Recording an expense payment

To record payment for an expense, such as a power bill:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Withdrawal from the Transaction type drop-down menu.
3. Enter the transaction Date or click the arrow to select it from the calendar.
4. Select a Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description, such as the name of the power company. Note: If you choose a supplier from the drop-down menu, the transaction will make use of the purchase/sale analysis feature.
7. Enter the Total payment amount.
   
8. Select Expense (EX) from the Type drop-down menu.
9. Select the applicable expense Account.
10. Enter a Description, for example, monthly power bill.
11. Enter the payment Amount.
12. Select GST in amount (PST Exempt) from the Tx drop-down menu.
13. Enter the amount of GST paid.

The transaction should be balanced. To view the balanced debit and credit entries, click Recap. Click Record to record the transaction.

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 50/50, resulting in just the business portion being claimed as a GST Input Tax Credit, as displayed on the recap.

Note: To change the date format on your computer if you’re using Windows, go to Start>Control Panel>Regional and Language Options. Select the Regional Options tab and enter the four-digit year and any short and long date formats you want to use.

The short date is used as the date format in the Transaction Entry dialogue box. 

Last updated on August 26, 2019 by FCC AgExpert