For most legal matters, expenses must first be paid out of pocket, with the intent of being reimbursed by the client. So there are two things to keep track of here… the amount you paid, and the charge to the client. Both of which are extremely important because let’s face it, if you don’t charge your client, you will not be reimbursed, and that is money taken directly out of your profits.
So enough of “why?” and on to “how?”
In CosmoLex, we just recently added an extremely useful feature called Post to Matter. With this, upon entering the transaction out of your business account (out of pocket) you have the option to post it to a matter. No more forgetting to pass on an expense! Which means no more cutting into your profits!
Oh and if you think this is great… keep an eye out for our enhancements in business accounting coming in our next release!
To learn how to use this feature, click here