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.
If you want to record Credit Expenses, please read this article.