How To Create Bills & Expenses

Efficiently managing payable transactions is a pivotal yet often time-consuming responsibility for businesses. Gone are the days of cumbersome paper records and manual searches through dusty binders. TheHouseMonk simplifies the process of recording bills and expenses, enabling you to effortlessly track payments. In this guide, we'll walk you through the differentiation between bills and expenses and provide step-by-step instructions on creating them within TheHouseMonk.

Understanding Bills vs. Expenses:

It's essential to distinguish between bills and expenses within TheHouseMonk:

Bills:

Bills are used when the payment needs to be done in the future or you have a physical copy of the purchase, allowing you to attach the document to the corresponding bill in the system.

Expenses:

Expenses are ideal for transactions that are challenging to document, such as petty cash expenses. No supporting document is required for expenses, but they are equally effective for tracking payables.

Creating Bills and Expenses:

To create a bill or an expense in TheHouseMonk, follow these simple steps:

• Navigate to Core > Accounts > Bills & Expenses > Create Bill/Expense.

• Associate the unit and the vendor with the bill/expense. You can also create these records at the property level.

• Add the bill number and due date.

• Enter the details related to the product or service for which you are creating the bill or expense.

• If you have any supporting documents, click on the '+' icon to attach the relevant files.

• Save the bill/expense for internal records by clicking the 'Save' icon or choose 'Save and send' to facilitate communication.

By following these straightforward steps, you'll maintain a comprehensive record of all your bills and expenses. Additionally, this data can be easily extracted in the form of reports, enhancing your financial management capabilities.

For a more in-depth understanding of the system's functionalities, we highly recommend exploring our guide on "Registering Payments for Bills and Expenses."

If you need further assistance, please feel free to reach out to us at support@monktechlabs.com