Quick Start Manual

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Manual

Intro
BizFusion Trial
User Interface
Contacts Module
Products Module
Discount Rules
Inventory Module
Sales Module
Purchase Module
Bills & Receipts
Projects
Subscriptions
Credit note / Returns
VAT Module
VAT over margin
European Trade
Foreign Trade
VAT Shifted
US Sales Tax
VAT Correction
Manufacturing
Assets Module
Current Account
Accounting Basics 1
Accounting Basics 2
Accounting Advanced
Year End
Owner Equity
Income Tax
Banking Module
Payments
Loans
Financial Lease
Cross Payment
CSV Statement
Data Import
Data Export
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Bills & Receipts


You use an Expense Voucher to register your bills & receipts.
Your monthly utility bills are a good example of expenses.

Go to: 'Expenses > Bills & Receipts'

The following example shows the purchase of various office supplies.

Example Expense Voucher


Note, don't use an expense voucher to register products that you're going to resell.
You should use a purchase invoice for that.

Click on 'Save & Post'.
Notice that your laptop purchase is automatically registered as an asset when you post the document.
This happens automatically when you pick an asset account instead of an expense account.

Posted Expense Voucher


You can create a payment once the voucher is posted.




Expenses versus Asset Purchases


You can't always register a purchase as a cost/expense.
E.g. if you buy a computer then that computer is not an expense, but an asset purchase.
What's the difference? Assets are goods that you intend to use for multiple years.
Laptops, laser printers, monitors etc. are all good examples of assets.

You should also note that an asset must be above a certain price point before it is considered
an asset. This threshold value differs from country to country.
E.g. in The Netherlands, you register a purchase as an asset when the price equals or exceeds 450 euro
(this was the threshold value for 2014). Check the website of your local tax agency to see what
threshold value your country uses.

Small purchases, like office supplies, can therefore be registered as expenses and
large purchases, like computers, should be registered as assets.

The previous image shows an example of an expense voucher that contains both assets and expenses.
You can use the 'Office Equipment' account to register your asset purchases.
This account is included by default in BizFusion.

When you click on 'Save & Post', the system automatically registers your assets on your
balance sheet. You can then register depreciations for your assets.
Asset Registration and Asset Depreciations are explained later on.




Cost/Expense Accounts


BizFusion posts all costs and expenses to the aptly named 'Expenses' account.
This groups all your costs under Expenses in your Profit & Loss statement.
This is more than adequate for most small businesses, but some companies want more
detailed insight into their costs/expenses.

E.g. you could create an expense account specifically for your utility costs.
Or you could create an expense account just for your office supplies.

You can easily create additional cost/expense accounts.

Go to: 'Accounting > Account'

Example Expense Account


Make sure that you set the account group to: 'Expenses'.
You can then use the expense account on new expense vouchers.




Asset Accounts


You can also create your own asset accounts if you don't want to group all your assets
under the 'Office Equipment' account.

Go to: 'Accounting > Account'

Example Asset Account


Make sure that you set the account type to 'Fixed Assets'.
You can then use the account on new expense vouchers.



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