Here is how you can track and manage business expenses with ProfitBooks.
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Follow these steps if you have already paid for the expenses and now want to record the transaction details.
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1) Go to Expenses -> Record Expenses screen when you login to your ProfitBooks account
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2) Click on New Expense button
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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.
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4) Select Expense Date. This is the day on which actual expense has occurred.
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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
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6) Enter expense details in ‘Type of Expense’ field. You can add new accounts by clicking on ‘+Add New’ option from the dropdown.
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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.
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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.
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9) Enter Narration for the entire transaction if you want to add more details.
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10) Thats it! Click on Save button.
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If you want to record Credit Expenses, please read this article.