Keeping Track of your Expenses in okke

Keeping Track of your Expenses in okke

Overview of Expenses

Use okke to record, track and manage all your business-related expenses and purchases in one place.  We provide a range of tools to help you keep a record of all the money leaving your business, whether it's an electronic payment or cash. This helps you track exactly what your business is liable for, and ensure you have accurate records of your business costs come tax-time.

Not only that, but okke lets you attach copies of your receipts or invoices to store a secure digital record of your expense. We'll even scan and grab the details straight from the receipt for you.  Think of it as a digital shoebox for all your messy receipts!

How do I record something I paid for in cash?
While each expense belongs to a Bank Account, you can still keep a record of your cash expenses within okke. There are 2 ways to handle this:
  1. Create a separate bank account specifically for your cash records. Learn how to create a bank account.
  2. Keep your cash records inside your existing bank account, ensuring that they're set to "Paid In Cash" to exclude them from the reconciliation.
When your ready to record your cash Expense, follow these steps:
  1. Navigate to Expenses from the Sidebar
  2. In the top-right of the page, create a manual entry by clicking 
  3. Add the details of your expense
  4. Set the Expense type to Paid in Cash
  5. Click Save & Close
  6. You're done! A new cash expense will be created
Note: Keep in mind that cash expenses do not appear during the bank reconciliation process. You can, however use the Cash balancing tool to help validate how much cash you should have in any given account.

Note: You can tell if an entry is paid in cash by looking at the payment type icon:
What is considered a business expense?
A business expense is simply any cost you have to pay to run your business. Think of things like the tools you buy, the fuel you use to drive to a job, or even the ads you pay for to get more customers.
Why do I need to track my expenses?
Keeping accurate records is a requirement of the ATO, but there's several other reasons keeping a financial record is useful, including:
  1. Records for Tax deduction
  2. Financial clarity of the money coming in and out of your business

Getting Started with Expenses

Get started by navigating to the Expenses section to:
  1. View, Search and Manage your Expenses
  2. Creating your Expenses
  3. Importing your Expenses
  4. Deleting your Expenses
  5. Managing your Expense Categories

Automating your Expenses

You can also automate your expense records by making use of Bank Transactions, either by:
  1. Importing your Bank Statement via CSV file
  2. Import your transactions directly from your Financial Institution by setting up a Bank Feed. 

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