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.
Keep all categories, but you can exclude them from selection lists. An asterisk marks control accounts, which you can’t edit or remove.
This groups the ledger accounts and ensures the correct profit and loss and balance sheet reports.
| Group | Type | Description | |
|---|---|---|---|
| Income | Revenue | Income from the things you sell | |
| Other income | Other sources of income | ||
| Expenditure | Direct expenses | Costs directly related to things you sell such as packaging, labour charges, import duty etc. | |
| Expenses | Other costs such as staff wages, utility bills, business expenses etc. |
| Group | Category | Description |
|---|---|---|
| Asset | Bank | Balance of your bank accounts and credit cards |
| Fixed Assets | Value of your assets such as your property, any equipment you own, any company cars or other vehicles. | |
| Current Assets | The value of your stock and the amount owed to you by your customers. | |
| Liability | Liabilities | Amount you owe to creditors such as the total amount owed to your vendors, the amount owed to the tax authority. |
| Capital | Equity | Any capital bought into the business such as your profit (or loss) |
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
Set categories for specific transaction types, like sales for sales transactions. If a category is missing, check its visibility setting.
When to change the visibility of a category:
If an unwanted account appears: