Operating expenses

The various expenses borne by the company for running its operation in the normal line of business which may include the cost of selling, employee salaries, cost of manufacturing and storing, RnD expenses etc can be recorded in the system using the Operating Expenses page. Payment can be disbursed and receipts can be generated for the expenses. The General Ledger Entry created for a particular expense can also be viewed herein (see figure 1).

(Figure 1 - Operating expenses)

To record details of a new operating expense click on the add button on the toolbar of the page. The following pop-up will appear. Enter the information as explained below and click on save once done (see figure 2).

(Figure 2 - Operating expenses entry)

Different fields in the pop up are:

Expense Voucher Date : enter the date on which invoice was received/generated for this expense

Expense Date : enter the date on which payment is actually made in lieu of the expense

GL Code : enter the GL Code for the particular expense so that a GL entry can be created for the expense

Payment To : enter the details of the entity to whom payment is being made

Expense Details : enter the purpose of the expense

Expense Amount : enter the amount of the expense

Ref Document No. : enter a document number to be used as reference. For example, the invoice number

Expense Category : enter the category to which the expense belongs

Document ID : enter a relevant document. For example, it can be one of the invoices