Transactions - Expenses

Expense means all paid business expense transactions paid via bank transfers, crdit card payments, or cash payments.

There are different methods of adding an expense as below:

• Manual Entry: use this feature to record one or multiple expense transactions.
• Business Ledger: this feature allows you to add income and expense transactions at once.
• Bank Statement: offers you the ability to import transactions from bank statements exported as csv or qif files.
• Business Manager: this feature available for tax agents & accountants software packages only, allows to import all business transactions from businesses using the business manager software product.

Adding an Expense Manually

Follow the next steps to record the business expense transactions:

• Access the Expenses window from the application toolbar
• Click New
• The new expense window appears
• Bank Account: select the bank account paid the expense transactions
• Remember Last Date: check this option if you wish the system to auto fill the date column based on the last entered date
• Remember Expense Account: check this option if you wish the system to auto fill the expense account column based on the last selected account
• Branch Name: select the branch name, available for multi-branch businesses only

Branch option is only available for businesses that enabled the multi-branch feature!

• Transaction Details: enter one or more expense transactions
• Date: enter the transaction date

a yellow triangle warning is displayed when the transaction date is set to a future date which does not belong to the current financial year

• Description: enter the transaction description (Optional)

Enter a description and assign the relevant account category, and the system will provide an auto complete function for description, and remembers the same account that you have assigned matching the current description.

• Reference: enter the transaction reference number (Optional)
• Expense Account: select the transaction expense account category
• Amount: enter the amount inclusive of GST
• GST: auto filled by the system based on the selected expense account

To override the automatically calculated GST amount, enter the correct GST amount and the system will adjust the GST free amount applicable to this transaction.

• GST Free: enter the GST free amount if applicable

When adding a GST free amount, the system evaluates the current GST amount and adjust it as necessarily. The GST free amount options gives you the benefit of splitting one transactions into GST and GST free without having to add multiple transactions.

• Tax Code: auto filled based on the selected expense account
• Click Save

Using a Business Ledger

Follow the next steps to use the business ledger feature to record the business expense transactions:

• Click Transactions tab
• Access the Business Ledger window from the application toolbar
• The business ledger window appears
• Bank Account: select the bank account paid the expense transactions
• Branch Name: select the branch name, available for multi-branch businesses only

Branch option is only available for businesses that enabled the multi-branch feature!

• Transaction Details: enter one or more expense transactions
• Date: enter the transaction date
• Description: enter the transaction description (Optional)

Enter a description and assign the relevant account category, and the system will provide an auto complete function for description, and remembers the same account that you have assigned matching the current description.

• Account Category: select the transaction account category
• Credit: enter the credit amount inclusive of GST for expense transactions
• Debit: enter the debit amount inclusive of GST for expense transactions
• GST: auto filled by the system based on the selected expense account

To override the automatically calculated GST amount, enter the correct GST amount and the system will adjust the GST free amount applicable to this transaction.

• GST Free: enter the GST free amount if applicable

When adding a GST free amount, the system evaluates the current GST amount and adjust it as necessarily. The GST free amount options gives you the benefit of splitting one transactions into GST and GST free without having to add multiple transactions.

• Tax Code: auto filled based on the selected expense account
• Click Save

Updating an Expense Transaction

Follow the next steps to update an expense:

• Access the Expenses window from the application toolbar
• Double click on the required expense transaction

You can also select the required transaction then click the Edit button.

• The selected expense transaction window appears
• Check and review the current expense transaction details
• Click Save

Expense Transactions Quick Editor

This feature allows you to edit multiple expense transactions at once, follow the next steps to use the Quick Editor feature:

• Access the Expense window from the application toolbar
• Click Quick Editor
• The quick editor window appears
• Search By: select one of the available search by options
• All Expenses: view all transactions within the selected date range
• Expense Account: select an expense account and view all selected account's transactions within the selected date range
• Advanced Search: select the required field type and enter the appropriate keyword then click Find
• Branch Name: select the branch name, available for multi-branch businesses only

Branch option is only available for businesses that enabled the multi-branch feature!

• Transaction Details: review and adjust the required transactions as per needed
• Quick Replace: replace an existing transactions account with new account for one or more transactions
• Account: click the icon and select the current account
• Replace With: click the icon and select the new account
• Click Replace
• A replace warning message appears, click Yes to confirm or No to cancel the replace process
• Click Save

Deleting an Expense

Place a check mark next to each transaction that you wish to delete then click Delete, confirm the delete request

Finalised or closed expense transactions can not be deleted, you must reset the required transactions before attempting to delete. Only an administrator have the access permission to reset closed or finalised transactions.

Resetting or Finalising an Expense Transaction

Follow the next steps to reset or finalise transactions:

• Access the Expense window from the application toolbar
• Click Trans. Status
• The transaction status window appears
• Reset Transactions: use this option when resetting closed transaction
• Finalise Transactions: use this option when reconciling transactions
• Date: select transactions date range
• Branch Name: select the branch name, available for multi-branch businesses only

Branch option is only available for businesses that enabled the multi-branch feature!

• Click Find
• Click Check All to select all available transactions, or select the transaction that you wish to reset or finalise
• Click Reset or Finalise depends on the function that you are performing

Transactions belonging to a closed financial year can not be reset or finalised.