If you need to track expenses or issued invoices based on expense or revenue accounts, Allfred allows you to set this up using account classifications. Only users with the role of admin can configure these accounts in the workspace settings, ensuring that your expenses and revenues are correctly categorized for accounting purposes.
Setting Up Expense and Revenue Accounts
Admins can set up expense and billing accounts in the workspace settings. Follow these steps:
Click on your profile icon in the top right corner.
Select Workspace Settings.
Navigate to the Finance section.
Scroll down to Account Classification settings.
Specify the account number and the account title for both expense and income accounts.
Click Update to save your changes.
These classifications will be used for tracking and reporting expenses and revenues.
If you want to turn off showing the account classification, use the button under the Account classifications settings in Workspace settings - section Financial.
Where to Specify the Expense Account Classification for Received Invoices?
Expense account classification can only be specified by users with CFO or admin roles. To assign an account classification when uploading a new expense:
When adding a new expense or uploading a received invoice, go to the Expense Items section.
Here, you will find a dedicated field labeled Account Classification.
Select the appropriate expense account from the dropdown or manually specify it. Every expense item can have different expense account.
4. You have also the option to pre-assign specific account classifications for each contractor. In that case, the Expense account will be prefilled automatically. To set account classification for a specific contractor, navigate to the "Contractors" section, use Edit button and specify the Account classification.
Where to Specify the Account Classification (Revenue Accounts) for Issued Invoices?
For issued invoices, CFOs or admins have the ability to specify account classifications in the invoicing process:
During the invoicing process, in the third step, turn on the Account Classification switch.
By default, the account classification will be prefilled based on the budget category as specified in the workspace settings.
If needed, you can manually adjust the account classification for each invoice item.
This helps ensure that all issued invoices are properly categorized based on your revenue accounts.