A Bill is essentially a statement of the amount of money owed for certain goods or services, listed on the same statement. This could be an invoice you received from a supplier, a notification for telecommunication charges of the previous month et c. You can save them in Elorus by adding as Bills.
For receipts and any expenses you have already paid for, the "Expenses" functionality may be more suitable for the registration.
Eloru's 'Bills' functionality enables you to register all of those unpaid invoices, so you can always be on top of your pending payments, as you can take"Bill" entries into consideration when you evaluate the status of your business's finances. Also, you can utilize the bills function to set automated reminders for due dates. Remember that, you can always pay off bills in bulk when you perform a payment toward your supplier, should you have received more than one invoice from them.
In addition, the bills functionality allows you to add an item directly through a search in your list of products/services, The same item lines enable stock management: when the item is registered in your inventory with stock management enabled, you automatically update your stock with the increase.
- Of course, simply typing the details of your service or product is also possible.
To add a new bill, the first thing you need is a supplier: pick one from your contacts or enter a new one on the spot. The transaction will appear in your supplier statement.
When you reach the item lines, besides adding the product, you also apply a category in each of the item lines, as you would do with any other expense. This will add to the efficiency of your reporting- the "Expenses by category" report is a great way to see where your money is spent the most and help identify areas of improvement.