How do I add an expense?

What expenses can a private trader add to the bookkeeping?
From a practical point of view, you can enter in the accounts expenditure that is related to the activities of your entrepreneurship. Such expenses include telephone bills, insurance premiums, renting premises and the purchase of equipment.

How to add an expense?
You can add an expense from your UKKO account by going either through the dashboard 

or to the Expenses -tab and click add an expense.

You can add expenses related to your entrepreneurship to the service. You must have a picture of the receipt, you can add it to the service through the expenditure section. A good receipt will show:

• Date
• Company Name & Business ID
• What has been bought/sold and how much
• VAT amounts
• Total amount of the transaction
• An extract from an online bank is not valid as a supporting document.

To upload your receipt, please drag and drop or download from the file section. Press save and continue to move on.

In the transaction details, you should provide a more detailed description of the receipt and how it relates to your entrepreneurship. Enter the date, country of purchase, name of the place of purchase, company ID and description.

If the purchase related to the business activity was made from a private individual, click the box “private individual”, after which a Business ID is no longer required.

In the receipt breakdown, select the type of transaction from the drop-down menu. Enter the VAT rate and the amount of the receipt. Check these on the receipt. There are the following types of transaction:

• Product purchases
• Service purchases
• Meeting expenses
• Representation expenses
• Rent expenses
• Loan expenses
• Travel expenses

Please note that if you are not registered for VAT, you will also select 0% VAT on your expenses. In this case, enter the VAT-inclusive total price in the “Amount” field.

If the receipt or invoice you are adding includes several different products/services, separate them in to their own rows by clicking + Add new row.

Finally, add a note in the payment details indicating that you have paid for the transaction. Then click Save and exit.