An Expense in accounting is the money spent or cost incurred in an entity's efforts to generate revenue. Expenses represent the cost of doing business where doing business is the sum total of the activities directed towards making a profit. An expense or expenditure is an outflow of money to another person or company to pay for an item or service. (e.g. Rent is an expense.)
To manage Expense records, please go to vAccount => Expense (or go to Dashboard and click on Expense icon). On the page, you will see list of Expense records which you created and you will be able to add/edit/delete/publish/unpublished Expense records using the buttons on toolbar.
Note: if you have set the “Enable Items” option to “YES”, you will be able to Add multiple Items in the Transaction with separate amount and quantity for each Item else you can manually enter the Amount and Quantity Value.
- To create an Expense, you can simply click on New button in the toolbar and fill-in necessary information.
The table below list the important fields and it's meaning which you need to enter when you create Expense.
|Title||Name (title) of the Expense (Transaction).|
|Transaction Date||The date of the Expense (Transaction).|
|Quantity||Total Number of Items included in this Transaction. You can add the items by clicking on “Add Item” button and can set the Amount and quantity of that item.|
|Actual Amount||The Total Amount for this Expense (Transaction). Set dynamically by calculating the amount of individual item, you have selected by “Add Item” button.|
|Amount Status||Set it to Paid or Unpaid|
|Transaction Type||Choose the Transaction Type (category) to which this Income (Transaction) will be assigned to.|
|Transaction Mode||Choose the Transaction Mode of Transaction (online, cash, cheque)|
|Select Account||Select the Account by which this Transaction took place. (optional)|
|Vendor||Choose the Vendor from the list from whom you purchased Items.|
|Transaction ID||Set your Transaction Id.(optional)|
|Groups||Choose the Group (Department/section/branch/sector) to which this Expense (Transaction) belongs.|
|Comments||Set your Comment or Description about Expense (Transaction).|
|Receipt Upload||You can upload the Receipt (Only .doc, .docx, .txt, .pdf, .jpg, .jpeg, .gif, .png are allowed) of your Expense (Transaction).|
|Add Item||You can Add Items to Expense (Transaction) and set the Title of the Item, Amount and quantity of that item. You can add Multiple Items to the Transaction. You can also remove an item by clicking on the “Remove” button.|
- vAccount lets you allow to choose the user(Vendor) from the User's list . You can also add the New user information directly here and can choose at that time.
vAccount has enhance its functionality and allow you to export your Transactions Data into Multiple File Type. On Expense (Transaction) listing view, there are three buttons mentioned on the toolbar.
- CSV Export: vAccount lets you export you Transaction Data into CSV (Comma-Separated Values) File.
- XML Export: vAccount lets you export you Transaction Data into XML (Extensible Markup Language) File.
You can use filters to display specific records of Expense (Transaction) like Transaction Type, Transaction Mode, start data, end date, Amount Status.