MPS Guide

Expenses & Incomes

# Expenses & Incomes

# Expenses

Expenses are any costs incurred in the ordinary course of business. Business expenses are deductible and are always netted against business income.

Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business. Expenses may be in the form of actual cash payments (such as wages and salaries), a computed expired portion (depreciation) of an asset, or an amount taken out of earnings (such as bad debts).

Expenses are deduction to your account and are not purchases. Expenses can be

  • Labor
  • Insurance
  • Operating expenses
  • Rent, utilities, and phones
  • Office equipment and supplies
  • Fees, dues, and subscriptions
  • Advertising, marketing and promotion
  • Benefits, continuing education or training

Expenses have the follow field by default and

  1. Date - Expense date
  2. Title - Title for the expense
  3. Amount - Expense amount
  4. Reference - Reference must be unique
  5. Account - Account to add expense
  6. Category - Expense category
  7. Custom Fields - Any custom fields added by you for expenses
  8. Attachments - Details of the expense
  9. Details - Details of the expense
  10. Recurring Expense - Details of the expense

If the user is not super admin, he will need to select user for approval of expense and that user will have alert for the expense he need to approve.

# Incomes

Incomes are any income realized as a result of business activity. Business income is a type of earned income and is classified as ordinary income for tax purposes. Sale of product and services should be added by the sales not income as these are for any other business incomes. The flow of cash or cash-equivalents received from work (wage or salary), capital (interest or profit), land (rent), investment, royalties, etc.

For example, fees received by a person from the regular practice of a profession are business income. Rents received by a business/person in the real estate business are business income. A business must include in income payments received in the form of property or services at the fair market value of the property or services.

Incomes have the follow field by default and

  1. Date - Income date
  2. Title - Title for the income
  3. Amount - Income amount
  4. Reference - Reference must be unique
  5. Account - Account to add income
  6. Category - Income category
  7. Custom Fields - Any custom fields added by you for incomes
  8. Attachments - Details of the income
  9. Details - Details of the income

# Others

There is no option to attached taxes to the expenses and incomes but if it's useful for business, we will add taxes to them after your feedback.

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Items & Modifiers