How to record expenses and track outgoings

Why create a purchase invoice?

Your business will often need to pay for expenses, such as electricity and rent.  You’ll need to record these expenses as purchase invoices in Wiise.  Purchase invoices show the detail of the expense and the amount owed to the vendor, so you can track outgoings and get a better view of how your business is going. 

How to create a purchase invoice in Wiise

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

2. From the Role Centre, which is the front page of Wiise, select the + Purchase Invoice action. 

3. A new purchase invoice page will display with blank details for you to complete.

4. 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.   

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

6. 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.

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

Note: When entering 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.

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

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

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

  • For bills, select Item in the Type field 

10. Next, 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, 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.

11. Enter the Quantity of items you’re purchasing.

12. Enter the Unit Cost of the items you’re purchasing, but don’t include GST. If GST is charged on the purchase, Wiise will calculate it automatically. 

13. Repeat steps 10 to 13 above until you’ve added all the items you’re purchasing. Add each item on a new line.

14. The invoice total will calculate automatically — double check this. 

15. 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. 

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


Save time adding lines to purchase invoices with this shortcut

If you have multiple recurring lines in purchase invoices, you can save time by loading them into the purchase invoice automatically. Then all you need to do is enter the amounts. Speak to your partner about setting this up.