If you have expenses that repeat often, you can set them up as recurring expenses on the Accounting>Other Expenses page. InventoryLab allows you to set expenses that you enter to be recurring on a weekly, monthly, or yearly basis.
Adding Recurring Expenses
To add a recurring expense, navigate to Accounting>Other Expenses and click the + Add button.
This brings up a window below where you can enter the category, date, name, amount, description, and repetition amount.
Enter the details for the expense, then click the Repeat field to open a dropdown menu where you can set a schedule for the recurring expense.
You have different recurring options depending on which timeframe you choose.
If you want the expense to repeat Weekly, select how often it should recur and the specific day(s) it should repeat on. You can also choose whether the repetition should never end, end on a specific date, or end after a set number of occurrences.
If you select Monthly, you’ll need to choose the specific day for it to repeat. This can either be a day of the month (e.g., the 3rd of each month) or a day of the week (e.g., the 3rd Wednesday of each month). Additionally, you can specify how often the event should repeat, such as every X months. You'll need to also specify whether the repetition should never end, end on a specific date, or end after a set number of occurrences.
For Yearly, choose the day of the year it should repeat, and specify whether the repetition should never end, end on a specific date, or end after a set number of occurrences.
Click Create and the expense will appear and continue to reoccur according to the settings you chose.
Editing and Stopping Recurring Expenses
To change how often the expense repeats, find the most recent entry for the expense you want to edit. Once located, click the blue link that shows the recurring details.
Clicking the link will open the Edit Recurring Expense window, allowing you to change the repeat schedule as needed.
To stop an expense from occurring again, change the Repeat field to Never.
This will prevent the expense from repeating again going forward but will not delete any past occurrences.
Once done, click OK to save the changes.
For steps to edit details of expenses (such as category, cost, date, and description) or to delete past entries of an expense, please see: Other Expenses
What's next?
For more information on your inputting your Other Income please review Other Income
If you're interested in learning about importing your Other Expenses in bulk, please review this article: Bulk Import Accounting Details into Other Expenses via .CSV
To review how your Profit & Loss is displayed you can peruse this article: Profit & Loss