Expense & Income Transactions

In today's intensely competitive environment, keeping costs under control is vital for businesses. Where are the expenses made, for what, by whom? What are unplanned expenses, over-budget expenses? In W3 expense and revenue records are recorded using Expense - Revenue Receipts. Expenses and revenues are given depth with these receipts, which are extremely simple to use. Thus, it is aimed to look at expenses and incomes from every angle.

Expense and income transactions work directly with the budget system. In other words, a budget item must be selected to record an expense and income receipt. For example, when an invoice is posted, the recorder does not directly select a budget item for the product or service sold or purchased. These operations are done with the definitions in the background. Or bank charges are incurred when recording bank transactions. But creating an Expense and Income receipt means entering a result record directly into the budget.

Expense and Income Dimensions

Expense - Revenue Center: It determines where the expense or income originates.
Budget Item: Sets the main grouping of expense or income.
Activity Type: It keeps track of which activity occurred as a result.
Work Group: It records which work group the business is made in.
Project: If the process is linked to a project, the project is selected.
Work: If the expense or revenue is related to a business, the business dimension is added
Opportunity: Expenses incurred while managing opportunities are tracked.
Physical Asset: Repair and maintenance expenses are associated with physical assets.
Subscription: Expenses made for subscriptions are recorded.
Spent by: The person who makes the expense is selected.

Example Application
An ice cream company is opening a new store in New York. The graphic designer working in the design group in this store put post-it letters on the ice cream counter, which he bought from the stationery store for $50, as part of the interior design project of the store.

The dimensions of the expense in this example can be recorded as follows:

• Expense - Revenue Center: New York Store
• Budget Item: Decoration Expenses
• Activity Type: Graphic
• Work Group: Deginer Group
• Project: New York Store Opening
• Work: Counter Writings
• Physical Asset: New York No. 2 Tall Cabinet
• Spent by: Graphic Designer John Doe

What is Expense and Revenue Distribution Template?

It creates an automatic receipt line by distributing the expense or income to the columns/dimensions in the receipts according to predetermined % rates. The sum of the lines is 100% of the cost. When the distribution button on the title line of the receipt is clicked, the template is selected in the window that appears and the distribution is made by typing the expense/income amount. While the templates are used directly in the expense and income receipts, they are distributed in the background according to the predetermined templates in the invoice. It is a facilitator to distribute expenses such as rent, electricity, and kitchen expenses according to departments.

Example Application

50% of the software license sold in a software company is distributed to the software development group, 25% to the Sales Group, 15% to the Marketing Group, and 10% to the Finance and Administrative Affairs Group as Software Revenues budget item.

Tip

The accounting account code defined in the budget item is automatically entered on the expense and income receipt line. It can be changed by selecting a different accounting code when desired.

Suggestion

Expense and Income templates are updated frequently according to changing conditions. Annual review is recommended.

Important

If cash or bank account is selected in expense and income receipts, the transaction will perform cash and bank transactions simultaneously. If it is done by selecting the current account, it debts or credits the relevant current account.

Before Use

Before starting to make expense and income transactions in Workcube, the following definitions must be made correctly.

• Transaction Types and Authorizations
• Budget Definitionsı (Expense - Revenue Center and Budget Items)
• Expense and Income Templates
• Activity Type (Not Required)
• Work Groups (Not Required)
• Other Module Connections
• Cash Accounts
• Bank Accounts
• Current Accounts

Module Functions

• Expense and Revenue Transactions List
• Expense Receipt
• Income Receipt
• Expense Requests

Associated Functions in Other Modules

Expense and income records work integrated with the tools in the budget module. You can review the comparative reports in the budget module. In addition, the BI solution includes reports to analyze standard expenses and incomes.

• Budget / Budget Management and Comparison Chart
• Budget / Revenue Analysis
• Budget / Cost Analysis
• Current / Current Transactions List (Current transaction expense and revenue receipts)
• Bank / Bank Transactions List (Expense and income receipts that transact with the bank)
• Cash / Cash Transactions List (Expense and income receipts for transactions with the cash register)
• Accounting / Accounting Transactions (Expense and income receipts for accounting)
• BI / Standard Reports / Expense Report
• BI / Budget Report
• Records in the expense and income receipts for which Project, Work, Physical Assets are specified can be followed on the relevant screens.