How to record outflow on Tyms Book

Updated 7 months ago by Praise Arannilewa

Help Center Bookkeeping How to record outflow on Tyms Book

Outflow, also called “Expenses” is the amount of money you spend for the cost incurred on running operations or cost of sales. This includes wages, salaries, maintenance, diesel purchase, rent, and money spent to restock your inventory/items for sale.

Below is a brief guide on recording expenses on Tyms Book.

Steps in recording expenses:

How to record expenses on Tyms Book

  1. Begin by signing in to your Tyms Book account

  2. Select the "Purchases" page and click on the “Expenses” section.

  3. Select the “Add Expense” button and you’ll be directed to a record form. 

  4. Click on the "Add Item" button and enter the details of the item you want to record for your expense (including item type, name, quantity, unit, and price).

  5. It is essential to choose the “Currency” in which the item's price will be recorded. You can only select from the list of currencies that your business currently operates with.

  6. You MUST select the type of item you were offered by categorizing it into a physical (product) or intangible item (service).

  7. You would also be required to enter the "Item name", which is the name of the product you bought or service you were offered.

  8. You can also enter the “Item description” to contain detailed information about the product or service.

  9. You can also enter the unit which is the measurement for the service you were offered. Example: For 6 litres of diesel - litres would be the unit.

  10. You can enter the number of items you bought or services you were offered as "Quantity".

  11. You can also enter the “Sales price” which is the price for that particular product or service.

  12. Click on "Save" and the item would be added to the record.

  13. You would be asked to choose the “Currency” for this expense. This MUST be the same with the item currency.

  14. You can choose to enter the “Expense category” as the category this expense falls into. Example: Cost of operations, salaries or any other form.

  15. You can also enter a “Percentage Discount” if the cost of the item is at a lower price for any reason over a particular period of time.

  16. You could also enter “Percentage Tax” for the particular record. I.e 7.5 for 7.5 percent.

  17. You would be asked to select the way the payment was made as “Payment type” - cash, transfer, or otherwise. This is optional.

  18. It’s optional to add a “Shipping fee” if there’s a cost of delivering the product.

  19. You can enter the amount you paid out of the total cost of the goods you bought or services rendered.

  20. You would also be required to enter the “Expense date”.

  21. You can decide to leave a note as reference to that particular record.

  22. You can also click on the "Add Vendor" button to add the details of the vendor you patronized. This can help you keep contact with vendors you patronize regularly.

  23. You would also be asked to add an evidence file in case you want to document proof of that particular transaction in that record. This is also optional.

  24. You can add the bank account for this record from which the payment was made.

Click on "Submit" and your record will saved to your Expenses page.

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Tyms accounting and finance automation software is suitable for any industry irrespective of your mode of financial operation.