An expense is the costs experienced by a company, paid out to suppliers or for products or services from other sources. There are certain expenses which are not covered under GST.
We can record all the expenses with such classifications, with or without GST. This can be done by the following steps.
- Go to Purchase > Expense/Payment
- Click drop down in New Expenses button and choose New Expense (GST Bills).
- Provide the required details and click Save.
Expenses with GST
On clicking New Expense (GST Bills), a window appears as below.
| Fields | Description |
|---|---|
Expense Bill No | The next Expense Bill number will be displayed here. The number is unique for a financial year. |
Payment Date | Date of Payment for the Expense. |
Supplier | Select the Supplier from the drop-down or type in the Supplier name. For New Supplier, enter the New Supplier name & option to Add New Supplier will be displayed in drop down.
|
Paid from A/c | Select a Cash / Bank account, to update withdrawal details, which is optional. |
Reference | Provide the Reference No for the receipt like Bill, Purchase Order, Debit Note etc., |
Supplier Invoice No | You can provide the Supplier Invoice no for your Reference. |
Supplier date | Date where the expense is generated by the supplier. |
Item / Account | Select the Item from the drop-down or type in the Item Name or SKU Code. You can also add new item if not exists in Items Master. You can provide account name also from the chart of Accounts listed. |
HSN / SAC | Give the codes for the Tax classification of the item |
ITC | Input Tax Credit – Tax claimed by dealer when the tax is paid during purchase. |
Qty | Provide the Quantity and the Units for the Item. |
Rate | Standard Rate defined in Item Master will be displayed. If you have a specific rate, you can update in the Rate box. |
Discount | Discount for Individual Item with option to provide as percentage or flat |
Amount | For Exclusive Tax: Display only Taxable Value. I.e. Rate x Qty – Discount. Tax will be calculated for this amount. |
Freight/ Packing / Insurance Charges | You can enable it in Settings > Sales > Sales Charges, for input in expenses. |
Round Off | Based on Settings > General > Sales Settings > Round off final total amount, Round Off will be calculated. Manual – Need to input the needed amount manually |
Attachment | You can also add attachments like Bills, Payment Receipts related to the transaction. |
Expenses without GST
On clicking New Expense/Payment, a window appears as below.
| Fields | Description |
|---|---|
Expense Bill No | The next Expense Bill number will be displayed here. The number is unique for a financial year. |
Payment Date | Date of Payment for the Expense. |
Supplier | Select the Supplier from the drop-down or type in the Supplier name. For New Supplier, enter the New Supplier name & option to Add New Supplier will be displayed in drop down.
|
Paid from A/c | Select a Cash / Bank account, to update withdrawal details, which is optional. |
Reference | Provide the Reference No for the receipt like Bill, Purchase order, Debit note etc., |
Supplier Invoice No | You can provide the Supplier Invoice no for your Reference. |
Supplier date | Date where the expense is generated by the supplier. |
Account | Select the Expense Account from the chart of Accounts listed, or type the Account Name. You can also select Item from the drop-down and if not exists in Items Master, you can add it newly. |
Qty | Provide the Quantity for the Item(if item is selected). |
Rate | Standard Rate defined in Item Master will be displayed. If you have a specific rate, you can update in the Rate box(if the item is selected). |
Amount | Amount of the Item/Account will be displayed here. |
Attachment | You can also add attachments like Bills, Payment Receipts related to the transaction. |
How to edit/delete/print/send/copy expenses?
Click on the drop-down associated with each expenses under Action category and choose the desired action.
