Bills help you to keep legal records of your expenses by tracking the number of goods purchased, purchasing date, how much money was spent on the products. Bills can include both taxes and discounts when necessary. WP Ever Accounting gives you the opportunity to add bills so that you can keep track of your expenses more effectively.
How to Add Bills
To add bills based on your expenses; first of all, go to Expenses and click on Add New from the Bills page. By clicking on Add New the following page will appear to add bills-
The field you will see are mentioned below –
|Vendor*||Name of the Vendor|
|Currency*||Option to choose needed currency|
|Bill Date Date*||Date issued by the bill|
|Due Date*||Date of expiration of the bill|
|Bill Number*||a number identifying estimates according to predefined settings|
|Order Number||a number identifying a purchase or an order|
|Category*||Option to choose income category|
To add bills, you need to select a vendor from the list. If your vendor is not enlisted, you can add a new vendor directly from the invoice generation page. In general, the currency that appeared in the bill is the default currency. But you can choose a currency from the drop-down list that you have added before. If the currency that you want to select for the bill is not enlisted, you can create the required currency from the billing page too.
By inserting the necessary information and by adding item/s, you can submit the invoice that you want to generate.
Adding items to Bills
Adding items to Bill is the most significant undertaking. The approximate price of items can only be determined by adding items. While choosing items, you can choose multiple items from the drop-down.
Item has the following entities-
Item name holds the name of the items. This field gives an option to edit the name of the item.
This field holds the individual price of each item. Provided that, the currency of the item will depend on the currency chosen. Suppose, the default currency is set to USD but the currency is chosen while creating an Estimates is GBP. Therefore, the price will be converted to GBP at the time of adding items. The total amount will also be generated as the chosen currency.
This field holds the number of items. If multiple items are selected, each of the item’s quantity can be changed.
This field holds the taxation on the items. Tax can be either inclusive or exclusive.
Discount has two types- Percentage and Fixed. If fixed is selected, the discount amount will be calculated as fixed. If the percentage is selected, the discount amount will be calculated in percentage.