How to show the Prepaid Expense?
Please follow the below steps to show prepaid expenses:
Step 1: Book an Invoice for the whole amount under Expense Tracker and pass the relevant Payment Entry.
Step 2: Create a ledger head "Prepaid Expense (E.g. Prepaid AMC-Lift) under General ledger-->>Chart Of Accounts-->>Asset.
Step 3: Pass a journal entry to show the Prepaid Expense for by Debiting the Prepaid Expense Account and crediting the Same Expense Account against which you have passed the Payment Entry.
Step 4: In the current Financial Year pass the reverse Entry by Debiting the Expense Account and crediting the Prepaid Expense Account
Note: This entry will be passed after the Year-End.
How to view the Expense Comparison Report?
Below are the steps for the expense comparison report: Step 1: Login to ADDA ->> Admin ->>Expense tracker ->> Expense Comparison Step 2: Put the date range ->>Click on the “Fetch report” button. Note: Only the expense invoices posted are considered. ...
How to add an Expense head?
Go to General ledger>>Chart of accounts>>Expense>>Enter the details i.e Groups, GL Account No, Account Name, and Bank account>>Click on Save changes.
How to Reverse a Expense Voucher?
Expense Vouchers can be reversed individually against the particular vendor by following the below steps: Step 1:Go to Expense tracker>>By Vendors>>Click on View against the vendor name against which you want to reverse the voucher. Step 2:Click on ...
How to Create/Add a Expense Vendor?
Step 1: Go to Expense tracker>>By vendors>>Click on ADD Vendor. Step 2: Enter all the details related to the vendor>>Click on save. This vendor name will be reflecting under By Vendors to post the entries.
How should an auditor view Expense - Vendor - Bills?
Log in to ADDA -->> Admin Dashboard -->> General Ledger -->> Reports -->> 12.Expense - Vendor - Bills Report.