- Manage your expenses with ease with detailed reports to help you keep track of all of your business expenses.
- UnitWise accounts include the most commonly used business expenses.
- Add expenses using either the Add Expense feature or the Bulk Add Expense feature.
UnitWise gives you a variety of tools to track your expenses. Most of your standard expenses (Cost of Goods, Taxes and Credit Card fees) are reported automatically within the account when you record the transactions in UnitWise. For example: when you import your product orders from InTouch, you automatically register your cost of goods, shipping, and taxes paid. You have no limit on the number of expense accounts that can be added. When you are adding an expense account, you can name it anything, but make sure that the name is relevant so that you can easily tell what expense category it was for.
To start entering expenses you have 2 options: Add expense and bulk add expense. The difference is in the details. The "add expense" option gives you the opportunity to enter your expenses in one at a time, with as many details as you want. Those details might include a split payment between bank accounts, a schedule of recurring expenses (like an internet bill), or something else entirely. If you went to Target and purchased printer paper for invoices and a business blouse and shoes, then you can divide your purchase into two different expense accounts. The clothing could be put into the "Business Attire" category and the paper could be put into "Office Supplies". There is also the option of adding an attachment, which could be used if you scanned the receipt and would like to keep a digital copy. The "Bulk Add" expense option, on the other hand, bypasses most details, but allows you to quickly add many expenses in the same screen. Before using this feature, make sure that your payees have been added beforehand.
Olivia asked the following question about her Accounts in UnitWise:
I am an Independent Beauty Consultant. So, I use the Skin Care products myself. I also have a lot of facials and use a lot of product to show it to my customers. I know that it is a business expense as well. How do I record it in UnitWise?
Hero at UnitWise:
Since the expense involves products and your inventory, the best way to keep track of it is to enter an invoice or a sales receipt for them. It is a good idea to create a separate "dummy" customer and set up a default discount of 50% (selling it at cost) and make your tax zero (since tax is already accounted for), then add the invoice.
Wonderful! Sounds so easy! What about the gifts?
Hero at UnitWise:
If the gifts were given in the form of products, treat them the same as if it were a personal use expense. However, if it was anything else, you should record it by creating an expense from the accounts section and listing it in the appropriate account.