Recording an Expense

Recording an Expense

Tracking expenses is essential for understanding your property's profitability and preparing your tax return.

Steps

1. Click Expenses in the sidebar.
2. Click Add Expense.
3. Fill in the expense details:
   • Date — When the expense was incurred.
   • Amount — The total cost including VAT if applicable.
   • Category — Select from the list (repairs, insurance, utilities, etc.).
   • Property — Which property (or unit) the expense relates to.
   • Description — A brief note about what the expense was for.
   • Supplier — Optionally link to a contact in your directory.
4. Optionally attach a receipt (photo or PDF).
5. Click Save Expense.

Expense Types

• One-off — A single expense such as a repair or purchase.
• Recurring — A repeating cost like a monthly management fee (see Recurring Expenses article).

VAT and Tax

If you are VAT registered, you can record the VAT amount separately. All expenses are categorised for tax purposes, making year-end reporting straightforward.

Tip: Record expenses as soon as they occur and attach the receipt immediately — this saves time at year-end and ensures nothing is missed.