EXPENSES & INVENTORY

Other Expense Actions

Use these actions for prepayments, adjustments and refunds that do not fit an ordinary purchase.

Record a prepaid expense

This records money paid in advance into a prepaid-expense account. Select the paying account and the prepaid account under Paid for. The amount stays in that asset account until you record its consumption.

Consume a prepaid expense

Moves the amount used from the prepaid account to an expense account, without recording another payment. Enter only the portion being used for the selected date. For example, a payment held as prepaid rent can be moved to rent expense as each period is used.

Inventory adjustment

Changes inventory value for losses, discarded stock or other adjustments. Select the inventory account and the adjustment account. The form offers cost-of-goods-sold and inventory-loss accounts.

Enter a negative amount for a loss. For example, −100 reduces inventory value by 100 and records that amount in the adjustment account. Enter a value, not a number of units.

Write off bad debt

Moves a positive amount from the selected accounts-receivable account to a bad-debt account. This action adjusts the ledger accounts; it has no customer or invoice selector and does not clear an individual customer’s balance.

Add income tax

Records the amount you enter as both a tax expense and a tax liability. Select the corresponding accounts and the date the entry belongs to. It does not calculate your tax or record a payment to the tax authority.

Record a refund from a vendor

Use this when a vendor returns money for an expense. Refunded Account is the account receiving the money; Expense Account is the expense being reduced. Link the vendor and check the refund date and amount.

Add the taxes included in the original purchase where applicable. PiggyZen reverses the recoverable-tax portion as well as reducing the expense. This form records money received; it does not apply a supplier credit against an unpaid bill or adjust inventory.