New Expenses are typically created after goods or services have been received, and the vendor has issued an invoice. It ensures that all purchases are logged and reflected in financial records, facilitating smooth audit trials and budget monitoring.
Here’s a simple guide on how to create an Expense entry:
Step 1: Navigate to Expenses
and click on + New Expense or the “+” icon in the middle of the table. Kindly note that the "+" function is only available if the table is empty.
Step 2: Populate the Expense Information for the bill.
(Pay From Cash)
(Pay From Bank)
- Pay From: This will indicate the source of the expense.
- Payment Date: The payment date is the day a payment is made or expected to be made.
- Currency: Kindly choose the appropriate currency for the transaction from its drop-down selection.
- Payment Method: Specify the method of payment used.
- Reference Date: Enter the relevant date for the expense reference.
- Reference Number: Provide the reference number, such as the invoice number.
Step 3: Add the details of the account being charged for the expense.
Optional:
If there are multiple items in the purchase, click+Add Another Item to add additional entries
🔶Note: Account details in accounting refer to the basic information about individual accounts used to track financial transactions.
Step 5: Add Attachments and Review Summary
- You can attach relevant documents to the expense.
- If needed, you may add notes as a reference to your transaction/upload. This area is optional.
📎 Add Your Attachments!
Need help with uploading? Check out our How to Upload Attachments Guide ➔ for step-by-step instructions!
Step 6: Click the Save
button to save the expense.
A Save Expense modal will appear, allowing you to preview the created expense.
Step 7: Click Proceed
to complete the process.
You will be redirected to the Expense table, where the new entry will be displayed.
Follow this link to access the detailed procedure for importing expense entries.
Need Assistance?
If you encounter issues during the activating of clients or need further clarification, feel free to reach out to our support team support@fynloapps.com. We’re here to help!