List of expenses

Stay on top of your household spending with one easy-to-use budget management tool. What are all the expenses? How do I calculate average monthly expenses? Do list down all the items that show your personal financial situation.

For fixed expenses, they include your house rent , loan repayment as well as your utility bills and salaries.

On the other han for Variables expenses, they are usually and generally non-contractual expenses. Generally, monthly bills are payable for them. See full list on wallstreetmojo. These are the expenses which are paid by the company for their staff during their official visit.

The staff can travel to meet customers, for some supplies or any other event. In such a case either company pays staff expense directly or reimburses the staff after their visit. These expenses are charged in the PL as traveling expense.

For example, pen, papers, clippers etc.

The expenses which are related to payment of utility bills of the company like expenses of water and electricity that generally are used for the daily operating activities are the utility expenses and are charged to the profit and loss account of the company. The property tax paid by the company on its properties forms the part of the operating expenses of the company. These operating expenses which are incurred for using the legal services by the company. These are charged in the profit and Loss account of the company under the head legal expenses.

The fees charged by the banks for the general transactions going in the business are known as the bank charges. The Repair and maintenance operating expense on the asset used for production like repairing requirements of machines, or the vehicles in the company. The expenses which are incurred for taking insurance of health care, general insurance of staff and fire insurance are to be charged to the profit and loss account under the head insurance expenses.

The same however does not include the trade discount which the company gives to its customers. This type of operating expenses which are incurred for research of the new products are treated as revenue expenses and should not be capitalized. The entertainment expenses incurred for the sales and related support activities forms the part of the operating expenses of the company.

Cost of the Goods Sold is the Costs which are incurred for the Goods or products sold by the organization during a specific time period. This operating expenses that are incurred for the purpose of increasing sales are part of the sales expenses. The cost which is considered while calculating the cost of goods sold refers to the cost which is directly attributable to goods or products sold by the company.

Freight-in is the shipping cost which buyer has to pay for purchasing the merchandise when terms are the FOB shipping point. The expense related to freight-in is considered as part of the cost of merchandise and in case if the merchandise is not yet sold then the same should be considered in the inventory. Freight out is the cost of transportation which is associated with the delivery of the goods from the place of the supplier to customers and the same should be included within cost of the goods sold classification in the income statement.

These are the costs which are incurred to make the product in the condition to sell it to customers.

Rental Cost which is paid for the properties used for providing the support related to the production. The Salaries, wages, and other benefits are given to the staff related to the production of goods. The reduction in the value of the asset due to wear and tear while using at the time of production is the depreciation expense and forms the part of the cost of goods sold. These are incurred which is directly attributable to production form part of the cost of goods sold. You may learn more about accounting from the following articles- 1. Difference Between Actual Cash Value vs Replacement Cost 2. Industry Examples of Cost Product 4. Meaning of Product Cost 5. Operating Expense Examples 3. Health insurance, auto insurance (use “Car Expenses” or Add Mileage), disability insurance.

Car Expenses (Line 9) The business portion of your actual car expenses (e.g. gas, insurance, registration, repairs and maintenance) or public transit expenses (e.g. buses) if you use local transportation. Top Free Accounting Softwares for Small Businesses. Simplify your accounting process with Odoo. Stop recording transactions manually! Deductible expenses are those that are seen as “ordinary and necessary” for conducting business.

Remember, however, that you can only deduct the business use of the expense you’re deducting. This list is relevant for many self-employed professionals. An expense is a type of expenditure that flows through the income statement and is deducted from revenue to arrive at net income. Due to the accrual principle in accounting, expenses are recognized when they are incurre not necessarily when they are paid for. A personal or household budget is an itemized list of expected income and expenses that helps you to plan for how your money will be spent or save as well as track your actual spending habits.

The word budget may have taken on a slightly negative connotation over the years, invoking an image of pinching pennies or limited spending. A business expense is a business cost for goods and services that are used up quickly. As a rule of thumb, periodic payments such as monthly wages are considered expenses.

Every company incurs regular expenses as part of doing business. Most company expenses are deductible if you operate a business that is set up to make a profit. The list of company expenses can be varied and long, and. In general, if an expense is ordinary and necessary for you to conduct business, it can be written off as a business expense. The more business expenses you can take as tax deductions, the lower your business income, and the lower your business taxes.

But you must be able to prove these expenses before deducting them. As you might have guesse while you can use your loan funds for the legitimate business expenses discussed above, not all expenses are forgivable under the PPP loan. In order to have part or all of your PPP loan forgiven, at least (previously ) of it must be used to maintain employment.