In CosmoLex, we added a bank type: Credit for you to use to keep track of your credit card expenses. For help on importing these transactions, view this article


When it comes time to post the payment of that credit card, follow these steps:

  1. Best Practice: Reconcile the Credit Card Statement using the reconciliation function in CosmoLex
  2. Using the operating bank account, (Accounting > Bank) enter a check (or if paid electronically, ACH out) for the amount payable to the credit card institution and use Account 2550: Internal Bank Transfer.
    • You will see a warning message: "You are allocating outgoing funds to an account which is normally used for incoming funds. Continue?" Click "Yes". This will move the money from the operating bank to the holding account "2550:Internal Bank Transfer".
    • Note: This action does not send the payment to the credit card vendor. You must print the check or use online banking to make the payment.
  3. Using the credit card bank account, (Accounting > Bank) enter an "ACH in/CC payment" for the amount payable to the credit card institution and use Account 2550: Internal Bank Transfer.
    • This will move the money from the holding account, "2550:Internal Bank Transfer", to pay the Credit Card account within CosmoLex.