Manage Business Expenses

You can’t control what you don’t track!

So, if you want to reduce business expenses, you must start tracking them.

Here is how you can track and manage business expenses with ProfitBooks. Follow these steps if you have already paid for the expenses and now want to record the transaction details :

1. Go to Expenses -> Record Expenses screen when you login to your ProfitBooks account

2. Click on New Expense button

3. Select bank or cash account in Paid From Account dropdown. You can create a new account by clicking on ‘+Add New’ option if there are no accounts.

4. Select Expense Date. This is the day on which actual expense has occurred.

5. If you have created Projects and want to associate this expense with one of the Projects then enter the Project name in the Select Project field

6. Enter expense details in ‘Type of  Expense’ field. You can add new accounts by clicking on  ‘+Add New’ option from the dropdown.

7. Enter Description, Tax and Amount details. You can apply more than one tax if required. Click on ‘+ Add New Row’ button to add more records.

8. You can even attach a scanned copy of bill to this transaction. Just click on ‘Browse’ button and upload an image or PDF. This proof is helpful specially during annual audits.

9. Enter Narration for the entire transaction if you want to add more details. 

10. Thats it! Click on ‘Save’ button.

Follow these steps if you have received a bill and haven’t paid for that expense yet. This type of transaction is also known as Bill booking :

1. Go to Expenses -> Record Expenses screen when you login to your ProfitBooks account

2. Once you open New Expense screen, click on ‘Credit Expenses’ button on top.

3. Select customer or vendor from the dropdown. You can create a new vendor account by clicking on ‘+Add New’ option if there are no accounts.

4. Select Expense Record Date. This is the day when you want to record the expense transaction. For example, you received a bill yesterday and you got time only today to record it, you can specify previous day’s date here for accounting purpose.

5. Enter Due Date as mentioned on the bill. This is when you need to make the payment.

6. Enter rest of the details as mentioned in the steps above.

7. Thats it! Click on ‘Save’ button.

8. Click on ‘Make Payment’ button shown on the expense details screen whenever you want to make the payment.

Status of the Credit Expenses will be shown as ‘Unpaid’ in summary screen.

Also Read : 
How to record credit card expenses.
How to manage inventory purchases.
How to create proforma invoices.