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How to account for expenses without using expense app

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This question has been flagged
expensesaccountspayments
1 Odpoveď
2140 Zobrazenia
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Raymond Malpas

In accounting how would you account for expenses that should go to a liability account to be paid out at some point. In accounting I seem to have to add the receipt or invoice as a vendor invoice then pay it from a bank act, in the past I would have paid these things from a liability account

I am trialing Odoo accounting and dont wish to go to extra apps, as I am a startup business.

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Thoufeer
Best Answer

Hi,

You have the choice to handle expenses in two ways using standard modules without any customizations.

  1. Handling Vendor Invoices: You have the ability to document vendor invoices with the vendor's name and the respective expense account.
  • Vendor Bill
Account Name

Debit

Credit

Expenses

5000


Account Payable - Vendor Name


5000

  • Vendor Payment

Account Name

Debit

Credit

Account Payable - Vendor Name

5000


Bank or Cash


5000

2. Through Journal Entries, you can input transactions directly into the Bank/Cash account and the related expense account without involving a payable account.

Account Name

Debit

Credit

Expenses

1000


Bank or Cash


1000


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