To add an expense or other expenditure, click on the Spend Money button in the left Favourites Bar.
Once you are in the spend money window click on the New Spend button in the Top Toolbar.
The Update Spend Money window will open up, which will allow you to enter the details of the expense. A description of each field is listed below:
- Expense: The most common and is a regular expense, this will go onto the GST statement
- Matter Expense: This allows you to enter an expense that is to be claimed back from the client on an invoice. You will need to select the matter that it is for.
- Capital: This is for capital items. It will go on the GST statement, and you will need to select the Asset account that the capital is for. For example: buying a large piece of furniture or a new computer for the office.
- Pay GST/Pay Tax: Allow you to pay tax items and SILQ will then know not to claim it as an expense
- Class: This refers to what the expense is being allocated against. For example, a General Expense, Pay GST, Capital etc. The ‘Other’ option allows you to do any other sort of spend money. For example you could transfer money between accounts.
- Matter: This is only available if you have selected Matter Expense. Select the matter that you want to be able to invoice this expense for. This is used to claim an expense back from the client on an invoice.
- Type: Select what payment method was used.
- Cheque No: Enter the cheque number if it was a cheque
- Payee: Enter who the payee was. If the name doesn't already exist it will ask you to add it to the payee list so it is available next time.
- Amount: Enter the full amount of the expenditure including any GST
- GST Type: This tells SILQ how much GST is in the Expenditure
- 10% GST - The items has full GST, so SILQ will calculate it for you.
- No GST - The item has no GST, so SILQ will set it to zero
- < 10% GST - The item has GST, but less than 10% so you will need to enter GST
- GST: This is only available if you have selected <10% GST. You will need to enter the amount of GST for the Expenditure.
- Bank a/c: Select the account that the money was paid from. Accounts can be added/edited etc in the Chart of Accounts
- Expense a/c: Select the account that the money was paid to. Accounts can be added/edited etc in the Chart of Accounts (These fields dynamically generate depending on the type of expense you put in)
- Notes: Enter a description of the expense
- Invoice #/ SourceRef: You can enter an invoice number or reference number