diff --git a/frontend/src/App.tsx b/frontend/src/App.tsx
index aee3c7c9..51330423 100644
--- a/frontend/src/App.tsx
+++ b/frontend/src/App.tsx
@@ -66,6 +66,7 @@ import { AdminLayout, AdminAuthWrapper } from './components/admin';
 import { ClientsLayout } from './components/admin/ClientsLayout';
 import { AccountingLayout, AccountingIndex } from './components/admin/AccountingLayout';
 import { AccountingInboxPage } from './pages/admin/accounting/AccountingInboxPage';
+import { ExpensesLedgerPage } from './pages/admin/accounting/ExpensesLedgerPage';
 import { RequireFeature } from './components/admin/RequireFeature';
 import { PageErrorBoundary, OfflineIndicator, SkipLink, DynamicFavicon, RobotsMetaTags, CMSContentBlock, Loading } from './components/common';
 import { MaintenanceWrapper } from './components/MaintenanceWrapper';
@@ -271,6 +272,7 @@ function App() {
                         <Route path="accounting" element={<AccountingLayout />}>
                           <Route element={<RequireFeature flag="incomingInvoices" />}>
                             <Route path="inbox" element={<AccountingInboxPage />} />
+                            <Route path="expenses" element={<ExpensesLedgerPage />} />
                           </Route>
                           <Route element={<RequireFeature flag="taxReport" />}>
                             <Route path="tax-report" element={<TaxReportPage />} />
diff --git a/frontend/src/components/admin/AccountingLayout.tsx b/frontend/src/components/admin/AccountingLayout.tsx
index 81f85214..d919ddd6 100644
--- a/frontend/src/components/admin/AccountingLayout.tsx
+++ b/frontend/src/components/admin/AccountingLayout.tsx
@@ -9,7 +9,7 @@
 import React from 'react';
 import { NavLink, Outlet, Navigate, useLocation, useNavigate } from 'react-router-dom';
 import { useTranslation } from 'react-i18next';
-import { Landmark, Calculator, Inbox } from 'lucide-react';
+import { Landmark, Calculator, Inbox, Wallet } from 'lucide-react';
 import type { LucideIcon } from 'lucide-react';
 import { useFeatureFlags, type FeatureKey } from '../../contexts/FeatureFlagsContext';
 
@@ -36,6 +36,13 @@ export const AccountingLayout: React.FC = () => {
       icon: Inbox,
       featureFlag: 'incomingInvoices',
     },
+    {
+      key: 'expenses',
+      to: '/admin/accounting/expenses',
+      label: t('accounting.subnav.expenses', 'Expenses'),
+      icon: Wallet,
+      featureFlag: 'incomingInvoices',
+    },
     {
       key: 'tax-report',
       to: '/admin/accounting/tax-report',
diff --git a/frontend/src/i18n/locales/de.json b/frontend/src/i18n/locales/de.json
index dbf5d8be..86d5b614 100644
--- a/frontend/src/i18n/locales/de.json
+++ b/frontend/src/i18n/locales/de.json
@@ -3400,6 +3400,7 @@
     },
     "subnav": {
       "incomingInvoices": "Eingangsrechnungen",
+      "expenses": "Aufwände",
       "taxReport": "Steuer"
     },
     "disposition": {
@@ -3449,6 +3450,36 @@
         "eventId": "Event-ID (optional)",
         "markup": "Zuschlag"
       }
+    },
+    "expenseStatus": {
+      "open": "Offen",
+      "parked": "Geparkt",
+      "billed": "Verrechnet",
+      "declined": "Abgelehnt"
+    },
+    "paymentMethod": {
+      "bank_transfer": "Überweisung",
+      "cash": "Bargeld",
+      "twint": "TWINT",
+      "paypal": "PayPal",
+      "card": "Karte",
+      "other": "Sonstiges"
+    },
+    "ledger": {
+      "allStatuses": "Alle Status",
+      "allDispositions": "Alle Zuordnungen",
+      "empty": "Noch keine Aufwände — Dokumente im Eingang kategorisieren.",
+      "untitled": "Aufwand",
+      "invoiceLink": "Rechnung",
+      "paid": "Bezahlt",
+      "markPaid": "Als bezahlt markieren",
+      "markPaidTitle": "Lieferant als bezahlt markieren",
+      "paidDate": "Zahldatum",
+      "method": "Methode",
+      "reference": "Referenz (optional)",
+      "confirmPaid": "Als bezahlt markieren",
+      "paidToast": "Als bezahlt markiert.",
+      "unpaidToast": "Als nicht bezahlt markiert."
     }
   },
   "calendar": {
diff --git a/frontend/src/i18n/locales/en.json b/frontend/src/i18n/locales/en.json
index 829fbe83..a5a03b2c 100644
--- a/frontend/src/i18n/locales/en.json
+++ b/frontend/src/i18n/locales/en.json
@@ -3400,6 +3400,7 @@
     },
     "subnav": {
       "incomingInvoices": "Incoming invoices",
+      "expenses": "Expenses",
       "taxReport": "Tax"
     },
     "disposition": {
@@ -3449,6 +3450,36 @@
         "eventId": "Event ID (optional)",
         "markup": "Markup"
       }
+    },
+    "expenseStatus": {
+      "open": "Open",
+      "parked": "Parked",
+      "billed": "Billed",
+      "declined": "Declined"
+    },
+    "paymentMethod": {
+      "bank_transfer": "Bank transfer",
+      "cash": "Cash",
+      "twint": "TWINT",
+      "paypal": "PayPal",
+      "card": "Card",
+      "other": "Other"
+    },
+    "ledger": {
+      "allStatuses": "All statuses",
+      "allDispositions": "All dispositions",
+      "empty": "No expenses yet — categorize documents in the inbox.",
+      "untitled": "Expense",
+      "invoiceLink": "Invoice",
+      "paid": "Paid",
+      "markPaid": "Mark paid",
+      "markPaidTitle": "Mark supplier paid",
+      "paidDate": "Payment date",
+      "method": "Method",
+      "reference": "Reference (optional)",
+      "confirmPaid": "Mark paid",
+      "paidToast": "Marked as paid.",
+      "unpaidToast": "Marked as not paid."
     }
   },
   "calendar": {
diff --git a/frontend/src/pages/admin/accounting/ExpensesLedgerPage.tsx b/frontend/src/pages/admin/accounting/ExpensesLedgerPage.tsx
new file mode 100644
index 00000000..9b091532
--- /dev/null
+++ b/frontend/src/pages/admin/accounting/ExpensesLedgerPage.tsx
@@ -0,0 +1,174 @@
+/**
+ * Accounting → Expenses ledger.
+ *
+ * Lists the expenses booked from triaged inbound documents (and manual ones).
+ * Shows disposition + status, the linked client invoice for re-billed items,
+ * and a supplier-payment toggle ("Zu zahlen / Bezahlt") with method capture —
+ * decoupled from categorisation, per the locked design.
+ */
+import React, { useState } from 'react';
+import { Link } from 'react-router-dom';
+import { useQuery, useMutation, useQueryClient } from '@tanstack/react-query';
+import { useTranslation } from 'react-i18next';
+import { toast } from 'react-toastify';
+import { CheckCircle2, Circle, X, ExternalLink } from 'lucide-react';
+import { Button, Card, CardContent, Input, LocalizedDateInput, Loading } from '../../../components/common';
+import { formatMoneyMinor } from '../../../utils/money';
+import { useLocalizedDate } from '../../../hooks/useLocalizedDate';
+import {
+  accountingService,
+  type Expense,
+  type Disposition,
+  type PaymentMethod,
+} from '../../../services/accounting.service';
+
+const DISPOSITIONS: Disposition[] = ['rebill', 'durchlaufend', 'eigener_aufwand', 'duplikat', 'abgelehnt'];
+const STATUSES = ['open', 'parked', 'billed', 'declined'];
+const PAYMENT_METHODS: PaymentMethod[] = ['bank_transfer', 'cash', 'twint', 'paypal', 'card', 'other'];
+
+const statusClasses: Record<string, string> = {
+  open: 'bg-amber-100 text-amber-800 dark:bg-amber-900/40 dark:text-amber-300',
+  parked: 'bg-blue-100 text-blue-800 dark:bg-blue-900/40 dark:text-blue-300',
+  billed: 'bg-green-100 text-green-800 dark:bg-green-900/40 dark:text-green-300',
+  declined: 'bg-neutral-200 text-neutral-700 dark:bg-neutral-700 dark:text-neutral-300',
+};
+
+const PayModal: React.FC<{ expense: Expense; onClose: () => void; onDone: () => void }> = ({ expense, onClose, onDone }) => {
+  const { t } = useTranslation();
+  const [paidAt, setPaidAt] = useState('');
+  const [method, setMethod] = useState<PaymentMethod>('bank_transfer');
+  const [reference, setReference] = useState('');
+
+  const save = useMutation({
+    mutationFn: () => accountingService.setSupplierPayment(expense.id, {
+      paid: true, paidAt: paidAt || undefined, paymentMethod: method, paymentReference: reference || undefined,
+    }),
+    onSuccess: () => { toast.success(t('accounting.ledger.paidToast', 'Marked as paid.')); onDone(); },
+    onError: (e: any) => toast.error(e?.response?.data?.error || e.message || 'Failed'),
+  });
+
+  return (
+    <div className="fixed inset-0 z-50 flex items-start justify-center bg-black/50 p-4">
+      <div className="mt-16 w-full max-w-sm rounded-xl bg-white dark:bg-neutral-900 shadow-xl">
+        <div className="flex items-center justify-between border-b border-neutral-200 dark:border-neutral-700 px-5 py-3">
+          <h2 className="text-base font-semibold text-neutral-900 dark:text-neutral-100">{t('accounting.ledger.markPaidTitle', 'Mark supplier paid')}</h2>
+          <button onClick={onClose} aria-label={t('common.close', 'Close')} className="text-neutral-400 hover:text-neutral-600"><X className="w-5 h-5" /></button>
+        </div>
+        <div className="px-5 py-4 space-y-3">
+          <div>
+            <label className="block text-sm font-medium text-neutral-700 dark:text-neutral-300 mb-1">{t('accounting.ledger.paidDate', 'Payment date')}</label>
+            <LocalizedDateInput value={paidAt} onChange={setPaidAt} />
+          </div>
+          <div>
+            <label className="block text-sm font-medium text-neutral-700 dark:text-neutral-300 mb-1">{t('accounting.ledger.method', 'Method')}</label>
+            <select value={method} onChange={(e) => setMethod(e.target.value as PaymentMethod)}
+              className="w-full rounded-md border border-neutral-300 dark:border-neutral-600 bg-white dark:bg-neutral-800 px-3 py-2 text-sm">
+              {PAYMENT_METHODS.map((m) => <option key={m} value={m}>{t(`accounting.paymentMethod.${m}`, m)}</option>)}
+            </select>
+          </div>
+          <div>
+            <label className="block text-sm font-medium text-neutral-700 dark:text-neutral-300 mb-1">{t('accounting.ledger.reference', 'Reference (optional)')}</label>
+            <Input value={reference} onChange={(e) => setReference(e.target.value)} />
+          </div>
+        </div>
+        <div className="flex justify-end gap-2 border-t border-neutral-200 dark:border-neutral-700 px-5 py-3">
+          <Button variant="outline" onClick={onClose}>{t('common.cancel', 'Cancel')}</Button>
+          <Button onClick={() => save.mutate()} disabled={save.isPending}>{save.isPending ? t('common.saving', 'Saving…') : t('accounting.ledger.confirmPaid', 'Mark paid')}</Button>
+        </div>
+      </div>
+    </div>
+  );
+};
+
+export const ExpensesLedgerPage: React.FC = () => {
+  const { t } = useTranslation();
+  const qc = useQueryClient();
+  const { format } = useLocalizedDate();
+  const [status, setStatus] = useState('');
+  const [disposition, setDisposition] = useState('');
+  const [payExpense, setPayExpense] = useState<Expense | null>(null);
+
+  const { data, isLoading } = useQuery({
+    queryKey: ['accounting-expenses', status, disposition],
+    queryFn: () => accountingService.listExpenses({
+      status: status || undefined,
+      disposition: (disposition || undefined) as Disposition | undefined,
+      pageSize: 100,
+    }),
+  });
+
+  const unpay = useMutation({
+    mutationFn: (id: number) => accountingService.setSupplierPayment(id, { paid: false }),
+    onSuccess: () => { toast.success(t('accounting.ledger.unpaidToast', 'Marked as not paid.')); qc.invalidateQueries({ queryKey: ['accounting-expenses'] }); },
+    onError: (e: any) => toast.error(e?.response?.data?.error || e.message || 'Failed'),
+  });
+
+  const selectClass = 'rounded-md border border-neutral-300 dark:border-neutral-600 bg-white dark:bg-neutral-800 px-3 py-2 text-sm';
+  const items = data?.items ?? [];
+
+  return (
+    <div>
+      <div className="mb-4 flex flex-wrap gap-3">
+        <select value={status} onChange={(e) => setStatus(e.target.value)} className={selectClass}>
+          <option value="">{t('accounting.ledger.allStatuses', 'All statuses')}</option>
+          {STATUSES.map((s) => <option key={s} value={s}>{t(`accounting.expenseStatus.${s}`, s)}</option>)}
+        </select>
+        <select value={disposition} onChange={(e) => setDisposition(e.target.value)} className={selectClass}>
+          <option value="">{t('accounting.ledger.allDispositions', 'All dispositions')}</option>
+          {DISPOSITIONS.map((d) => <option key={d} value={d}>{t(`accounting.disposition.${d}`, d)}</option>)}
+        </select>
+      </div>
+
+      {isLoading ? (
+        <Loading />
+      ) : items.length === 0 ? (
+        <Card><CardContent className="p-8 text-center text-sm text-neutral-600 dark:text-neutral-400">{t('accounting.ledger.empty', 'No expenses yet — categorize documents in the inbox.')}</CardContent></Card>
+      ) : (
+        <div className="space-y-2">
+          {items.map((ex) => (
+            <div key={ex.id} className="flex flex-wrap items-center gap-3 rounded-lg border border-neutral-200 dark:border-neutral-700 bg-white dark:bg-neutral-900 px-4 py-3">
+              <div className="flex-1 min-w-[12rem]">
+                <div className="flex items-center gap-2">
+                  <span className={`inline-block rounded px-2 py-0.5 text-xs font-medium ${statusClasses[ex.status] || ''}`}>{t(`accounting.expenseStatus.${ex.status}`, ex.status)}</span>
+                  <span className="text-sm font-medium text-neutral-900 dark:text-neutral-100 truncate">{ex.supplierName || ex.description || t('accounting.ledger.untitled', 'Expense')}</span>
+                </div>
+                <div className="text-xs text-neutral-500 dark:text-neutral-400">
+                  {t(`accounting.disposition.${ex.disposition}`, ex.disposition)}
+                  {' · '}
+                  {format(ex.createdAt)}
+                  {ex.billedInvoiceId ? (
+                    <>{' · '}<Link to={`/admin/clients/bills/${ex.billedInvoiceId}`} className="inline-flex items-center gap-0.5 text-primary-600 hover:underline">{t('accounting.ledger.invoiceLink', 'Invoice')}<ExternalLink className="w-3 h-3" /></Link></>
+                  ) : null}
+                </div>
+              </div>
+
+              <div className="text-sm font-medium text-neutral-900 dark:text-neutral-100 tabular-nums">
+                {ex.chfAmountMinor != null ? formatMoneyMinor(ex.chfAmountMinor, 'CHF') : '—'}
+              </div>
+
+              {/* Supplier-payment toggle (skip for declined/duplicate). */}
+              {ex.disposition !== 'abgelehnt' && ex.disposition !== 'duplikat' && (
+                ex.supplierPaid ? (
+                  <button onClick={() => unpay.mutate(ex.id)} disabled={unpay.isPending}
+                    className="inline-flex items-center gap-1 rounded-md px-2 py-1 text-xs font-medium text-green-700 dark:text-green-300 hover:bg-green-50 dark:hover:bg-green-900/30">
+                    <CheckCircle2 className="w-4 h-4" /> {t('accounting.ledger.paid', 'Paid')}
+                  </button>
+                ) : (
+                  <Button size="sm" variant="outline" onClick={() => setPayExpense(ex)}>
+                    <Circle className="w-3.5 h-3.5 mr-1" /> {t('accounting.ledger.markPaid', 'Mark paid')}
+                  </Button>
+                )
+              )}
+            </div>
+          ))}
+        </div>
+      )}
+
+      {payExpense && (
+        <PayModal expense={payExpense} onClose={() => setPayExpense(null)} onDone={() => { setPayExpense(null); qc.invalidateQueries({ queryKey: ['accounting-expenses'] }); }} />
+      )}
+    </div>
+  );
+};
+
+export default ExpensesLedgerPage;