Transactions > Transactions - Examples > Recording an expense payment
Recording an expense payment
To record payment for an expense, such as a power bill:
Click the plus sign (+) in the orange banner at the top right of your screen and select Withdrawal.
You can also select Expenses, Transactions, and choose New transaction - Withdrawal from the left menu options.
Once in the transaction entry window:
- Choose the Supplier.
- Select the Date.
- Select the Bank account.
- Add a Reference (optional) – This could be a cheque number, invoice number, or any other way you want to identify the transaction.
- Under Type select EX Expense.
- Select the expense Account.
- Add a Description (optional) – Descriptions become important in reports. Without a good description, some reports won't make a lot of sense.
- Enter the Total.
- Select the Tax as applicable.
Ensure that the subtotal, taxes and total are correct for the withdrawal.
To view the balanced debit and credit entries, click Review.
Note: If you designated the account to different areas (for example, 50% business and 50% personal), the entry will be split as indicated. The GST amount will also be split, resulting in just the business portion being claimed as a GST/HST Paid.
Click Save to record the transaction.
Last updated on October 23, 2019 by FCC AgExpert