Account Categories - Setup Tutorials

Overview#

Account Categories refer to the main sections of the Statement of Profit or Loss and the Statement of Financial Position.

This tutorial explains how to create the necessary Account Categories.

💡These tutorials explain how to create, edit and delete Account Categories.

How to Create a Category#

1. Click Add Account Category (button).
2. Enter a Description.
3. Select a Type from the dropdown list. The options are:
   • Revenue (e.g. Sales or Services Rendered)
   • Cost of Sales (e.g. Purchases, Stock Movement)
   • Expenses (e.g. Salaries and Wages)
   • Equity (e.g. Shares)
   • Assets (e.g. Office Equipment, Bank Accounts, Customers)
   • Liabilities (e.g. Loans, Suppliers, VAT Control)
4. Select a VAT Reporting category from the Report dropdown list:
   • Inc. VAT (the amount will generally include VAT (e.g. Long-Term Loans)).
   • Exc. VAT (the amount will generally exclude VAT (where VAT was claimed back, e.g. Expenses)).
   • VAT (the VAT Control account that exists only for VAT).

How to Delete a Category#

1. Navigate to Categories.
2. Click the selected category you want to delete.
3. Click the X at the end of the row.
   • Note: A used category cannot be deleted.

How to Edit a Category#

1. Navigate to Categories.
2. Select a Category and change any of the fields by overtyping the existing content.