Bills help maintain legal records of expenses by tracking the quantity of goods purchased, the purchase date, and the total amount spent on products. They can also include taxes and discounts when applicable. WP Ever Accounting provides the ability to add bills, enabling more efficient tracking of your expenses.
How to Add Bills
To add bills based on your expenses, go to Purchases and click on Bills. Then, click Add New, which will open the following page, allowing you to add bill details.
The fields displayed are as follows:
| Field | Description |
|---|---|
| Vendor* | Name of the Vendor |
| Issue Date* | The date of the bill is issued |
| Due Date | The expiration date of the bill |
| Currency* | Option to choose the desired currency |
| Bill Number* | Unique identifier for the bill based on predefined settings |
| Order Number | Unique identifier for the purchase or order |
| Exchange Range* | Option to choose the exchange rate for different currencies |
To add a bill, first select a Vendor from the list. If your vendor is not listed, you can add a new vendor by navigating to Purchases > Vendors > Add New. The Bill Issue Date defaults to the current date, but you can modify it as needed. Similarly, the Due Date is initially set to 30 days from the issue date, though this can be adjusted as desired. By default, the Currency is set to your system’s primary currency, but you may select a different currency from the drop-down menu. The Bill Number is automatically assigned a unique value, while the Order Number is optional and can be added if relevant.
After entering the required information and adding items, you can submit the bill for processing.
Adding items to Bills
Adding items to the bill is the most significant undertaking, as it determines the total cost. Multiple items can be selected from the drop-down menu to calculate the approximate price
An item consists of the following attributes:
Item Name
The item name represents the name of the item and automatically populates the description and tax fields if they were set previously when adding the item.
Quantity
This field represents the number of items. Adjusting the quantity will increase or decrease the subtotal accordingly.
Price
This field displays the unit price of the item. The currency of the item will depend on the selected currency. For example, if the default currency is set to USD, but GBP is chosen when creating an estimate, the price will be converted to GBP when adding items. The total amount will also be calculated in the selected currency.
Tax
This field displays the tax applied to the items, which can include multiple tax rates. The tax rate must be pre-defined, and enabling tax rates and calculations in the Settings > Taxes section will activate the display and calculation of taxes.
Discount
Discounts can be applied in two ways: Fixed ($) or Percentage (%). If Fixed is selected, the discount amount will be a set value. If Percentage is selected, the discount will be calculated based on the chosen percentage.
