Documenting/Tracking Expenses (bills, web fees, etc)

1

Hey guys,

Just looking for a little advice on how best to document oce-off & regular/recurring expenses.

I’m in the early days of setting up an new business, and have made a variety of purchases that I would like to input into Manager. As a sole trader, I will be operating with only 1 bank account (trading & cash account as 1).

Some examples of my purchases so far:

  • Computer purchase (once off)
  • Software purchase & subscription (once off & recurring)
  • Web hosting fees (recurring)
  • Bills (recurring)

From the reading I have done, I believe these expenses should simply be tracked as transactions from the bank account, and allocated to an expense account. Is that correct?

Thanks for any help.

2

Read the Guides: https://guides.manager.io/, especially those about spending money and fixed assets. Whether your computer and software purchases qualify as fixed assets or not will depend on local law.

Depending on how you are organized and how you paid for these things, also read about expense claims and capital accounts.