Use a bill when a supplier gives you time to pay. Use an expense for something you've already paid, such as fuel or office supplies bought on the spot.
Before you start
Purchases, Suppliers and Expenses show when the Books service is on. If they're missing from your menu, open Settings › Services, tick Books and press Save services. Only the owner can do this.
Add your suppliers
Open Suppliers. Under Add supplier, type the Supplier name. The email, phone and address are optional. If you also invoice this business, choose Customer and supplier under Used as. Press Add supplier.
Each supplier's row shows how many Bills you have from them and what you owe (Owed (TT$)). Press Edit to change their details, or New bill to start a bill from them.
Enter a bill
- Open Purchases (the page is called Bills) and press New bill.
- Choose the Supplier and type the Supplier invoice no. as it's printed on their bill.
- Check the Bill date and choose the Due date.
- Choose the Expense account: the account in your books the cost goes under, such as rent, utilities or office supplies. You have to choose one; nothing is picked for you.
- Under Can you claim the VAT on this bill?, choose Yes, claim input VAT or No, VAT can't be claimed. Input VAT is the VAT you paid on a purchase. When you can claim it, it lowers the VAT you owe.
- For each line, type the Description, Qty and Unit price (TT$), then choose the VAT treatment. Press Add line for another line.
- Press Create draft.
Post the bill
A draft bill isn't in your books yet. To change it, edit it under Edit draft bill and press Save changes.
When it's correct, press Post bill, then Post bill again in the box. Posting records what you owe the supplier and locks the bill.
Record a payment on a bill
- On the posted bill, press Record payment.
- Amount paid (TT$) starts at the balance owed. Type a smaller amount for a part payment.
- Check the Date paid and choose the Payment method.
- Under Paid from, choose the bank or cash account the money came out of.
- Type a cheque number or transfer reference in Payment reference (optional).
- Press Record payment.
The bill then shows what you've Paid and the Balance owed. Once it's paid in full, the bill is marked Paid in the Bills list and on the bill itself.
Void a bill entered by mistake
If you've recorded payments on the bill, first press Reverse on each one, then Reverse payment. Then press Void bill, and Void bill again in the box.
The bill stays in your records but is no longer owed, and its entry in your books is reversed. You can't undo this.
Record an expense
Open Expenses and fill in the New expense form at the top of the page:
- Check the Date and type the Merchant.
- Choose a Category, and type a Description and the Invoice number from the receipt.
- Type the Amount. If it includes VAT, choose Yes (inclusive) under VAT inclusive.
- Leave VAT rate (%) and Tax treatment as they are unless your accountant says otherwise. If you can't claim back the VAT on it, choose No under Input VAT claimable.
- Choose the Expense account the cost goes under. Then choose the Payment account the money came from: only your bank, cash and card accounts are listed.
- Under Receipt (optional), choose the photo or scan of the receipt.
- Press Create.
The expense is recorded as paid straight away. A message at the top of the page confirms the amount, merchant and date, and the expense appears in the list below the form. Press Edit to change it. To remove it, press Delete, then Delete expense: its entry in your books is reversed.
Good to know
- Bills only count towards your VAT and your books once they're posted. A draft you no longer need can be removed with Delete in the Bills list.
- VAT is only recorded once the business owner switches it on in Settings › VAT. Until then, the VAT fields are hidden or greyed out.
What's next
See these purchases in your VAT figures with VAT and tax forms.