Season 2 · Episode 5 of 10 · 2:19
How to record, approve and repeat shop expenses in TailorSync
In TailorSync every bill the shop pays goes in Expenses: you record it with its category, the account it comes out of and the VAT on it, and the money only leaves that account once the expense is approved. This episode records a supplies bill with a photo of the receipt, approves it, finds it in Accounts and sets up the internet bill to repeat every month.
Watch on YouTubeWhat the video covers
- 1Record the bill. In Expenses, click New expense. Give it a title, type the amount on the bill and pick the category.
- 2Paid from. Paid from is the account the money comes out of, such as your bank account, and the payment method follows it.
- 3The VAT on it. If the bill includes VAT, leave Tax Included at 5% with Tax claimable ticked. That is VAT you claim back on your return.
- 4The receipt. Add the shop's name and the bill number, attach a photo of the receipt and click Create. A new expense is Pending until someone approves it, so nothing has left the bank yet.
- 5Approve it. Open the expense, click Approve or Reject, check the details and click Approve. Now the money leaves the account, and in Accounts the bill is the newest line going out.
- 6Undo approval. Approved the wrong one? Undo approval puts it back to Pending, and the money goes back into the account.
- 7A bill that repeats. For a bill that is the same every month, like the internet, tick Repeat this expense and choose Monthly. Once it is approved, a pending copy is added each month for you to approve, and Stop repeating ends it.
Transcript
Everything the video says, under its chapters. Click a time to play the video from there.
Before you start
Every bill the shop pays goes in Expenses. In this video you'll record one with its receipt, approve it, and see the money leave the bank. Then you'll set up rent that repeats every month.
Record a bill
Click New expense. Give it a title, and type the amount on the bill, two hundred and ten dirhams. Pick the category, Supplies. Paid from is the account the money comes out of, here the bank, and the payment method follows it. The bill includes VAT, so leave Tax Included at five percent, with Tax claimable ticked. That's VAT you claim back on your return. Add the shop's name and the bill number, then attach a photo of the receipt. Click Create. A new expense is Pending until someone approves it, so nothing has left the bank yet.
Approve it
Open it. Here's the amount, the VAT, the receipt, and the account it's paid from. Click Approve or Reject, check the details, and click Approve. Now the money leaves the bank. Approved the wrong one? Undo approval puts it back to Pending, and the money goes back into the account. This one is right, so click Cancel. In Accounts, open the bank account. The bill is the newest line going out.
A bill that repeats
Some bills are the same every month, like the internet. Back in Expenses, click New expense, and fill it in the same way. Tick Repeat this expense, and choose Monthly. Once it's approved, a pending copy is added each month for you to approve. Click Create. Open it, and approve it the same way. Once it's approved, it repeats every month, and the Stop repeating button ends it. Next, petty cash. You'll pay a small bill straight out of the till.