How Do I Record Expenses in Expense Log?

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The following information provides both basic and advanced instructions for recording expenses.

 

Basic Expense Log Entry

 

Do the following to enter expenses quickly:

 

  1. Open Expense Log screen from the Expense menu.
  2. In the key fields above the grid, select Employee in the View By field. Press Tab or click to move to the Employee field and select it from the list.
  3. Tab through the Period and Period Including fields (you can enter expenses for any date irrespective of what you select here).
  4. Click Refresh and then click New to open the detail view.
  5. In the Date field, select the month, day and four-digit year of your expense entry from the calendar.
  6. In the next field, enter or select a Project against which to charge the expense.  
  7. Enter the Expense in the next field or select one from the list.
  8. Press Tab to move to the Description field. BillQuick Online fills the description automatically from the expense record. However, you can edit it here.

    Most users do not edit descriptions. Instead, they add an extended explanation in a memo.
  9. The Cost (per unit) field is auto-filled. It can be the standard cost rate or special rate, according to the Rate Hierarchy. You can accept it or enter a new one.

    A negative Cost or Markup can be entered if you want to reduce the expense amount billed to the client, discount the expenses or for any other purpose.
  10. Save the new entry.

 

Advanced Expense Log Entry

 

To add or view additional information:

 

  1. Enter the Units for the expense. If the expense is a flat amount, skip this field. BillQuick Online defaults it to 1.

  2. If desired, edit the pre-filled Classification for the employee.

    While fetching a classification, BillQuick Online will look for it in the following order: Expense Fee Schedule, Project Control or Employee screen (Title).

  3. BillQuick Online pre-fills the Purchase Tax Rate field from the Expense screen, if available. If not, specify how much tax you paid for that expense. It deducts this amount from the Cost Amount before charging a client.

  4. Check the ‘Cost Includes Purchase Tax’ option if your cost amount includes the tax paid by you on purchases/expenses.

    BillQuick Online uses the Purchase Tax Rate to segregate the actual cost and tax amount (Cost Amount = Net Cost Amount + Purchase Tax Rate). You can use this option to prevent billing the client with doubly taxed expenses.

  5. Accept or enter the Mark Up percentage. It is pre-filled from the expense record but you can edit it here.

    A Markup can be entered as a percent (default) or skipped. You can enter a higher or lower Amount and BillQuick Online will reverse calculate the markup. You can even enter a negative markup to reduce the charge amount.

  6. When checked, the Billable status indicates that the expense is billable. It defaults from the expense record but you can change it here with appropriate security permissions.

  7. Check the Reimbursable option to indicate that the expense is reimbursable to the employee. It defaults from the expense record but you can edit it here.

  8. If the expense has already been reimbursed and paid to the employee, check the Paid option and select the Paid Date.

  9. Check Flag 1/2/3 for an entry that possesses any special attributes. For example, a flag can indicate that an expense entry charged to the company’s Overhead project is tax deductible.

  10. Mark expenses as Xtra if you do not want to count them against the Contract Amount, rather want to bill them in addition to it. BillQuick Online checks this option automatically for billable expenses if the ‘Expense Part of Contract’ rule is unchecked in Project-Details screen.

  11. Tax 1/2/3 rates carry from the expense record or the EFS assigned to the project (seen only if option selected in Preferences or Global Settings screen). Security permission is required to edit it.

    The Amount field contains the charge amount of the expense entry. It is calculated as: [Cost Amount x (1 + Markup)] x [1 + (Tax 1 + Tax 2 + Tax 3)]. For example, if Cost Amount is $15, Markup is 10%, and Tax 1 is 8%, the Charge Amount is $17.82. BillQuick Online subtracts the Purchase Tax from the Cost Amount to avoid doubly taxing the client.

  12. Enter any additional information or attribute of the expense entry in the Custom 1/2/3/4/5/6 fields (up to 50 characters). These fields are seen only if the option is selected in the Preferences-Time & Expense screen. You can use them for reporting purposes also.

    The Custom 1/2/3/4/5/6 fields of expense code will pre-fill the expense entry custom fields and inherit the same data type.

  13. After saving it, click Attachments to link any file to the expense record.

  14. Click Options and check Filters On/Off to apply all the filters to the expense entry lists.

  15. Check Show Totals option to see the totals for billable units, billable amount, cost amount and so on (in the list view).

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