How to use this module
Here we can see apart from normal expenses we have individual menus for food, transport, Labor and petty cash expenses.
Food Expenses: As the part of valuable business practices, sometimes it recommended to track the food expenses separately. In such instance this module will help you to track the expenses for food incurred efficiently.
As seen in the reference image above ,food expenses can be captured according to the projects, and one can also specify the meal type, vendor if any, price followed by date and Bill reference.
The option attach document allows you to attach any bills,receipts related to food expense and by clicking the CREATE REPORT it provides an expense line report format to be submitted.
The submit to manager button will submit the report for approval and it changes the status from draft to Submitted.
The concern manager after viewing the food expense report can approve or refuse the reports accordingly. The Approve button will change the status to approved and make it ready for posting the journal entries
POST JOURNAL ENTRIES button will post the expenses to the related accounting entries.
The related posted journal entries for food expense can be viewed in the accounting module.
Transportation Expense: Transportation expenses proficiently captures the specific cost incurred by an employee who travels for business purposes. It enables one to track the cost associated with business travels such as taxi fare, parking fees, fuel expenses, etc.
As seen in the image, it provides a detailed information which include :
- labor charges
- waiting charge if any
- type of vehicle used
- vehicle Number
- details of the trip
After filling in the details transportation claims is send for approval. This helps one to analyze the cost without any perplexity.
Another qualified feature of this module is it allows a specific level of approvals before proceeding with payments. Requester Manager or concern department manager will be first person to approve the transportation claims initially and he can also provide his remarks accordingly.
After the approval of department manager it proceeds to the HR manager for the approval. In this stage the HR manager can approve or refuse and provide his comments accordingly.
After all the approvals are confirmed, it prepares an report to be submitted with expense lines.
This report includes payment mode whether it should be employee to be reimbursed or to be paid by the company and can also view concern manager, and the expense details along with the account it is getting reflected.
Finally the report is send to accounts department. After verifying the expenses the accountant can make the payments and post the journal entries accurately.
Labor Expense: Labour expense feature ensures to provide crisp and clear information regarding all the expenses related to the labour cost.
This section of labor mainly include:
- Product : describes what type of expense its related to.
- Supplier : Name can specify suppliers if any.
- Number of people : Number of people working on a project
- Type : it can be any type of labor
- Time in : labor working start time.
- Time out : labor working end time.
- Total hours : based on time in and time out the total hours is calculated.
- Break hour : if any break has been taken by labor , it can be specified here.
- Traveling hours : If there was any requirement of traveling for the project, it can be recorded here.
- Net hours : net hours is the total working time including the traveling time and excluding the break time
- Rate Per Hour : Amount paid for each hour of work
- Amount : Total amount is calculated considering the working time, rate per hour and the break time.
- VAT : can specify the tax amount if any.
Labor form also have certain level of approvals to be done. Initially the department or concern manger makes the approval along with his remarks and send it to the HR.
After the approval of department manager, the HR manager will verify the expense and he can decide whether to approve or refuse the expense. HR can also provide his remarks or comments for the expense provided.
Once all the managerial approvals are completed, it prepares an report for the accounts department to be verified. The details include the employee to which payment needs to be done and also the payment mode and the related department manager along with the expense lines.
Accountant verifies and after approving he can proceed with payment and post it in the related journal entries.
Petty Cash Expense: Petty cash expense manages to record and track the use of petty cash that business use to handle small expenses that arise over the course of daily operations.
Petty cash holder enables one to enter the expenses related to the project, the price incurred and accordingly the net and gross amount is calculated. Net amount is the price excluding Vat and the gross amount displays the amount after vat detection.
Documents or related receipts can be attached with Attach document button and once the documents are attached it shows the number of documents attached to this expense. Create Report will prepare a report that needed to be submitted to accounts department.
A report is prepared to be verified by the accountant and there are provisions to maintain separate journals for each expense created. Also in addition payment mode, respective manger and related expense lines is displayed.
Accountant verifies and after approving he can post the journal entries and make payments respectively. Entries get posted in respective journals which helps one to have precise record maintenance.
Petty Cash Report
An extensive and important feature of this module is the petty cash report which provides an dynamic overview over all the expense maintained as petty cash.
Reports can be filtered and viewed according to the specific dates, months and years.
Provides an excellent overview and you can check whether its posted to the correct cash journals and do the analysis in an very effective manner.
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