Managing expenses efficiently is essential for accurate financial records and tax compliance. Joy Pilot’s Advanced View and Bulk Recode features provide greater flexibility in handling expenses by allowing you to view tax treatment details, categorise expenses correctly, and update multiple records at once.
This guide will walk you through how to:
Use the Advanced View to see tax deductibility, taxable benefits, and P&L categories.
Adjust the tax treatment of expenses.
Sort and edit expenses for better organization.
Use Bulk Recode to quickly update multiple expenses at once.
By leveraging these tools, you can streamline expense management and ensure your financial records remain accurate, organized, and tax-compliant.
Key Differences Between Standard and Advanced Views
The Advanced View in Joy Pilot's Expenses section offers additional functionalities beyond the Standard View, providing deeper insights and greater control over expense management. The key differences include:
Tax Deductibility Indicator – Displays whether each expense is tax-deductible or non-deductible, helping you understand how expenses impact your business tax calculations.
Taxable Benefit Assignment – Allows you to mark expenses as taxable benefits and assign them to specific individuals for accurate reporting.
Profit & Loss (P&L) Category Visibility – Shows the P&L category assigned to each expense, making it easier to analyse and report expenses correctly.
Bulk Recode Functionality – Enables you to select multiple expenses and update their attributes simultaneously, reducing the time needed to correct or reclassify expenses.
These features provide greater control and efficiency in managing expenses, ensuring your financial records remain accurate and compliant.
1. Using the Advanced View for Expenses
The Advanced View in the Expenses List provides additional details that are not visible in the standard view. To enable Advanced View:
Navigate to the Expenses section.
Click on ‘[Advanced View]’ to display additional columns.
In this view, you will see:
Tax Treatment – Indicates whether an expense is tax-deductible or non-deductible. For example, entertainment expenses are often non-deductible.
Taxable Benefit – Shows if an expense, such as a Netflix subscription, is considered a taxable benefit to an individual.
Profit & Loss (P&L) Category – Displays the P&L category assigned to the expense, which may not be visible in the standard view.
2. Adjusting the Tax Treatment of an Expense
To modify the tax treatment of an expense:
Locate the expense in the Advanced View.
Click the tax treatment icon (⚙️) to mark the expense as deductible or non-deductible for tax purposes.
Also, if the expense is a taxable benefit, you can use this same modal to tick the box and select the individual who will receive the benefit.
🚨Important Note: Tax Treatment and Compliance
When adjusting tax deductibility or taxable benefits, ensure you comply with local tax regulations. Some expenses may have specific rules about whether they can be deducted or if they are considered taxable benefits for employees.
If you are unsure, consult a qualified accountant or tax professional to ensure compliance.
3. Editing and Sorting Expenses
Use the Edit button (✏️) to modify individual expenses.
To organize expenses by Profit & Loss Category, sort the list to view all expenses assigned to specific categories.
4. Bulk Recoding Expenses
If multiple expenses have been assigned incorrectly (e.g., marked as Miscellaneous instead of Accounting), you can use the Bulk Recode feature to update them efficiently.
To bulk recode expenses:
Select the expenses you want to change by ticking the checkboxes.
Click ‘Bulk Recode’.
Choose the new settings, including:
Tax Treatment – Keep existing settings or modify them.
Taxable Benefit Status – Mark as taxable or non-taxable.
Profit & Loss Category – Assign the correct category.
Click ‘Save’ to apply the changes to all selected expenses.
💡 For an even quicker way to perform bulk updates, see Joy Pilot’s voice-activated accounting feature that allows you to use voice commands to perform bulk-update of expenses, along with the ability to add, edit or delete a expense.
5. Finalizing Changes
Once saved, all updates will be applied automatically to the selected expenses, ensuring accurate categorisation and tax treatment.
Summary
Joy Pilot’s Advanced View and Bulk Recode features offer enhanced functionality for managing expenses efficiently. By using Advanced View, you can gain deeper insights into tax deductibility, taxable benefits, and P&L categories, while the Bulk Recode tool allows for quick updates to multiple expenses at once.
These features help ensure that your expense records remain accurate, well-organized, and tax-compliant, reducing manual effort and streamlining financial management. By leveraging these tools, you can maintain better control over your expenses and make informed financial decisions with ease.
For further guidance on managing expenses in Joy Pilot, explore our other helpful articles in the Day-to-Day Accounting section.