Record Expense is recording a transaction that occurred directly through your bank account either using a credit card or a check or some other form of payment method. Some other situations when you can use this feature are:
- Expenses occurred while following your creative work like getting your book published or a musical presentation.
- Expenses that occurred on your rental property like lawn mowing or any other maintenance work.
- Any expenses where you don't get any formal bill.
Recording an Expense
1. Go to Accounts and click Bank Accounts.
2. Choose the bank account you will be recording the entry and click the Manage.
3. Click Record Expenses.
4. Click Add New.
5. Select a contact name in the To field.
6. Select the Date for purchase.
7. Enter Reference if any.
8. Select the Tax.
9. Select Product/ Service and Description.
10. Add the Qty/ Hrs.
11. Enter the Price, Account (COA), and Tax.
12. Click Save.
- You can add a new Contact, Product/ Service, Account and Tax while adding an expense by clicking Add New in the drop down menu of the respective field.
- If there's any discount offered, you can add it in Discount (only in percentage).
Recording an Expense Paid by Check
1. Follow the Steps 1-11 as mentioned above in Record an Expense.
2. Select Pay by Check if the payment is made through check.
3. A new field Check Details will appear.
4. Enter the Check Number.
5. Enter who it was payable to in Pay To.
6. Input Memo for the check.
7. Click Save.