Posting Cash Expenses in Ascend Live

Every now and then we all use cash for a business expense, and although we know the IRS likes to see business expenses paid from our business account – well, each of us at one time or another may have used a personal account for a business expense.  You can track cash expenses or business expenses paid from your personal account (an account not managed in your Ascend Live business portfolio) and still have one comprehensive expense report come tax time!

Click Deposit, then other.  You will not enter an amount in the amount field - you will instead enter the amount as an Income Category amount (we suggest adding an income category named something like “Posting Expenses Direct to Reports) and then add a line, using the green + sign below that, to post the expense as a negative number to an expense category. It is critical that the income category amount balances the expense category amount and that your left to split area is at $0.00 then just click save and the expense will be posted directly to your report.  Remember, you are entering this as a deposit (other) NOT a spend transaction for it to post to your reports.  Once you do it a few times you’ll get the hang of it!

To see this in action I would recommend watching the video tutorial “Getting Started Any Other Day Than Jan 1st” as it will help you walk through this process.  You can access this video tutorial as well as many others on the support page of our website:

http://www.ascendlive.com/vidtutorials.aspx