Set Up Expenses

The Set Up Expenses screen provides a list of all the expenses your firm incurs while performing tasks for clients, and allows you to add defined expenses from which to choose when you enter specific expenses for clients.

The system provides a default list of expenses you can use to help set up your Expenses list. You can edit any of the default expenses, add new entries to define other expenses your firm incurs while performing tasks for your clients, or you can delete expenses from the list.

To add, modify, or delete expenses:

1.  Select Expense from the Setup drop-down menu to open the Set Up Expenses screen.

The screen provides a table listing all of the expenses defined for the firm.

2.  Select an expense to edit or delete, or click the Add Expense button to add a new expense.

The Setup Expense dialog appears, from which you can create a new expense, edit an existing expense, or delete an expense from the list.

3.  Enter or edit the identifying code for the expense in the Code field.

A code is the unique ID of an expense. To facilitate better organization, we recommend establishing a grouping convention for expense codes (for example, E-1000 for airfare, E-1130 for hotel, etc.).

Note: Codes beginning with P- are reserved to track payroll activity through AccountantsWorld's Payroll Relief. Payroll Relief lets you track fees for paychecks, miscellaneous payroll expenses, Forms W-2/W-3, and Forms 1096-MISC/1099. As payroll expenses are incurred, the activity is recorded in Practice Relief, from which you can create invoices for your payroll services or generate them through Accounting Power.

4.  Select the account for the expense from the drop-down list in the Account Number field.

The account number matches the expense to an expense account set up in Accounting Power, to enable you to include client expenses on invoices you generate from Accounting Power.

5.  Enter a description of the expense in the Description field.

6.  Specify a fixed price for the expense in the Price Each field to indicate the cost of the expense.

While this price is fixed, you can adjust the price as necessary when entering actual expenses for a client.

7.  Use the Notes field to add brief notes or comments about the expense to appear on invoices.

8.  Click Save to save your changes.

Note: You can click the Delete button to delete the expense. You cannot delete expenses for which you have entered client data.

The Setup Expense dialog closes and you are returned to the Expenses list, which now reflects your changes.