Hard costs in Clio Accounting provide an organized overview of all hard costs entered, billed or not, in Clio Manage, making it easier to see which expenses have been reimbursed.
Important: To track hard costs in Clio Accounting, first enable the feature in Clio Manage. You can learn more about tracking hard costs in Clio here.
View hard costs
In Clio Accounting, Hard costs provide an organized overview of all hard costs entered in Clio Manage, billed or not. You can view the following details from the Hard costs table:
Note: All hard costs remain in the Hard costs tab, even once fully paid.
- The total dollar amount and number of hard cost entries in Clio Manage that has not yet been invoiced.
- Each line item in the table shows the date the hard cost was created, the associated client and matter, the invoice number (if invoiced), and the current status: Created, Matched, or Reconciled.
Match hard costs
After you enter a hard cost expense, you will need to match the Funds out transaction on your bank feed in Clio Accounting. You can match hard costs from the Banking tab in Clio Accounting.
- Go to Banking.
- Find the relevant account associated with the hard cost expense transaction, and click Review transactions.
- Find the relevant transaction and under the Actions column, click Review.
- This will expand a panel below the bank transaction with different options that depend on how Clio Accounting attempts to match recorded expense entries to the bank account transactions.
- Your next action depends on the Status tag.
- 1 match found: If the status tag for the transaction shows 1 match found and you determine the match is correct, click Confirm match. If the suggested match is not correct, click Other actions and proceed with Step 5.
- Two or more matches found: If the status tag for the transaction shows that two or more matches were found, find and select the correct record from the list using the radio button, then click Confirm match. If none of the options are correct, click Other actions and proceed with step 5.
- Unrecognized: If the status tag is Unrecognized, proceed with step 5.
- If you cannot use a suggested match from Clio Accounting, you will have to manually select the correct entry. Select Match to hard costs from Clio Manage.
- From the list, select the correct recorded transaction(s) to match the bank transaction. When the difference between the entries is zero, click Confirm and match.
Understand hard cost vendor sync
Once you enable hard cost tracking, vendor information for hard costs can sync between Clio Manage and Clio Accounting. Any contacts you select or create for hard costs in Clio Manage will also sync with Clio Accounting.
Note: When editing a vendor, do so in Clio Manage rather than in Clio Accounting, or your changes may not sync properly. Editing a vendor in Clio Manage will not update the vendor in Clio Accounting in real time, but will instead update when a transaction entry that involves the vendor is created or updated in Clio Manage. Transaction syncs from Clio Manage to Clio Accounting happen immediately along with any vendor information associated with a transaction.