Summary
Resolution
Creating and Editing Categories (Also called nominal accounts or codes)
Categories group transactions to track business performance. Each category has a Group and Type, which determine how transactions appear in financial reports like Profit & Loss and the Balance Sheet.
ProductName automatically uses some categories called control accounts to ensure correct tax recording. You can't edit control accounts with an asterisk.
Create a category
- Go to Settings, Business settings, Chart of Accounts.
- Select New category.
- Enter the details and click Save. The fields marked with an asterisk * are mandatory.
Edit a category
Changing the type changes how the values show in your reports. It doesn’t update entered transactions.
Delete a category
You must keep all categories, but you can exclude them from selection lists. An asterisk marks control accounts, which you can’t edit or remove.
- Go to Settings, Business settings, Chart of Accounts.
- Open on the relevant category.
- Clear the Included in the Chart check box.
- Click Save.
Category Fields
This groups ledger accounts and ensures correct display of profit and loss and balance sheet reports.
Account Numbers
This is a number you can use to help you find and sort your categories.
If you've moved from another accounting system such as Sage 50, match with the codes you’ve used previously.
You can use any number that suits you. By default, we use the following numbers.
Assets = 0001 – 1999
Liabilities = 2000 – 2999
Capital = 3000 – 3999
Income = 4000 – 4999
Expenditure – Direct expenses = 5000 – 5999
Expenditure – Expenses = 6000 – 9999
Visibility
Set categories for specific transaction types, like sales for sales transactions. If a category is missing, check its visibility setting.
If an unwanted account appears:
- Go to Settings, Business settings, Chart of Accounts.
- Click the category you want to check.
- Select (or clear) the relevant areas in the Visibility section.
- Click Save.
Errors creating categories
If you see the error:
- "Sorry about this – It looks like we’re experiencing a technical problem.":
- Make sure you aren’t trying to use a nominal code that already exists
- Don't select Bank under Visibility
- Only a ledger with a type as Bank can also have their Visibility set to Bank