Expense

A business 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.

You can also use tags to categorize your expenses.