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Tracking Expenses

Record business expenses with categories, VAT tracking, and supplier links.

View ExpensesNew Expense
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Tracking Expenses

  • Record business expenses with automatic categorization and VAT tracking
  • Link expenses to suppliers and track payment status
  • Keep organized records for accounting and financial reporting

Why Track Expenses in BakeOnyx

Keeping accurate expense records is essential for understanding your bakery's profitability and managing cash flow. BakeOnyx makes it easy to log every purchase—from flour to rent—with automatic VAT calculations and status tracking so you always know what's been paid and what's still outstanding.

Recording a New Expense

  1. Go to Dashboard and select Expenses from the left menu.
  2. Click the + New Expense button in the top right corner.
  3. Fill in the expense details:
    • Description: What did you buy? (e.g., "50kg all-purpose flour" or "Monthly rent")
    • Amount: Enter the total cost before VAT
    • VAT Rate: Select the applicable rate (e.g., 20%). BakeOnyx will automatically calculate the VAT amount for you.
    • Category: Choose from 14 categories: Ingredients, Packaging, Equipment, Utilities, Rent, Insurance, Staff, Delivery, Marketing, Professional Services, Licenses, Subscriptions, Supplies, or Other
    • Payment Source: Select how you paid: Cash, Business Card, Personal Card, Bank Transfer, Petty Cash, or Direct Debit
  4. Set the dates:
    • Expense Date: When did you make the purchase?
    • Due Date: When is payment due? (for unpaid expenses)
    • Paid Date: Leave blank if not yet paid; fill in when you complete payment
  5. (Optional) Link a supplier by searching for their name, or add notes about the purchase.
  6. Click Save Expense.
Expense form with fields for description, amount, VAT rate, category, payment source, and dates
Tip: Use the Description field to include details like invoice numbers or order dates. This makes it easier to find expenses later and reconcile with supplier invoices.

Managing Your Expense List

Once you've recorded expenses, they appear in your expense list with automatic status tracking:

  • Paid: The paid date has been filled in
  • Pending: The due date is in the future
  • Overdue: The due date has passed and the expense hasn't been marked as paid
Expense list showing multiple expenses with descriptions, amounts, VAT, categories, and payment status

From the expense list, you can:

  • Click any expense to view or edit its details
  • Mark an expense as paid by updating the Paid Date field
  • Filter by category, payment source, or status to find specific expenses
  • Search by description to locate a particular purchase
Note: BakeOnyx automatically assigns each expense a unique number (EXP-001, EXP-002, etc.) for easy reference and record-keeping.

Linking Suppliers to Expenses

If you've already set up suppliers in BakeOnyx, you can link them to expenses. This helps you track spending by vendor and makes it easier to review all purchases from a particular supplier. When creating or editing an expense, search for the supplier name in the Supplier field and select from the list.

Warning: Make sure to record the Paid Date as soon as you pay an invoice. This prevents overdue expenses from cluttering your dashboard and helps you stay on top of cash flow.

Next Steps

The summary, FAQ, and statistics in this section were compiled from public sources and reviewed by the BakeOnyx editorial team. AI-assisted research.

Frequently Asked Questions

How do I record a new expense in BakeOnyx?▾

To record a new expense in BakeOnyx, navigate to the Dashboard, select 'Expenses' from the left menu, and click '+ New Expense'. Fill in the description, amount, VAT rate, category, and payment source. You can also set expense, due, and paid dates, and optionally link a supplier before saving.

What are the different expense statuses in BakeOnyx?▾

BakeOnyx automatically tracks expense statuses. 'Paid' indicates the paid date has been entered. 'Pending' means the due date is in the future. 'Overdue' signifies that the due date has passed and the expense has not yet been marked as paid. This helps manage outstanding payments effectively.

Can I link expenses to specific suppliers in BakeOnyx?▾

Yes, BakeOnyx allows you to link expenses to suppliers. When recording a new expense or editing an existing one, you can search for and select a supplier from your existing list. This helps in tracking spending with individual vendors and reconciling invoices.

How does BakeOnyx help with VAT tracking on expenses?▾

BakeOnyx assists with VAT tracking by allowing you to select the applicable VAT rate when recording an expense. The platform then automatically calculates the VAT amount based on the total cost you enter. This ensures accurate VAT reporting for your bakery's financial records.

What information should I include when describing an expense in BakeOnyx?▾

When describing an expense in BakeOnyx, be specific. Include what you purchased (e.g., '50kg all-purpose flour' or 'Monthly rent'). For easier reconciliation, consider adding details like invoice numbers or order dates in the description field. BakeOnyx also assigns a unique reference number (e.g., EXP-001) to each expense.

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