What is MONEY OUT?

The MONEY OUT column is simply the total amount you have paid to your provider/supplier.  In accounting jargon, it is generally represented by payment of EXPENSES.  Money Out can also represent payments for Assets, loan repayments and other Non Expense items.  Essentially if you spend Money, you need to find a home for the transaction here.

What you need to do:

EXPENSES PAID TO

Write the name of the supplier or who your payment is going to.

MONEY OUT

The Total Amount of the payment you've made.

TAX

This will self calculate according to your preset TAX RATE.  If for some reason the amount of Tax calculated is different then simply edit the Tax Amount.

CATEGORY ALLOCATION

Find a Category Header that represents the payment type and enter the net value (Total amount - Tax) under the column.  If no Category Header exists for the payment type then add to OTHER EXPENSES and provide a description for the transaction.