Correct categorization of expense receipts

viajeradumonde

When I include a new invoice for an expense, I try to categorize the expense, but I can't find the right categories for my business, for example training, materials to make my products, tools. How can i place the correct category for expense receipts?

FRR

Not sure if WAVE has categories for manufacturing materials....but cost of materials to make your product would be part of the manufacturing account as cost of MATERIALS purchased... similar to your cost of GOODS purchased in your Profit & Loss Account.

If WAVE doesn't afford you a separate Manufacturing Account (maybe you did not set up your company as a manufacturing company of your own goods?) ....just include manufacturing materials purchased as part of your cost of goods sold and training as an expense. My humble suggestion.

*I subsequently found it in Cost of Goods Sold in Wave (see below copied and pasted):

Cost of Goods Sold

Equipment Rental

Rental costs of machinery or equipment your business needs to operate or produce goods or services.
Other Job Related Costs

Miscellaneous costs required to produce a product or service that you sell. Don't use this for costs that are accounted for in other existing categories.
Purchases – Parts & Materials

Parts and materials purchased and used during the year to make products for your business. Don't use this for inventory – use an inventory asset account instead.
Subcontractors' Expense

Payments you make to subcontractors (not employees) for services performed for your business that directly contribute to a product or service you sell.