Expenses are a primary focus on a company’s expense statement, as they are recorded before payment is made. These entries represent costs incurred and are documented in the accounting records even if payment has not yet been completed.
How to Add Expenses
To add expenses in WP Ever Accounting, navigate to Purchases > Expenses and click the Add New button from the menu. This action will direct you to a new page where you can input the required details for the expense. The currency of the expense will align with the currency of the selected account. If the account’s currency differs from the default currency, it will automatically be converted and recorded as an expense in the default currency.
Adding expenses requires an existing account. When creating an account, you must select a currency. Therefore, when an expense is added to an account, its currency will be automatically aligned with the account’s designated currency. If the account’s currency differs from the default currency, the expense will be converted to the default currency and included in the total expenses.
Expenses Listing
To access the expenses listing in WP Ever Accounting, click on Purchases, where a detailed list of expenses will be displayed. Each added expense will appear in the listing, showing the expense number, account, vendor, date, amount, and any available reference. Expenses can be edited or deleted individually as needed.
