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Tracking Expenses

Expenses in Fiskl represent costs incurred in running your business. Understanding how they work is crucial for effective financial management.

Two Types of Expenses in Fiskl​

1. Standalone Expenses​

These are expenses recorded independently of your accounting transactions.

Key features:

  • Can be created via web dashboard or mobile app (with OCR)
  • Don't impact accounting until reconciled
  • Can be attached to invoices for client billing
  • Useful for quick capture, team expense submissions, and billable expenses

2. Direct Accounting Expenses​

These are expenses recorded directly in your ledger accounts.

Key features:

  • Immediately reflected in your accounting

  • Created when categorizing transactions in bank, credit card, or cash accounts

  • Can be assigned to clients for billing

Components of an Expense​

Both types of expenses typically include:

  1. Amount
  2. Category
  3. Date
  4. Description
  5. Images (e.g., receipts)
  6. Client (optional, for billable expenses)
  7. Vendor (optional)

Billable Expenses​

Expenses become billable when:

  1. You assign a client when creating the expense
  2. You add the expense to an invoice

Once an expense is added to an invoice, it can't be used on other invoices.

Best Practices for Expense Management​

  1. Choose the right method:
    • Use standalone expenses for quick capture or team submissions
    • Use direct accounting for immediate financial impact
  2. Consistently categorize expenses
  3. Record expenses promptly
  4. Provide detailed descriptions
  5. Attach clear, legible receipt images
  6. Regularly reconcile standalone expenses

Reconciling Standalone Expenses​

To include standalone expenses in your accounting:

  1. Find the corresponding transaction in your bank, credit card, or cash account
  2. Use the match functionality to link the standalone expense with the transaction

This process ensures all your expenses are accurately reflected in your financial reports.

Custom tags​

We currently do not provide custom tagging of expenses but plan to add this functionality

Remember, effective expense management in Fiskl contributes to accurate financial reporting, smoother client billing, and better overall financial health for your business.