Expenses Management easily configures expenses with expense types and ensures that all transactions are recorded for all organization expenditures and employees reimbursements.
Expenses Management feature provides the school with the needed tools to manage expenses of all types. It provides flexibility to add expense types as needed. So, if you need to add wireless or wireline service expenses for instance you can add Telecom expense type and if you would like to add technology expenses such as software licenses or computer equipment you can add IT management expense type and so on.
Each expense type will have a debit and credit accounts to get associated with when the system process the expenses and then post the expense entries in the general journal so that the system integrates properly with the financial accounting system and reflects the expenses in the financial books.
Expenses Management also provides the tools to update in existing expenses types by selecting the expense type from the expense types list and edit the expense type details.
After creating the expense type, you will be able to manage the expenses by creating a new expense or updating existing expenses data as required.
When creating a new expense you can provide expense details such as expense date, reference number, expense amount and payment method.
If you would like to update expenses then you just select from expenses list and edit the expense details. When executing the update the system will automatically update the records in the journal based on the updated expense amount and date and will reflect the updates in the financial accounting books without the need to manually update the financial records.
With the expenses management feature that EduHappy provides, the cost of processing an expense claim is reduced while increasing the employee productivity and satisfaction and improving accounting accuracy.