The categories in your app have been set up with self-employed people in mind, so you can get straight down to business. If you’re registered for GST, they’re also set up with the applicable tax codes to keep track of the GST on the things you buy and sell.
But all businesses are different, so you can customise the categories to suit your needs.
Create a category
Create a category if you want to track the sale or purchase of something that can’t be categorised using an existing category. You can check the existing categories by tapping More > Categories. Any categories you might need to create will depend on your business. Just be aware that if you create a specific category, you’ll need to remember to use it consistently.
Go to More > Categories > All categories and tap +.
Choose the type of category you want to create:
Expense – for the day-to-day expenses of running your business, like utility bills and cleaning.
Income – for the sale of goods or services.
Equity – this is typically for personal income and personal expenses.
Liability – for money you owe, like a credit card account or business loan.
Asset – for things you own or are owed, like money in the bank or money owed to you by customers.
Name the new category and if you’re registered for GST, choose the default tax code that’ll be applied when you use this category. You can always change the tax code when recording an income or expense.
Tap Save when you’re done.