Recording and approving expenses
Record and approve operating expenses inside the system, and route expense documents through iCore approval workflows when configured.
- Record expenses
- Approve expenses
- Approval workflows when configured
Expense Management Software and App for Recurring, Prepaid and Accrued Expenses
Organise expenses, accruals and adjustments with the financial transactions module in iCore ERP. It manages operating, prepaid and accrued expenses, spreads them over the right financial periods and creates the related journal entries.
Recurring expenses
Define expenses that repeat every period, such as rent and utilities, once instead of entering them by hand each time.
- Recurring and periodic expenses
- Rent
- Utilities
Prepaid expenses
Record an expense paid in advance and create a periodic amortisation schedule that spreads it over the right financial periods.
- Record prepaid expenses
- Periodic amortisation schedules
- Spread over financial periods
Accrued expenses
Track expenses that belong to the current period but are not yet paid, so they land in the right financial period.
- Record accrued expenses
- Recognise them in the right period
Automatic financial adjustments
iCore supports automatic financial adjustments for expenses, so fewer adjusting entries have to be prepared by hand at the end of each period.
- Automatic financial adjustments
- Fewer manual adjusting entries
Posting expenses to accounting
iCore creates the journal entries linked to expenses and posts them to the accounts, and transactions can be reversed or cancelled by permission.
- Entries created for expenses
- Posting to the accounts
- Reverse or cancel by permission
Branches and cost centres
Link every expense to the right branch and cost centre, so you know the cost of each branch and activity.
- Branch links
- Cost-centre links
Expense and accrual reports
Run expense and accrual reports to follow what was spent and what is prepaid or accrued in each period.
- Expense reports
- Accrual reports
Expense management: frequently asked questions
Does iCore handle prepaid and accrued expenses?
Yes. The iCore financial transactions module manages prepaid and accrued expenses and spreads them over the right financial periods with periodic schedules and automatic adjustments.
Can I record recurring expenses such as rent and utilities?
Yes. iCore supports periodic and recurring expenses, including rent and utilities.
Are journal entries for expenses created automatically?
Yes. iCore creates and posts the entries linked to expenses, and transactions can be reversed or cancelled by permission.
Can expenses be allocated to branches and cost centres?
Yes. Expenses are linked to branches and cost centres and appear in the expense and accrual reports.
See iCore on your own workflow
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