An expense is an operating cost incurred to a business during an accounting period.
An example could be purchasing new computer equipment for your company - this is (in most cases) an item that you can expense.
Good things to include on an expense item are:
- The date the expense was incurred
- The vendor selling the good or service purchased
- A description of the item or service
- The price
- The tax rate and total
- A copy of the sales receipt or invoice received from the seller
It's a good idea to carefully document and track your business expenses so that you can keep your books in order.
This could be a lot of hassle, but fortunately Quaderno makes entering (and tracking, and importing) expenses a breeze!