Q. What are expense groups?
When you record an expense, you can assign it to an expense group. Expense are displayed by their group within your Income Statement. Expenses that are not assigned to a group fall within the Other category of the Income Statement. Expense groups help you organize your expenses.
Q. What are recurring expenses?
Recurring expenses are expenses that are added to your accounts payable automatically based on their payment interval or frequency.
The software will add a recurring expense based on the Expense Date and the expense frequency.
- Expense Date: 2017-01-15
- Frequency: monthly
- # of Recurrences: 11
- Current Date: 2017-01-15
Following this example, the first expense is tracked. One month later, on 2017-02-15 the second expense will be added to your expenses. This process will be duplicated 11 times in total until a year has past and you have 12 such expense payments in total.