Creating Monthly Repeating Expenses
How to set up a regular expense such as van or copier leasing, in this example it is leasing of a van for 300 a month for 5years commencing 1/4/2010
Set up of regular expenses
1. Click on Purchases
2. Click on Regular Expenses
3. Click Add
4. Select type DPAY
5. Click Ok
Details Tab
1. Enter a Description of expense
2. Enter the cost inclusive of VAT, and change VAT Rate from S to I
3. Click Confirm
Nominal Tab
1. Click on Nominal Tab
2. Enter the nominal Code/Description for Leasing
3. Click confirm
Payment Tab
1. Click on Payment Tab
2. Enter payment amount
3. Enter Type
4. Enter Nominal Code/Description for bank Account
5. Click Confirm
Setting up the Schedule for the expense VERY IMPORTANT
1. Enter the start date
2. Enter the next date it is due
3. Enter the end date, (leasing is due to finish.)
4. Enter the frequency of Payment
5. Click on the Interval of payment
6. Click Confirm
So we have set it to Start payments from the 1/4/2010 ending the 31/3/2015, payments to be made once a month with the next payment due 1/4/2010
How to process regular expenses.
1. Click on Purchases
2. Click on Regular Expenses
3. Click on Due this week.
4. Highlight on the expenses you want to process, in this instance it is an expense for copier.
5. Click on process
6. Click on Legder
Active Screen, shows all the regular expenses with schedule still active.
1. AUTO8 is for the Van leasing which we set up at the beginning of this lesson, it isnt due to be process till the 1/4/2010 ( next due)
2. AUTO7 is for the copier leasing which we just processed (see Last Action)and it is due to be reprocessed again 1/4/2010 (next due)
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