The proper way to register expenses

[Wiston Kee]

Hi, there are several way to record expenses

  1. Create charge, invoiced and make payment with bank account

  2. Create product of type expenses

  3. Create expense report, invoiced and make payment with bank account

The thing is, if my expense is of type Telephone, payment through bank account,

  1. How should I link my [63100 Telephone Expense] account element to this expense and at the same time making payment through my bank account?

  2. What is the proper way of making such expense and others such as salary, wages etc with the same condition?

This is because I would want to have a proper expense line item when generating my financial report like this:

  Sales

  COGS

  Gross Profit

  Expense

  Net Profit

Any help is greatly appreciated!

[Satish Vijayan]

15:54:19 UTC+5:30, Wiston Kee wrote:

Hi, there are several way to record expenses

  1. Create charge, invoiced and make payment with bank account

  2. Create product of type expenses

  3. Create expense report, invoiced and make payment with bank account

The thing is, if my expense is of type Telephone, payment through bank account,

  1. How should I link my [63100 Telephone Expense] account element to this expense and at the same time making payment through my bank account?

When defining the charge, select 63100 as the accounting element for the charge (It is a detail screen). You can make a payment directly through the Payment screen selecting the Business partner and the Charge.  

  2. What is the proper way of making such expense and others such as salary, wages etc with the same condition?

As a work around, I create a charge for each component of the salary - Basic, HRA, TDS etc and added it as detailed lines to an invoice. Then process the payment. Alternatively, you would have to install / Configure Libero Payroll. I believe it handles all of the various functions.

[Satish Vijayan]

Have you tried reading LiberoHR.pdf? https://sourceforge.net/projects/red1/files/LiberoPayroll/LiberoHR.pdf/download

Thanks to Red H. - for the above link...

On Friday, 29 June 2018 12:18:23 UTC+5:30, Satish Vijayan wrote:

[Wiston Kee]

Thanks for your great help! This is the answer that I am looking for.

There are so much detail to look for when converting from my previous excel way of doing things to iDempiere ERP system.