Recording expenses enables you to:
- Provide records of your expenses for tax submission purposes, including expenses paid for in cash.
- Be prepared for future outgoings, for example, when you know in advance that payment will be due to a supplier on a specific date.
- Have access to more accurate financial reporting and cash flow forecasting.
If the expense has already been debited from your bank account, you will receive a prompt that a matching transaction has been detected.
If the expense is created before your bank account has been debited, once the transaction appears the expense will be automatically reconciled.
If Business Finance Assistant doesn't detect the newly created expense, you can manually match it to the bank transaction yourself by following the steps in the following article: How to manually match an expense to a bank transaction and mark it as paid?
To create an expense by importing a photo of a supplier receipt, please follow the steps in this article: How do I create an expense, including photo capture of receipts and supplier invoices?
Learn more about creating expenses in our Expenses Help Section