expenses

[NaserAlsheikh]

I am a new user to the purchasing side of the system. Opened a new bussiness and trying to record expenses like fuel, stationary, Telstra bills, Asic fees, coles, woolworths, business dinner ... etc.

Please advise on the best way to do this 

[Julie_A_C · Accepted solution]

Hi @NaserAlsheikh 

If you are paying for all these things as and when they become due or you purchase them then just do a spend money transaction.  Enter them in purchases and then paying the bill is doubling your workload, especially if you are a small business.

Enter into the purchases register is more for when you have an account with the supplier and wish to know what you are going to owe them at a future date, given their terms of trade.

For things like fuel I would just have a generic supplier card, called either fuel or petrol and use that for these purchases.  I have clients set up a card for every petrol station they go to, (ampol one day, BP the next, Puma, Shell etc).  You can also set the default account that the expense goes to when you use the card.

Regular monthly charges like telstra can be saved as a recurring entry.  In that instance, if you have the amount direct debited from your account and it is a set amount each month, you can also set the entry to auto record on due date, or to remind you to record, which you can also set to warn you say 10 days (or whatever) in advance, so you remember to ensure money is in account for it.  This is especially helpful if you have large amounts to come out monthly to repay a bank loan.

[Genreve_S]

Hi @NaserAlsheikh, 

Thanks for reaching out. 

Generally, if it's bills like fuel, stationary and electricity people just record it as spend money instead of purchases. Purchases usually are for transactions that you take into account for inventory or suppliers. I would highly suggest speaking to your financial advisor about the best way to record these transactions. 

If you have any other questions or need further assistance feel free to reply to this thread. 

Cheers, 

Genreve