Keeping track of expenses is important for any business to maintain cash flow and measure profitability. Let’s see how you can use Refrens to record and keep track of your expenses easily and quickly.
How to record an expense?
There are basically 5 ways to record an expenditure:
Record new expenditure
Upload bulk expenditure
Request an Invoice and convert the invoice received into expenditure
Quick expenditure
Convert Purchase Order Into an expenditure
Record new expenditure
To record a new expenditure, go to Sidebar > Accounting > Expense Management > Click on Record New Expenditure
You will see a new template open up. This is very similar to creating an invoice, so would not go into the details about how to add all the details in the template. If you have any queries, you can go to our FAQ section or reach out to us at support@refrens.com.
Upload bulk expenditure
As shown above, you also have the option to upload expenditures in bulk with a CSV.
Request an invoice and convert the invoice received into expenditure
To automatically add expenditures to your system, you can ask your vendors to send an invoice from Refrens only. If your vendors are also using Refrens it makes it easier for both of you to automate your expense records easily.
Let’s say your client is on Refrens and shares an invoice link with you. Once you open the invoice, it will show up in your dashboard like this:
To add this invoice to your expense record, click on “Accept Expenditure”. Once you do that, the system will automatically create an expenditure for that invoice!
Quick Expenditure
Quick expenditure helps you quickly create an expense for your frequent expenses. For example, if you don’t want to spend more time creating a detailed expenditure document for petty expenses like tea, auto fare, etc.- Quick Expenditures come in handy here.
Convert Purchase Order into an expenditure
If you are using Purchase Orders and want to record them as an expense once the items are received, you can do that with a single click.
Simply go to Accounting > Purchase Orders > Click on “Convert to Expenditure”
Adding payment details & setting up reminders
Once you make the payment against an expense, you can go to the expense and click on “Add Payment Details” to keep a record of the payments made.
In case you are planning to pay for the expense later, you can click on “Will Pay Later” to set up a reminder on a particular date. This helps you ensure that you don’t miss the due dates.
Reports & Insights
Like other dashboards on Refrens, you can use expense management dashboards to access reports and get insights with custom filters. Here you can keep track of all the expenses, their payments statuses, amount dues, etc. all in one place.
You can also manage your employee expenses by recording expenses for each employee and using filters to track employee-wise expenses.
Auto-updating inventory when expenses are recorded
Whenever you record expenses for your inventory purchases, you can auto-update your inventory stock based on these expenses recorded. To see how you can do that, check out our detailed article on Inventory Management here>