Entering Tax Invoices / Expenses

Linda Morgan
Linda Morgan Member Posts: 1
edited April 2020 in Reckon One
Hi there, I am very new to this system and have worked out how to create invoices and receipt payments etc, however I am having difficulty in working out how to enter tax invoice expenses, should I enter each tax invoice as a 'bill' ... or .... should I just enter it under 'make payment' ?? All of these expenses are paid direct from our business account using EFTPOS card. Thankyou


  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 822 ✭✭✭
    edited April 2020
    Hi Linda

    bills are for your suppliers where you run accounts, get an invoice now and pay later.  Invoicing tracks who owes you money, bills tracks who you owe money to.  You may have several invoices from an account supplier and pay them all at once.

    If you use eftpos card with your account or transfer Direct debit for one off purchases,then use make payment.

    If they are a true account supplier that you want to track i.e Telstra (enter bill & pay later) set up a supplier name.

    If they are a 'make payment' one-off type of purchase then use expense account names for the supplier. So you don't have to set up a name for every place you purchase.

    i.e  all fuel purchases use 'supplier name' FUEL linked to the mv fuel expense (or diesel acct) the memo has the servo 'BP beresfield'  'caltex sandgate' etc.

    i.e Office supplies use the 'supplier name' OFFICE SUPPLIES' linked to the office supplies expense account, with the memo  'BigW'  'Officworks' " newsagents'.

    If you have something like a interest, you can set the name 'INTEREST' up as both customer & supplier.