Recurring expenses basically are the expenses that you will need to pay every month/year for a certain need, such as rent/mortgage, employee salary, power, Internet, etc.
Now in DealPOS, there's a feature where you can register any recurring expenses for your business and post the occurrence to your accounting journal. The following steps are the guide to do that.
REGISTER A NEW RECURRING EXPENSE
1. Go to 'Accounting' menu on the dashboard - Click the 'Add' button on the top right corner of the screen.
2. Fill in the new recurring expense form. Click 'Save' when finished.
1) The name of the recurring expense. (i.e. Employee Salary)
2) Start date is the date that the expense paid. (i.e. August 28th, 2015). As for the end date is the date that the expense will be paid for the last time, leave it blank if the expense doesn't have ex piracy date.
3) Repeat is the interval that you will be pay for the expense. There are 2 options between 'Monthly' or 'Yearly'.
4) This is where you assign the accounts for the expense and account for paying them. (i.e. Wages and Salaries on debit and Cash on credit).
POSTING THE RECURRING EXPENSES TO ACCOUNTING JOURNAL
After you have registered all the recurring expenses, you can now post the payment that you have made for the expense to the journal in the Accounting feature. Here's how to do it.
1. At the left menu, click the 'Post to Journal' menu.
Input the data of the journal posting. After you input the recurring expenses, the expenses of the month will be displayed in the Preview section for you to choose which one to post. Click 'Save' when finished.
2. To check if the journal has already posted, you can go to the 'Accounting' menu on the left and click on 'Journal' tab menu. Pick the date that you post the recurring expense journal earlier. The entry should already be posted by now.