Keeping track of the money that goes out
Keeping track of what goes out is equally important as tracking what comes in. This process lets you record an expense quickly.
Login into your Gaurilla account and set the workspace.
Click on the Transactions >> Expenses option from the main navigation bar in the left.
Click on New button available at the top right corner.
Now fill in the expense form as follows:
Either fill in the name of the expense or select the vendor from which you have received this money. You can fill both too but at least one of them is required.
Select the mode of expense & provide a suitable reference number.
Pro Tip: For example, if you spent this money through cheque, you might want to record Cheque Number as reference number. Or for spent money through PayPal, Transaction ID becomes a good candidate for reference number.
Mention the date on which the expense is made and the total amount of the expense.
Select the category of expense.
Pro Tip: Make more categories if required, as you can generate report of expenses grouped by these categories.
Select the account from which you spent this money. You can think of this account as your bank accounts or the "Cash In Hand".
Pro Tip: Make more accounts if required, as you can generate report of expenses grouped by these accounts.
You can write the note, which is any piece of information you wish to associate with this expense.
Pro Tip: Write anything that you want to remember for this expense.
Click on Save to add the expense.
Pro Tip: Now onwards, this expense is visible in the list in Transactions >> Expenses section.