How to record a purchase or buy.

A "Purchase" or "Buy" refers to the acquisition of goods or services by a business. When a business buys something, it involves spending money, and this transaction needs to be accurately recorded in the accounting system.

Recording a Purchase on Simplebks: A Step-by-Step Guide

Step 1: Log in to your Simplebks account at www.simplebks.com.

Step 2: Navigate to "Quick Expenses" on the sidebar.

Step 3: Select "Quick Purchases."

Step 4: Fill in the necessary details:

• Transaction Date: Specify the date of the purchase.

• Description: Provide a brief description of the purchase.

Step 5: Adjust the transaction type:

• Change the transaction type to "Money Out" to reflect the expenditure.

Step 6: Specify purchase details:

• Category: Select "Purchases" to categorize the transaction.

• Enter the Amount: Indicate the total amount spent.

• Account: Choose the appropriate account for the expenditure.

Step 7: Provide supplier information:

• Enter Supplier Name: Specify the name of the supplier.

Step 8: Add more items if needed:

• Click on "Add Products" to include additional items in the purchase.

Step 9: Include additional details if applicable:

• You can also add information about delivery, commission, VAT (if applicable), discounts, and other fees.

Step 10: Confirm the transaction:

• Click on "Create Transaction" to finalize the purchase entry.

Step 11: Verify the transaction:

• Receive confirmation that the transaction has been successfully created.

Step 12: Document the transaction:

• Click on "Print" to obtain a physical copy or download the receipt as a PDF.

By following these steps, you can accurately record purchases in Simplebks, ensuring proper documentation and tracking of your business expenses.