Recording expenses

When you pay for something upfront, you record it as an expense.

Step-by-step instructions

To record an expense, go to `Expenses` in the left side menu then enter your expenses one per row.

For Wafeq to record these expenses in the books, the following fields are required:

• Date: The date of the expense.
• Account: The account where the expense will show up on the Profit and Loss report.
• Paid through account: The account from which the payment was made. e.g. The bank account from which you paid the expense.
• Amount: The amount of the expense in the chosen currency.
• Currency: The currency of the expense. Wafeq will automatically apply the exchange rate at the date of the expense to convert the amount to your base currency.
• Tax Rate: If you are tax registered, choose the relevant tax rate
• Amount is: This field is only required if you selected a tax rate. You must choose whether the amount is tax inclusive or exclusive.

Once these fields are completed, a yellow journal icon will appear in the first column indicating that an expense has been recorded in your books.

Additional / Optional information when recording expenses:

You can add optional details for your expenses, such as:

• Receipt: Click on the `+` button to add and upload an attachment for your expense.
• Contact: The vendor.
• Description: The description of the expense.
• Project: Select a project to assign to the expense if you are tracking project expenses.