Recording an expense payment

To record payment for an expense, such as a power bill:

Click the plus sign (+) in the orange banner at the top right of your screen and select Withdrawal.

You can also select Expenses, Transactions, and choose New transaction - Withdrawal from the left menu options.

 Once in the transaction entry window:

1. Choose the Supplier.
2. Select the Date.
3. Select the Bank account.
4. Add a Reference (optional) – This could be a cheque number, invoice number, or any other way you want to identify the transaction.
5. Under Type select EX Expense.
6. Select the expense Account.
7. Add a Description (optional) – Descriptions become important in reports.  Without a good description, some reports won't make a lot of sense.
8. Enter the Total.
9. Select the Tax as applicable.

Ensure that the subtotal, taxes and total are correct for the withdrawal.

To view the balanced debit and credit entries, click Review.

Note: If you designated the account to different areas (for example, 50% business and 50% personal), the entry will be split as indicated. The GST amount will also be split, resulting in just the business portion being claimed as a GST/HST Paid.

Click Save to record the transaction.

Last updated on October 23, 2019 by FCC AgExpert