Expenses

7.1 Expenses: Add New Expense

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.

Expenses_ButtonMenu

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.


Expenses_ListClicking on any underlined field displays full details of the expense.

To add a new expense, click the ADD NEW EXPENSE button.

Mclowd displays:

Expenses_entryform

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:

Expenses_fromaccountselectionEnter the Date the payment was 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:

Expenses_expenseaccountselectionEnter the Total Cost (including GST if applicable.)

.Expenses_entryform_filled

 


NOTE:

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.


about the author:

Lorraine Cobcroft

With a background in accounting and financial management, followed by two decades writing software documentation, Lorraine joined the Mclowd team in mid-2016 and is enjoying working with a dynamic team to enhance an innovative product that has the potential to revolutionize the way Australians manage their retirement funding.
Lorraine is also an accomplished business writer, ghost-writer, novelist and short-story writer and poet.

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