Categorizing Expenses
Paula
Member Posts: 1
Hi there! I'm completely new to business ownership, bookkeeping, Wave, etc... I'm inputting info on all of the receipts for transactions transferred over from my business banking account. I'm a little confused with the categories. It seems like I'm putting everything from yoga mats to uniforms to water to decor under office supplies. It seems like there should be more options. I'm I categorizing appropriately? Is there a way to add other categories? They all seem so vague so I'm writing the item/purpose in the description box.
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I have the same question! I bought equipment (mats, blankets, blocks) for my yoga business and I'm unsure how to categorize them as well.
Yes, I too am finding the categories unsuitable for all costs. Any ideas about bank charges and account interest paid/received? It's been fun to discover features but I seem to need a few more (or just haven't found everything yet). The categories are rather important!
Having the same problem! I run a video production business, and it seems inappropriate to categorize thousands of dollars of production equipment under "office supplies".
@Paula @threemoon @GMM @coastalculturemedia All you will need to do in order to categorize your receipts transactions properly, is go to the Accounting > Chart of Accounts section. From here, you should be able to create a chart of account that would best fit the needs of the receipts that you are categorizing in Wave. Here is a help centre article that gives more insight on how to create these categories; https://support.waveapps.com/hc/en-us/articles/208622046-How-to-add-accounts-and-customize-categories
Yes, I found it next day. Thanks.
Thanks! By the way, loving the software.
@GMM - Glad to hear you figured it out on your own - nice sleuthing!
@coastalculturemedia - So glad to hear you're enjoying Wave and love the idea of your video business cards!