When you buy something for your business, record it as an expense in the app.
Stay on top of your cashflow by recording unpaid expenses, like bills, their due dates and any payments you make.
If you’re registered for GST, the GST on your expenses is also tracked to help you claim it back on your BAS.
Snap a photo of receipts and bills to track your expenses
Quickly create expenses by capturing the details from photos of your bills or receipts. Snap a photo or use an existing one and the app will ‘read’ it and identify the key details, like the date and amount. The app then fills in these details into a new expense – so you don’t have to. All you need to do is check the details, categorise it, and you’re done.
Paid and upcoming expenses
When you record an expense, you’ll choose if it’s paid or upcoming. The difference between them is whether the expense has a due date.
Paid expense – doesn’t have a due date, like an incidental purchase for your business that you’ve already paid.
Upcoming expense – have a due date, like a bill from your supplier.
Claiming expenses
By recording your expenses in the app, it’ll help you claim tax deductions from the Australian Taxation Office (ATO). And if you’re registered for GST, it’ll also help you claim GST credits.
Your expenses will be categorised as business or personal, so you'll know the ones that relate to your business and the ones that don’t. This makes it easier to claim the right amount from the ATO.
Learn more about business tax deductions on the ATO website.
Reporting your expenses to the ATO
If you’re registered for GST, you’ll report the GST you’ve paid on your business expenses to the ATO when you prepare your business activity statement (BAS). This is also when you’ll declare the GST you’ve collected on your sales – and you’ll either get a refund or need to pay.
BAS is done quarterly, monthly or annually – depending on your business type and turnover.
Learn more about BAS reporting on the ATO website.
Tax on expenses
If you’re registered for GST, tax codes calculate the tax on your expenses. Each category has a tax code, so when you categorise an expense, the right tax is applied.
For example, the Office Expenses category has the GST tax code applied to it. So if you categorise an expense as Office Expenses, the GST tax code is used to calculate 10% GST on the expense.
The default categories in the app have been set up for you with the applicable tax codes. You can add new ones to suit your business.
Categorising expenses
Categories let you group similar expenses so you can get meaningful information about your business. For example, you might have an office expenses category that you use each time you buy something for your office, like a keyboard. You’ll then know how much you’re spending on office supplies.
Categories also help you keep track of any GST you might be able to claim back from the ATO. Each category has a tax code, so when you categorise an expense, the right tax is automatically applied. But you can turn the GST on or off in any expense to suit the situation.
If you record an expense that’s for both personal and business use, split the expense and choose separate categories for each line.