Record expenses and other income
Log day-to-day spending and non-sales income that does not need a bill or invoice.
Use Expenses & Other Income for things like bank charges, fuel, a refund received or interest, when you do not want to create a bill or invoice. Open Accounts > Banking > Expenses & Other Income or go to Expenses & Other Income.
Record an entry
- Click Record Entry.
- Choose the Type: Expense or Other Income.
- Choose a Category, or leave None. To create one on the spot, click the + next to the field, type a New category name and click Add. Categories are kept separately for expenses and for income.
- Set the Date and the Amount (above zero).
- Choose the Payment Status: - Paid now - pick the Cash / Bank Account the money moved through. - On credit (pay later) - pick the Party (a supplier you owe, or a customer who owes you).
- Optionally add a Reference No. and a Description.
- Click Save Entry.
What it does to your books
| Type and status | Entry booked |
|---|---|
| Expense, paid now | Debit General Expenses, credit the cash or bank account. |
| Expense, on credit | Debit General Expenses, credit Accounts Payable for the party. |
| Other income, paid now | Debit the cash or bank account, credit Uncategorized Income. |
| Other income, on credit | Debit Accounts Receivable for the party, credit Uncategorized Income. |
The entry is posted immediately, dated the date you chose. A date in a locked period is refused.
A category you create here is a label for sorting and filtering your entries. It does not get its own account in the Chart of Accounts, so all expenses are reported under General Expenses and all other income under Uncategorized Income.
Read the list
The table shows Date, Type (Expense or Income), Category, Party, Description, Amount and Status (Posted or Void). The drop-down at the top filters All Entries, Expenses or Other Income.
Void an entry
Click Void on a posted row and confirm "Void this entry? This reverses its accounting effect." The entry stays in the list marked Void. Voiding needs permission to delete in Banking.
Good to know
- Errors you may see: "Enter an amount greater than zero.", "Select a cash/bank account." (for a paid entry) and "Select a party for an on-credit entry."
- An on-credit entry creates a payable or receivable for the party, but it is not a bill or invoice, so it does not appear in the ageing reports. If you need a due date and a payment trail, create a bill instead.
- No tax is added to entries made here; the amount you enter is the amount booked.
- Expenses reduce profit and other income adds to it in the Profit & Loss report.
- Recording an entry needs create access in Banking, and adding a category needs edit access.