The most useful purpose for importing transactions on a regular basis is to import your monthly credit card statements into your credit card bank in CosmoLex. Let’s face it, many of us use credit cards for business and client expenses, but very few of us keep a daily record of those items. Even if you do, quite often things are missed. With this function, once your monthly cycle is complete, you can import your credit card statement.
(For instructions on how to manually enter credit card transactions, Click HERE)
First, off you will have to download your QBO format electronic statement from your bank or credit card account website. QBO format statements are provided by most of the financial institution. If you cannot download this type of file, there are also 3rd party tools which can help in converting to QBO format.
Note: If you have a .ofx format, you can rename that file to have the .qbo extension to import.
Once you have that file, follow these steps:
- Navigate to Accounting > Bank
- Click to highlight the credit card bank you wish to import for
- Click "Details"
- In Bank Details, make sure the "transactions" tab is selected
- click Action > Import Transactions
- In the Import Transactions screen, Click "choose file" to browse for the requested QBO, Excel or CSV file.
- Once the requested file is selected, click "upload".
In this location, the transaction has not been imported yet. Here, the transactions are waiting to be matched, added, or removed.
Add/ Confirm Match - used to add transactions into CosmoLex and/ or match imported transactions to existing ones. Single or multiple transactions can be selected.
Delete - remove any unwanted transactions individually, or in bulk from import screen.
Mapping Rules - used to help auto-populate payee names and users' choice of chart of accounts. Click HERE for detailed information on how Mapping Rules work.
Status - This will appear as "matched" or "add" next to the transaction. When the status is "matched", there is an existing transaction already listed in CosmoLex with the exact same information. When the status is "add", the transaction is not listed and needs to be added. Both "Matched" and "Add" can be clicked. This will remove the transaction from the import list, adding them to CosmoLex.
Statement Payee - the payee listed on the imported statement
Payee - the name of the payee that will be used once the transaction is imported. This can be changed as per the user's request before adding the transaction. If the transaction matches what's listed in CosmoLex, the payee will display "match".
Account - the user selects the requested chart of account they want the transaction(s) to be mapped to for accounting purposes
Match Details (arrow icon on the right of transactions) - The screen shows the matching transactions based on date and amount of the imported transaction. If there are multiple matches, make sure to check the box next to the correct transaction. Click "Save" once finished.
- You will see a triangle shaped icon next to some transactions that can be added to CosmoLex. This means the payee and account are required before adding the transaction.
- Enter the correct payee and account for the requested transactions.
- Once corrections are made, click the status buttons (add or match) to add each transaction individually.
- If you wish to add in bulk, click the boxes next to the transactions you wish to add. Click "Add/ Confirm Match" to remove the transactions from the import list, at the same time adding them to CosmoLex.
If the expense you are importing is matter related, you can link it to the appropriate matter by clicking the edit icon for that transaction, check “post as matter expense” and select the matter it is to be linked to and enter any expense card information needed and save. This will automatically create a linked expense card for that matter.