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Client Costs Charged to Credit Cards - Soluno

Client Costs Charged to Credit Cards - Soluno
Client Costs Charged to Credit Cards - Soluno
Written by
Paul W Carlson, CPA
Published on
Dec 13, 2023

Paul W. Carlson, CPA (00:00):

Hi, this is Paul Carlson, CPA with Law Firm Velocity. This video, we're looking at entering credit card charges into Soluno. So first two conceptual pieces. So one is we create a dedicated bank account in Soluno for each credit card and we enter individual charges for each credit card transaction that you should not create one check for the entire credit card payment and on that credit card payment check, detail out all the charges on a credit card that we need a dedicated account. Each credit card charge goes in as a separate transaction. If you want to have a long conversation on why we have to do that, give me a shout and I'd love to talk with you. The other piece is a lot of the law firm focused accounting tools don't have a way of supporting credit cards directly, that there's no way to create a credit card type account.


So the workaround we see in several of the tools is you set up the credit card as an operating or bank account that a lot of the processes work the same, you still enter individual transactions, you can still do bank account reconciliations. The only issue is balances are always negative. So when you read this negative balance that read this as we currently owe $100 on a credit card that this is not saying that we have a bank account that we've overdrawn $100 and the bank's going to be calling tomorrow. So to enter credit card charges, we select our credit card bank account, post the date, the amount, we're going to do an advanced client cost on a credit card is $25, type is check. So we're not going to batch print or you don't print credit card charges as checks.


So we're going to go down to this check status, check management box and click never print. And then for type, the only option it really makes sense is EFT because it's electronic transfer off the credit card. And so we select EFT and then Soluno is going to auto number each transaction as they're entered. So the next transaction would be E3. I suppose, if you wanted to, you could use other, it'd be the same process. So then we add contact, this is to Trinity Health, hit tab, populates a vendor, address will populate if it's in there. You can add a memo. This is for medical costs. So we do our medical report, explanation comes up, $25 and we have actually gone in and hard coded medical reports post to the 1210 hard cost GL account. And with that, we can hit save and that's how you enter a credit card charge for Soluno. Thanks.