EXPENSES: This is where you'll forecast all the expenses that are not directly related to your product sold. An expense is a cost that is paid in exchange for goods or services. The purchase of a capital asset such as a building or equipment is not an expense.
Some examples of expenses include:
- Office supplies;
- Electronic equipment;
IMPORTANT Employees are NOT an expense.
For more information about Employees, and how to enter them in Budgeto, take a look at the following article from our Knowledge Base: How to enter employees
How to fill the EXPENSES
ADD: This is where you Add a new expense.
Consult the PDF (located at the bottom of this article) for a list of all the expenses available by default in Budgeto.
Your first expense entry
1- DEPARTMENT: This is where you can associate an expense to a department (accounting, marketing, HR, etc.). You can manage departments using the Expenses Categories option.
2- CATEGORY: This is the list of categories of expenses available. You can manage categories using the Expenses Categories (13) option.
3- EXPENSE: This is the list of expenses for each category. You can manage expense using the Expenses Categories (13) option.
4- COMMENT: This is a filed to insert a comment for each expense. This field is optional.
5- AMOUNT: This is the total amount ($) of each expense for the chosen frequency.
6- FREQUENCY: This is the frequency of occurrence of each expense (per month/per year/unique-one time only)
7- STARTING IN: This is the first month of occurrence of each expense
8- ENDING IN: This is the last month of occurrence of each expense
9- PAYMENT TERM: This is the number of days you have to pay your suppliers after receiving goods or services. You have the choice of up to 12 months before, or up to 12 months after
10- TAXABLE: Check this box if you can get a refund for the sales tax paid when buying goods or services.
11- INFLATION: This is your expenses annual inflation increase, in percentage (%). You will also have to select which month the inflation of your expense begins.
12- GRAPH: This is a visual representation of the expense schedule you entered into Budgeto.
13- DEPARTMENTS, CATEGORIES, AND EXPENSES: This will bring you to the Expenses Department/Category menu.
Read the following article from our Knowledge Base on how to add your company's own unique expense(s):
14- NAVIGATOR: Use these arrows and drop-down menu to quickly navigate/shift from one expense record to another.
15- SAVE: Click here to save your current work/entry
16- HYPOTHESIS: This space is intended to write useful information about the product. This information will be available to all of whom you share your budget with. Note that when you export your budget, this information will not be available in the PDF and the Excel
17- PLANNING: If you want to manage your schedule manually. Note that if you change any values from steps (5), (6), or (7), the schedule will erase the amount you input manually.
How to modify your expenses
1- ACTIONS; Click here to copy, delete, or edit the selected expense.
2- DEPARTMENTS,CATEGORIES AND EXPENSES: Click here to customize/add your own expenses and departments.
3- DRAG; Use this icon to click and drag your expenses. Easy and simple to move them into different departments, categories, or order.
4- ADD; Click here to add a new expense.
Example of a SaaS Finance Expense
Situation: Company XYZ recently subscribed to a SaaS service for their CRM tool:
- They will use the software for 5 years (June 2021- July 2025).
- The SaaS tool is $200.00/month.
- There will be a 10% inflation every year (Beginning on June 2022).
- Payment term is 1 month after.
- It is taxable
Here is how the situation will be entered into Budgeto:
Example of a donation/charity gift
Situation: Company XYZ makes a donation to a local charity (Helping Hands) during a fundraising event. Here is some information:
- The donation was for $1,000.00
- The donation was made in August 2021
- It is a one time event (only made one donation)
- There are no payment terms
- There are no taxes
IMPORTANT A donation made is located in the "Social costs" category and the expense is labelled: "Donation & Sponsorship". In this example, the department will be "Finance"