Setting Up Categories ( Chart Of Accounts )

Select Settings > Income & Expense Categories.


Here is where you will setup and manage your categories (aka Chart of Accounts). A few default income and expense categories have already been entered for you...



To create your own category and add it to the list, click the Add Category button. You can add a category as either Income, Expense, or Other. The "other" category is used for ledger adjustments and will not be reflected on the income/expense reports.



Below are the most common additional categories that clients add to their Chart of Accounts:




**NOTE:  We offer a Financial Report called "Category Ledger" that is very useful for analyzing the transactions posted to each category.

Sub-Categories.   

Unfortunately, the program does not allow the creation of sub-categories. 

However, some of our clients have created a category such as 6250 Utilities, and then created additional categories such as ...

6250.1 Utilities - Water
6250.2 Utilities - Electric
6250.3 Utilities - Gas

This allows you to group them together or create "sub-categories" by numbering them the same and adding a decimal point to each one, however they are still separate categories and are not true sub-categories.

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