How Do I Enter An Expense?

Profitworks Free Accounting Software In Excel

To download the full manual click here.

To download the software click here.

What You Need To Do In Summary

To enter an expense into the system you will need to enter the details of transaction for the expense in the general ledger. You can get to the general ledger by clicking on the "General Ledger" link on the opening screen or clicking on the "General Ledger" tab at the bottom. 

What Is The General Ledger

The general ledger is the place where you will enter all of your financial transactions. All of the information for the reporting
system and the various reports will be pulled from this worksheet. The general ledger is the worksheet entitled “General
Ledger”.

The Components Of Every Journal Entry

For each and every journal entry you will need to have debits and credits that equal each other to result in zero balance. In
each transaction there can be any number of debits and credits so long as the sum of the debits plus the sum of the
credits equals zero. For transaction examples refer to the worksheet entitled “Trans Examples”. Each transaction is
highlighted with either light yellow or light blue so that you can see what entries belong to which transaction.

Entering A Financial Transaction In The General Ledger

1. Go to the worksheet labelled “General Ledger”
2. Enter the Year in column A for each part of the transaction.
3. Enter the number of the Month for each part of the transaction in column B
4. Enter the number of the Day for each part of the transaction in column C
5. Enter the cheque or document number for each part of the transaction in column D
6. Enter the division number for each part of the transaction in column E
7. Enter the customer number for this transaction in column F. If this transaction is not related to a specific customer
enter 0.
8. Enter the account number for each part of the transaction in column G
9. Enter the payee for each part of the transaction in column H
10. Type in a description for each part of the transaction in column I
11. Enter the amount for each part of the transaction in column J. Enter debits as positive numbers and credits as
negative numbers
12. Columns J and K will automatically populate based on the information keyed into column F
13. Double check once you are done entering all parts of the transaction that cell H3 still equals zero. This means your
general ledger is balanced. If cell H3 does not equal zero that means you have made a mistake with one of the
amounts you have keyed in

Note: There is no need to enter your transactions in order of the day they occurred. The system allows you to enter a
transaction from an earlier date after a transaction from a later date. There is no need to enter transactions in the order in which they occur.

Balancing Your Transaction And The General Ledger

As noted in the “Entering a Financial Transaction In The General Ledger” section cell H3 should always equal zero. As long
as you check that this cell always equals zero after every transaction or transaction correction, you will always have a
balanced ledger.

To download the full manual click here.