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