Add an Expense

Adding expenses to your accounting platform ensures that all financial transactions are accurately recorded and linked to the appropriate projects or accounts.

To add an expanse:

1. Go to Accounts Payable > Expenses.

2. Select + New Expense.

3. Fill in the information:

• Vendor: Select the vendor from whom you are purchasing goods or services. This ensures that the expense is properly attributed to the correct supplier.

• Job (optional): Choose the job associated with the expense. This links the expense to a specific project, helping in accurate cost tracking and job costing.

• Transaction Date: Enter the date the transaction took place. This is crucial for maintaining accurate financial records and ensuring the transaction is recorded in the correct accounting period.

• Posting Period: Specify the accounting period in which this transaction will be recorded. This helps in accurate financial reporting and ensures that expenses are attributed to the correct fiscal period.

• No.: Input the reference number for the transaction, which can be an invoice number or another identifier. This helps track and audit the transaction.

4. Click +New Item to add new items: This section allows you to specify the details of each item or service associated with the expense.

• Account: The general ledger account where the expense will be recorded.

• Description: A brief description of the item or service.

• Cost Code: Select the appropriate cost code to categorize the expense within the project or job.

• Amount (in dollars): Enter the monetary value of the item or service.

• Billable: Indicate whether this expense can be billed to the client to ensure accurate billing and revenue recognition.

• Remaining Budget: View how the item impacts the budget for the selected job or cost code.

1. (Optional) In Additional Details, you can add notes, attach supporting documents, or include any extra information relevant to the transaction.

2. Select Save to complete the process.

Once saved, the expense is recorded in your financials and reflected in project costs immediately, ensuring accurate reporting and up-to-date job tracking.

See also

To understand more about daily workflows, you can check:

• Add a Bill: Workflow for recording vendor invoices that require payment at a later date.

• Add a Purchase Invoice: Recording a vendor's invoice against an existing Purchase Order.