Expenses are used to indicate general expenses for an invoice (e.g. rent, small wares, etc.) that are not tracked as inventory. Many times, there is an item on the invoice such as a mop head or broom handle that is not an item you want to track as inventory. If you do not inventory the item, then expense it.
How to Add an Expense:
From within the invoice window, with a working invoice open or a adding a new invoice,
- Choose "Supplier" and invoice information.
- Select the "Expense" tab.
- Click "Add Expense" from the invoice toolbar.
- Select the expense account from the list.
NOTE: If the account is not listed, you can create a new expense account in the Chart of Accounts. It will then appear in the account listing. Please consult your bookkeeper or accountant if necessary.
- Enter in an expense description (repair on fridge, mop head, etc.).
- If required, type in any remarks or notes about this purchase (optional).
- Type in the amount of the expense. If the expense includes a non-recoverable tax, enter the total including the tax. If the tax is recoverable, enter the tax amount in the "Taxes/Adjustments" tab.
- Repeat steps 1 - 6 until all expenses have been added.
- If you have added an incorrect expense account, click "Remove" to delete the expense from the list.
NOTE: This function can also be used when invoice totals do not match up due to a supplier's rounding methods. A supplier may round up or down different than Optimum Control, leaving you with a minor monetary difference on an item. Use the expense account and apply the difference towards the item (e.g. food $0.01).