Mclowd automates entry of expenses incurred and paid by your Fund. (Invoiced expenses not paid immediately should be entered through the LIABILITIES tab.)
To enter a new expense, click the EXPENSES tab.
If you have expenses entered already, Mclowd displays a list of expenses entered in the selected period.
NOTE: Change the Financial Year selected to view expenses entered in a previous period.
To add a new expense, click the ADD NEW EXPENSE button.
If this expense was incurred on behalf of a Member, select the Member in the Select Account dropdown. Otherwise, accept the default Fund account.
In the From Account field, select the account from which payment will be made:
Enter a Description of the payment, including payee, invoice or receipt number, and the nature of the expense.
In the Allocate To field, select the expense account to which this expense should be allocated:
If your Fund is registered for GST and this payment includes a GST component, note carefully the Selected Account, the Date, the Allocate to account chosen, and the Total Cost. You will need this information to enter the GST Journal. Refer to 7.1.1 Accounting for GST for guidance on correctly accounting for the GST component of the expense.
Click ADD EXPENSE to save this expense.