How to record grant related expenses and track outgoings

Why record how you use your grants?

When your business uses grant funding to pay for expenses, you need to record the expense against the grant code (the unique code that identifies the grant).  These expenses could be for many things, such as:

  • Contractors and building materials, or
  • Installation of equipment

This allows you to track and report on grant related expenses.  We recommend you follow this process, but it isn’t mandatory.

How to create a purchase invoice for a grant expense

 In Wiise, to track grant expenses you use a purchase invoice — this document that contains details of the expense. Here's how to create a purchase invoice.

1. Have the vendor’s invoice for the equipment or service to hand before you start.

2. Log in to Wiise from your mobile, tablet or any browser.

3. Select the + Purchase Invoice action. 

4. A new purchase invoice page will open with blank details for you to complete.

5. To start, select the purchase invoice vendor. You can do this in a few ways:

  • Type their name in the Vendor Name field, or
  • Select the down arrow to the right of the field to see a short list of options, or
  •  Click Select from Full List on the right of the list.  Search through this to find the right vendor and select them.   

6. If the vendor isn't in the list, you can create a new vendor by selecting +New.

7. When you select the vendor, the address details from the vendor record will be filled in automatically.  If these are different for this particular purchase, you can change the values in the fields.  This information will show on the purchase invoice document.

8. Check the Posting Date of the purchase invoice. It will default to today’s date, but you can change this, if you need to back date an invoice for example. 

Note: When you enter dates in Wiise, you don’t need to use / or . between the numbers.  For 1st June 2020, you can enter 010620 and it will convert the value to 01/06/2020 for you.

9. If the purchase invoice isn't going to be paid immediately, check that the Payment Terms Code (the time that payment must be made in, such as 7 days or 14 days from receipt),  and Due Date (the date the supplier wants you to pay the invoice) are correct.  Wiise calculates the Due Date based on today’s date and the Payment Terms Code.  

 Tip: You can track this easily using Wiise reporting. This will show your unpaid invoices and their due dates 

10. As the purchase invoice is related to a grant, select the relevant Grant Code (these are pre-configured for your projects).  This will help you keep track of your grant related invoices and help produce the acquittal report.

 11. Now enter the detail of your purchase in the Lines section: 

  • The Type field will default to Item.  This will mean that the options you can select in the No. field are Items.

 12. Select the item you’re paying for in the No. field. You can do this in a few ways:

  • Type the name of the item you’re purchasing, or
  • Select the down arrow to the right of the field to see a short list of options, or
  • Click Select from Full List on the right of the list. 

 When you select the item, the Description will automatically be filled in, but you can edit this if you need to.

13. Now enter the Quantity you’re paying for.

14. Then enter the Unit Price from the supplier’s invoice, but don’t include GST. If GST is charged on the purchase, Wiise will calculate it automatically.

 15. Repeat steps 11 – 14 until you’ve added all the items you’re paying for. Add each one on a new line.

16. If you want to add more information about the purchase, you can add a comment line — select Comment in the Type field, and then add your comments in the Description field.

 17. The invoice Total will calculate automatically — double check this.

 18. Select the Payment Method Code (this is how the invoice is paid, such as credit card or PayPal, and can be reported on later) if you’re paying immediately or have already paid. If you choose CASH, Wiise records the payment against the bank account immediately — you won’t have to enter it manually later.

 19. Finally, select Release when you've finished entering all the details. If you do need to make any changes, select Reopen