The Finance Expenses module allows you to record & allocate costs to projects. It can also be used to record incoming invoices and to manage the payment of them.
Expenses recorded here can then be both allocated towards invoices and reported on as part of the 'Finance Reports' system
Select the Finance Expenses Module from the Solution Dashboard. The expense register will be displayed showing any recorded expenses for the practice.
The list of items can be searched using the ‘Find’ option above the list of items (right hand side), this searches all the columns in view for the entered text, to search for more than a single word include the search within parentheses e.g. “Local Authority”, the filters contained within the ribbon control at the top also allow the list to be quickly filtered by dates, this year, month or today.
SETTINGS / Categories.
This allows us to determine how the expenses are to be categorised and thus, how they can be broken down for analysis and reports. You may wish to use the same categories or codes that you accountant uses for analysing your expenses. You can then generate summarised reports which will be directly appropriate for submitting to your accountant.
The list of categories displayed can be edited and deleted.
Code
The code is a number that can be used to categorise an expense. For example, The Xero (Accounting system) uses Accounting Codes for expenses. You can therefore, set these codes to match those that you or your accountant may already be using. You do not need to use codes if they are not appropriate.
Category
You may use this field to list the various categories that you wish to use (e.g. Advertising, Subsistence, Maintenance, Fees, etc.)
Sub Category
You may use this field to subdivide the categories for example, you may wish to categories some expenses as Fees but, for practice purposes, later want to distinguish between Local Authority Fees and Consultants Fees.
Description
Use this field if you want to provide a description of the category or code.
Default Project
You may leave this field blank or use it to allocate a code or category to a project. One way that this can be used is to help to break down the costs across categories. For example, you may have a category called Insurance and Maintenance. The insurance may however, relate to vehicles, equipment or the office itself. Similarly, the maintenance may relate to vehicles, equipment or the office. By using a project number for the office (obviously a number not related to your normal projects) you can allocate the number to all sub categories that relate to office expenditure and another project number could be used in the same way for vehicles. In this way you can produce a report, which categories all expenses into Insurance and Maintenance, but you can also then determine the office or vehicle running costs.
Settings / Status Update
Individual Expense Items
NEW / EDIT / DELETE
Allows the addition of new or the adjustment of existing expense items.
New / Edit Expense Item
Project
This field enables you to allocate the expense to a project. Select a project from the drop-down list (this displays all projects in the Solution_Outlook projects system). You can also split the expense between a number of projects. To do this, double click on the project field. A dialog will open allowing you to select several projects and the relevant costs. When this dialog is closed, the total entered will also be entered on the main form and the Project Number will be displayed as SPLIT. Double click on this again to open the split dialog to amend or view the details.
Stage
Allows the allocation of an expense to a stage of a project.
Code/Category
These fields enable you to categorise the expense so that you can analyse your expenditure.
Sub Category
You may use this field to subdivide the category. For example, you may wish to categorise some expenses as Fees but, for your own purposes, later want to distinguish between Local Authority Fees and Consultants Fees.
Description
You can use this field to describe the expense and to record additional details.
Company
Enter or select the name of the company the invoice is from. Anything entered here will later appear in the list for selection.
Invoice number
Use this field to record the invoice number.
Cheque number
You can use this field to record cheque / transaction number.
Date
The date an expense is entered in the system
Due Date
The date an expense is due for payment
Paid Date
The date an expense is paid.
Net/VAT/Gross
Enter either the Net or the Gross value of the invoice (if you have used the split option above these will already be completed). The system will calculate the gross if you enter the net and vice versa. These values are displayed in red if they have not been paid.
Invoice number
Use this field to record the invoice number.
Cheque number
You can use this field to record your own cheque number.
EXPENSE REPORTING
Category Report
The Category Report option will produce a report of the expenses (you can use a filter and custom sort first to determine which expenses to print and in what order) broken down by category and subcategory.
Project Report
The Project Report option produces a report broken down by project and then by category.