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New Withdrawal or Expense
New Withdrawal or Expense uses the same data entry screen as
New Expense or Bill.
Use this function if you are immediately withdrawing money from an account
rather than going through the process of receiving a bill and then paying the
bill.
How to create a New Withdrawal or Expense
- From the Main Menu, Click Banking,
then New Withdrawal or Expense.
This opens the Expenses window.
- Select the Supplier from the
 button
to the right of the Pay To box.
 Note:
You can add a new Supplier from here by clicking the
 button.
See Suppliers for information on setting up new
suppliers.
- The Payment Date will default to today's date, but you can alter
the date if necessary.
- Select the Expense Type from the
button to the right of the
Expense Type box.
Note:
You can add a new Expense Type from here by clicking the
button.
See Income & Expenditure Accounts
for information on setting up new Expense Types.
- Enter the Amount (Inc Tax).
The Ex Tax
amount will be calculated automatically.
- Alter the tax code from the Tax drop-down if required.
- If the expense is Operational and partially for private use then select
the Private Use Component check box. Enter the $ amount or the
percentage for private use.
Example: The expense is a phone bill and you work from a home
office where 70% of the calls were business related.
- Select the Payment Method.
- Select the Account you wish to withdraw the money from.
Note:
You can add a new Account from here by clicking the
button.
See Bank Accounts for information on setting
up new accounts.
- Enter a Reference number or cheque number if applicable.
- Add a note in the Memo box for a detailed explanation on what the
expense if for, particularly if the expense is something out of the ordinary
that you want to bring to your accountants attention.
- Click Save & Close when completed.
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