Expenses on Tyms are costs incurred by a business or individual to operate, maintain, or improve their operations, assets, or activities where the payment is assumed to be fully made, meaning the vendor has been paid the full amount. This is in contrast to a bill, where the payment is still pending. By creating an expense, you are recording the expense and the payment in full, which will update your accounts accordingly.

How to create expenses on Tyms

To create expenses on Tyms, follow these steps:

1. Log in to your Tyms account and navigate to the “TXpenses" module.

2. Click on the “New” button.

3. Select “Expenses" and a form will be open to you. 

4. You MUST enter the following information on the expenses:

a. Title: A concise title for the expense record.

b. Currency: The currency in which the expense was incurred. If it is different from your default currency, you'll need to provide an exchange rate or use the system's real-time rate.

c. Vendor: The vendor associated with the expense, for reporting and record-keeping purposes.

d. Date: The date the expense was incurred.

e. Expense Ref: A unique reference number for the expense document. The system will auto-populate this field, but you can edit it to suit you.

f. Expenses account: The account in which this expense record should be recorded.

Check the box below it if you want to split the expense value between different accounts.

5. To select an already existing item in this expense, click on the dropdown as shown above in the expense. You can also enter a description for the item, the quantity of the item expended, and the rate which is the cost at that point of purchase.

Click the “Add new item” button below to add another line item, and repeat the process above.

6. To add an entirely new item, click on the item dropdown and select “Add new item” and enter the details on the form.

7. The following information can also be entered on the expenses:

a. Employee: The team member associated with the expense, if any.

b. Memo: Additional notes in the expense.

c. Discount: Select the dropdown to enter a percentage or amount discount off the total cost on the expense. Enter the value by the side in the textbox.

d. Tax: Click on the dropdown and select from the taxes on your account or create a new tax. This will impact the expense amount.

e. Shipping fee: Enter the shipping fee if any, which will impact the total expense amount.

f. Paid through: This is the method through which the payment was made through, could be cash or any of your various banks on Tyms. 

8. You can select the relevant dropdowns to effectively categorize and spread the expenses data:

a. Branch: Associate the expense with a specific branch. Note that this option is only available if you're currently viewing “All Branches”; otherwise, the branch will be automatically populated, and not available for edit.

b. Department: Select the department associated with the expense.

c. Project: Link the record to a specific project for easier tracking and analysis.

More information that can be added include:

d. Tags: You can create tags, and separate them with a comma (,).

e. Attachment: Upload a supporting document as an attachment on the expense, and you can always re-visit it. 

f. Check the box if you need to enable shipping information such as name, address, email, and phone number.

g. You can also add custom columns below the tags for more customization.

9. Click the “Save” button at the top right corner of the screen and choose from two options:

Save as Draft: This saves the expense as a draft, allowing you to edit, adjust, or delete it before publishing. The draft expense will not be reflected in your financial records.

Save as Published: This saves the sales expense as a published document, updating your ledger and financial statements accordingly.

After confirmation, the expense details will be displayed on the sales table, and can be previewed by clicking the action button by the right hand side > preview.

You can also edit, make adjustments, and repeat step 9, clicking “Save as published” once certain about the data.

Functions:

1. Creating expenses.

2. Splitting expense value into various accounts.