expenses tied to a specific credit card.
Viewing the credit card will display its ledger. If the account has an outstanding balance, you can pay it down directly.
Paying Down a Credit Card Balance
When you pay down your credit card with your bank, you can track that activity by creating a balance payment in PracticePanther.
While viewing the credit card, click Pay Balance.
Select an operating account or another credit card to make the payment.
Confirm the Transfer To field matches the correct credit card.
Enter the payment amount.
Click Save.
What Happens After the Card Balance Payment is Recorded?
The credit card will show a positive transfer in its ledger as a firm payment
The paying account’s ledger will reflect the payment as a negative transfer as a firm payment
You can also view these firm payments in the New Payments grid
With these steps, managing credit card expenses and balances in PracticePanther is simple and efficient!
Syncing Your Credit Card Account to Quickbooks Online
To ensure your payments tied to your credit card account sync to Quickbooks Online, please head to your Settings page in PracticePanther, and click on the Quickbooks tab. You can navigate there directly by clicking here!
Once there, make sure your credit card account is linked to the correct account in Quickbooks via the dropdown, as shown below.
Once configured, select Save. Any payments created from that point forward will sync automatically to Quickbooks Online. For payments created prior to connecting the integration, the batch sync function is required to sync them to Quickbooks. For instructions on how to do that, you can find our article here.
Expense Payments will now sync to Quickbooks as Expenses, rather than as Payments. These Expenses can also be tracked as part of a Pay Down Credit Card flow within Quickbooks, to ensure accurate records between PracticePanther and Quickbooks!