Record Expense & Petty Expense

Created by Level 1 Support Team, Modified on Fri, 29 Sep 2023 at 12:58 PM by Level 1 Support Team

Record Expense

Record Expense screen can be used to record any form of expense that your organisation incurs. This is a simple but a very comprehensive screen.

In our system Record Expense includes

Expense item details
Costing details
Payment details

To Create A New Expense

Select the account you would pay from for this expense
Select the payment method and other details
If approval is configured for you, then it would need to be approved by the required person
If Customer Job and Accounting Areas is applicable for you then select them
Use the Bulk select icon to search and add the relevant expense heads.
Enter the appropriate amounts against heads
Click on Add Button to save
Appropriate ledger accounts would get posted with the details you entered

How to create Record Expense?

Expenses -->Record Expenses -->Create New

Click on Add button to create Record Expense entry.

Note:

This screen does not have any limit. To set a limit for the purpose of Petty Cash hand over, you can use the Record Petty Expense screen. Record Petty Expense screen will have the ledger account locked and the amount capped to a fixed amount.

In case an expense entry was made accidentally, you can VOID this entry and create a new one. When an entry is made VOID the status in the above screen is updated to VOID but the associated ledger entries would be removed from the GL.

Record Petty Expense

The Record Petty Expense screen is exactly the same as the Record Expense screen. Only difference is that the Pay from account can be locked to a Petty Cash account and the max amount per transaction can be Capped to a fixed amount to prevent abuse.

The Record Petty Expense entry cannot be deleted completely from our system and thus any fraud activities can be prevented.

You can VOID any entry and create a new one. When an entry is VOID then status in the above screen is updated to VOID but the associated ledger entries would be removed form the GL. As a result you can always take a report of all VOIDED entries and crosscheck for any abuse.