Create a single line or a multi line expense

 

This guide is for entering expenses that are not related to purchase documents (that are normally used to purchase the products you sell). 


 

  • You can pay your expenses either to a vendor, a customer, a bank (for fees for example) or an employee (for example salaries). 
    Please note: if you do not select any account from your chart of accounts, the expense will just generate a vendor payment. In accounting you will see a posting: Bank / Accounts Payable
  • if you select the expense type "Record of Expense (No Payee Tracking), you will be able to register directly expenses paid through any kind of bank. In Accounting, you get the direct entries "Expense against Bank".
    Please note: if you do not select a bank during this process, no accounting entries will be generated until you do actually apply a bank account 
  • Select a payment method and your expenses will be marked accordingly when posted into the bank of your choice.
  • Please note: create a "bank" also for your cash account. 
  • Should you wish to enter expenses that are not yet paid, do not link a bank, but leave them as "deferred debit" and your expense will show as unpaid and as an open Account Payable. Using the field "due date" will help you to track your open payment due
  • As soon as you select a bank account to pay off the expense, the field "due date" will change into the "debited on" and will allow you to specify the payment date.
 
 
Expenses can be entered as one single transaction, using only one account:
 
single_line.png
 
 
or you can choose to have products and/or more than one account linked, using the multi line tab:
 
multi_line.png
 

Expense tab

Add an account to have the first line set and then use again "add expense" for the next line. VAT can be defined for each line.

 

Item tab

Add an item to have the first line set and then use again "add item" for the next line. VAT can be defined for each line.

 
Please note:
The fields "account" and "project" are so called auto-suggest fields. Please start to type the name of your account or project and you will get a suggested list of matches. There won't be a complete selection list of all existing accounts or projects.
 

Remarks: 

If you need to link a project to your expenses: you can add expenses to multiple items or accounts in the same transactions wizard, but all expenses will show only in the first project linked. So, it is recommended to link the same project to all transactions made in one expense wizard.

If you use the tab "item", please note that no inventory entries will be generated. Those products are being posted into cost directly.

 

Attach documents

in the bottom part of your expense, you will be able to attach receipts or other files needed in order to document the expense.

attach_document.png

Drag and drop the file that needs to be attached or get it via browsing your computer folders or other sources.

 drag_files.png

About the size of an attachment, this should not exceed 10mb by file and the formats allowed are: PDF, XLS, DOC and images.

 

 

Why do my expenses show as unpaid?

As long as you leave the bank field on “deferred debit” your expense will show as an unpaid accounts payable balance.

As soon as you select a bank in this field and set up the payment date, your expense will show as paid.



How do I apply different expense types to one payment?

If you have more than one expense type to add to one expense payment, please use the multi line tab.

In the multi line tab, you will be able to add as many accounts as you wish from your chart of accounts to register different expense types or use the “item” type to select products into your expenses. Please note that products used in expenses won’t generate any inventory entries, but cost of goods sold in your P&L.



Can I print an expense list?

You can export your expenses in Expenses - green button - export expenses and will see all lines and according information.



How do I register the VAT payment to the tax authority?

We recommend to use a multi line expense to register VAT payments. In the header you select your tax authority as your vendor and then use the tab “multi line” tab.

Add your liability accounts for the VAT payables as a positive amount and your deductable balance account as a negative amount. The total expense will then show, what you actually pay.

 

Example:

You have a liability of VAT payable in account X: 500

You have a deductible VAT balance on your account Y for: 350

 

You add your account X into the expense and set up 500 as the amount

You add your account Y into the expense and set up -350 as the amount

You total expense will show 150 to be paid to your tax authority

 

 

 

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