We present you the method to enter a disbursement in the Collabox “Accounting” module.
There are also other ways to keep track of your disbursements, such as in the timesheet or in the project sheet.
1- Click on the -Disbursements- function located in the left menu of your Collabox.
2-Click on the link -add a disbursement-.
3- Fill in the 4 mandatory required fields. Add a new supplier if needed. Don’t forget to select the right payment method, this will avoid problems during the bank reconciliation.
Thereafter, the other fields that appear on this page can be used as needed to enter a disbursement.
4- Then, you have to complete these 3 fields. Then click on the button – calculate taxes. Note that the Collabox calculates the taxes for you, but if you have a disbursement without taxes, you must uncheck the “taxable” box and press the button – Calculate total only.
The“budget items” in the Collabox refer to revenues and expenses (income and expenses).
In order to record these operations correctly, it is necessary to configure your Chart of Accounts. Make a list with the names and numbers of all the revenue (income) and expense (cost) accounts you need, based on your business activities. Your accountant can advise you on this.
The budget items will therefore have a number and a proper name in order to correctly identify the nature of the operation. This numbering system is used to produce the profit and loss statement and will help you easily find the accounts in the Collabox.
The income statement is the financial statement that summarizes a company’s revenues and expenses over a given period of time (monthly or annually). The income statement contains the two most important pieces of information about a company – its profit or loss.
Create the list of budget items
Click on the Accounting icon
Go to the menu on the left and click on budget items
Click on Add a budget item
Enter your bill of material
Record each new budget item added
Organize budget items by category
Here is the form to add a budget item in the Collabox for the first time
How do I create lists of budget item categories?
There are two ways to access the link that will take you to the category configuration area: a) From an existing budget item b) From the space for creating a new budget item (link : Adding a budget item )
Here is the procedure:
Once on the line item form, look for the heading called Category and locate the clickable link :
Updating job categories (This is where you can create your lists).
The link: Add a budget item categoryWill allow you to enter the name and order for visual display.
Create a disbursement
Each “budget item” requires the creation of a“disbursement“. A disbursement is the word used in Collabox terminology for disbursements.
Each disbursement must be associated with a supplier. You must therefore make sure that the supplier exists on your list of suppliers. However, if this supplier does not exist at the time of the recording of the operation, you will have the possibility of creating it in parallel and quickly.
The access to the list of disbursements is possible in the left menu, as it appears in the picture below. Remember that you can use the different options to search according to the criteria that may suit you best.
You can see the complete procedure for entering a disbursementhere
The Collabox allows you to easily manage your employees’ expense and mileage accounts. You can also create reports related to these expenses for optimal management.
The first step is to configure the mileage in the employee record, under the RATE tab. This step is necessary for the calculation of the expenses to be reimbursed to the employee.
Next, you need to define your types of expenses. To do so, you click on the “Accounting” tab in the main menu (top of the page). Then select – Define Expense Types – from the left-hand menu.
The Collabox allows you to choose your types of expenses, according to your preferences. You can also edit and add specific fields as needed.
When the configuration is complete, the expense and mileage accounts are filled in via the employee’s timesheet. It is up to him to enter his expenses in connection with the right project, customer or service.
In addition, you can add directly at the bottom of the timesheet, via a custom field, the invoices or any other document associated with the expense entered. This greatly facilitates the accounting management of your company.
For the efficient management of expense accounts, it is possible to create a complete report per employee. This report allows for theapproval of expenses by a manager (project manager, supervisor, etc.) and the transformation of the expense into a disbursement for the company. The expense is automatically displayed in the monthly list of disbursements.
To turn the expense into a disbursement, you must first ensure that the employee is a supplier to your company. Since the expense is always associated with a supplier, this step is crucial.
To do so, click on “add a supplier” in the configuration menu.
Then, fill in the desired fields so that your employee’s name is the supplier.
Now convert your disbursement via the expense report.
If you have any questions at any time, you can contact us and we will be happy to answer your questions.
Collabox makes year-end preparation quick and easy!
With the complete accounting module, you have everything you need to keep track of your company’s revenues, expenses, invoices and payments in real time. You can generate reports and keep an eye on your finances at all times. You gain in productivity and accelerate your fiscal year-end process.
Here’s how to do your year-end closing.
1- Bank reconciliation
First, perform your monthly bank reconciliation for each bank account through the “Transactional Account” tab on the left side of your screen.
Then select the account to be reconciled. For example, your bank account, your corporate credit card, your payment transaction accounts if you have them and any other accounts you use for your corporate operations.
Perform the bank reconciliation every month to better manage your bookkeeping.
2- Year-end audit
Perform the audit to balance your invoices and disbursements.
Go back to the “Accounting” menu and select the “Audit” tab at the bottom of the left-hand menu.
Select the month or year you want to check, then choose the invoice or disbursement option. You must also check accounts payable and payroll.
When disbursements or invoices to be verified appear, click on them to view them.
Most of the checks that need to be done are related to the budget item. Allocate the invoice amount to the correct line item to obtain a “remaining amount” of $0.00.
2.1. Expense report
Finally, check the disbursements of the employees via the expense report.
3- Manual verification of your accounts receivable and accounts payable
Before creating the reports for the end of the year, update your accounts receivable and payable via the “Accounting” module.
4- Verification of the income statement
Next, look at the income statement and make sure there are no recurring planned expenses, such as insurance.
5- Closing of month
Finally, close the months of the completed year to avoid unintentional data entry errors. Go to the “close month” tab.
Then select the month(s) to be closed. At any time, you can reverse your selection by deselecting and clicking on “Close Selected Months”.
6- Collabox – Year-end documents for your accountant
From the Collabox, you can create General Ledger, Balance Sheet, Line Item and all your transactional accounts. You also have access to the income statement, accounts receivable and accounts payable. Finally, the inventory of your products is available, if applicable.
To create PDF documents, simply press the “Control P” keys on your keyboard.
7- Other documents for the accountant
In addition to the documents from the Collabox, your accountant will need 13 bank statements for the 12 months of the year to be closed and the first month of the following year.
Then, if necessary, you will have to produce the company’s minute book, as well as the company’s letter.
Finally, depending on your situation, you may need to add the following documents:
Home office expenses (make an invoice and include it in the disbursements)
Access codes for Clic Séqur Express
A power of attorney for RQ, CRA and CNESST
These are the actions you need to take to complete your financial year-end. Of course, your financial advisor or accountant will guide you if you have more specialized questions.
If you have any questions at all, you can contact us, we will be happy to answer.
Do you sometimes forget about supplier disbursements from one month to the next? Make sure you have captured all of your company’s recurring expenses at a glance with the Disbursements by Vendor chart.
Recurring disbursements, by definition, recur at a given interval and are usually the same amount from one time to the next. Collabox has a feature to automate these types of disbursements to help you save time. Go to a disbursement form and enter your information. Then, scroll to the bottom of the page and click on the “Create a recurring disbursement” button.
Table of disbursements by suppliers
However, not all recurring disbursements are necessarily the same amount. That’s why the Disbursements by Supplier table is so useful. It allows you to visually observe expenses by supplier and quickly identify missing disbursements for a given month.
Open the list of disbursements and click on the link “Supplier payment table”.
Choose an interval to check, then click “View”. You will see all the suppliers entered in the disbursements during the selected period. You will quickly see if any disbursements have been missed by suppliers. The following example shows disbursements that appear to be missing. All you have to do is check that nothing has been forgotten.
This follow-up is fast and very efficient. It can easily become part of your end-of-month routine.
Are your employees traveling to meet with clients all over the place and picking up expense invoices? Stop racking your brains, Collabox is designed to make your job easier. In fact, you can transform your expenses or mileage into disbursements via the timesheet. It’s super convenient! To do this, you must first configure your employee’s account by following the instructions in the tab below.
Create a vendor on behalf of the employee that will generate expenses and mileage. First, click on the “Accounting” icon at the top of the navigation menu.
Then select “Suppliers” from the left sidebar.
Finally, click on “Add a supplier”. Fill in the requested information and save the form.
2. Accounting settings
It is now necessary to configure the miscellaneous expenses that can be added to the mileage, for example food and parking. To do this, stay in the “Accounting” module and click on “Define types of expenses”.
Name some types of expenses, we suggest three common ones. Don’t be shy about borrowing them. Then, associate these types of expenses with budget items. Click on “Expenses and budget items” to get there.
Use the drop-down menus to make the association. This example is for illustrative purposes only. Customize your menu!
If you don’t have a budget item that matches your expense type, just add it. To get there, click “Budget items”.
Then click on “Add a budget item” and fill in the information on the screen.
3. Employee settings
Go to “Configuration”.
Click on “Employees”.
Select the employee who will make trips.
Modify the options on these four tabs to suit your needs.
Be sure to check the “Expense Entry” box. Once done, go to “Preferences”.
First check “Show trip counter on timesheet”. Then continue to “Advanced configuration”.
Next, associate your employee with their newly created vendor account.
In the third tab, set up your employee’s travel rate, which is how much you reimburse your employee for travel and how much you sell it to customers. Click “Edit” to change these values.
Enter the values you want. It is important to use the “.” (period) and not the “,” (comma) to enter the amounts.
Manage disbursements through the timesheet
Now that the configurations are done, manage your trips and generate disbursements through the timesheet! If you are the type of person who enters all your appointments in Collabox, you are in for a treat, as these can be transformed into timesheet entries.
Turn an appointment into a timesheet
Click on your appointment in the calendar, then scroll to the bottom of the page.
Choose the “Create Timesheet” option from the series of buttons and options available.
Then indicate the service to which you want to attach this entry. Then, enter your mileage and expenses incurred during this trip. Finally, click on “Save”. The data is saved and now appears in your timesheet.
For example, in red you have the place taken by the appointment and in gray the entry of the timesheet you just created.
Turn an expense into a disbursement
Now that you have lots of expenses added to your timesheets, you are at the time to change them to disbursements. To easily locate them, we have created a comprehensive report. To do so, first click on the “Reports” icon at the top of the page.
Then click on “Expense Report” in the left side menu.
Select the desired display period for the report. It will track and display all additional expenses and mileage incurred by your employees. You can also select a specific employee, as in the example below. Then click on “View report”.
The report then shows you all mileage entries and expenses entered in the timesheet. Select the ones you want to put in the payout.
WARNING! Be certain of your selection because it is not possible to reverse the transformation into disbursement.
Once the selection is complete, click on “Create disbursements”.
You will be automatically redirected to your disbursement list and see your new disbursements on behalf of your employees. If you have selected entries from more than one employee, Collabox will separate the expenses automatically for each employee. You will then have as many disbursements created as employees having fulfilled expenses. If you click on the disbursement, you will be able to see which expenses you selected with their amounts. However, if you have added expenses and mileage, you cannot discern them when turned into disbursement.