Recording Cash 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.