How to manage your bookkeeping categories in Holvi

 
In this article we'll go through the income and expense categories in the bookkeeping tool and how the incoming money is being recorded. Furthermore we'll go through some of the automatically created income and expense categories.
 
Table of contents:
 
1. Income and expense categories in general
2. How to create income and expense categories
3. Automatically created categories
  
Income and expense categories in general
  
Available as a video tutorial here.
 
Your Holvi account is built on income and expense categories that you create. All transactions in your Holvi account are organised into either an income or expense category that you assign them to in. To get the most out of your categories you can create budgets for each category so that you can easily keep track of your money movements, both incomes and expenses. Creating a budget is one of the first steps when you are getting started with Holvi!
 
NOTE: Holvi accounts are cash based, which means that the income is accounted only when the money is received and expenses only when money is paid out.

 

How to create income and expense categories

1. Click on the bookkeeping-tab

2. Choose add category

3. Fill in the name of the category

4. Fill in the amount budgeted (optional)

5. Choose expense or income category

6. Save

You can create as many income and expense categories as you like and they are updated automatically when there is incoming and outgoing traffic in your Holvi account

 

Automatically created categories

In addition to the categories that you create, we have some ready made categories for you. 

Pending Income  

Whenever you send an invoice out from Holvi, the invoiced amount is pending income. This means that you haven't yet received the money, but you are waiting for it to arrive. This Pending Income category lists all your invoices that you have sent but have not yet been paid and also the underpaid amounts of paid invoices. When an invoice is paid, the amount paid will automatically move into the income category assigned to the invoice.

VAT Receivable

This category will be visible if you defined that you are VAT liable when you opened the account. All transactions that have VAT% and move out of your Holvi account build up your VAT receivables. This category shows how much you VAT receivables you currently have. NOTE: Holvi is cash based, so in your VAT categories you will only see transactions that are realised.

Uncategorised

If you receive a payment that does not have a reference number, it will arrive as uncategorised. This can happen when someone pays to you using only your Holvi account number. If you know that you have a matching invoice for a payment that has arrived as uncategorised, you can manually match the payment with an invoice. All payments that arrive to Holvi with a reference number will be automatically matched to the corresponding invoice.

VAT Payable

This category will be visible if you defined that you are VAT liable when you opened the account. All transactions that have VAT% and move in to your Holvi account build up your VAT payables. This category shows how much VAT payable you currently have. NOTE: Holvi is cash based, so in your VAT categories you will only see transactions that are realised. For example the VAT amount of a sent invoice is not shown in the VAT Payable category, only the VAT for paid invoices is shown.

Service Fees

Here you can see the total expenses that you've been charged as Holvi's service fees. You can also get a receipt for these from the Reports-section.

 

Holvi support will gladly answer to all questions you might have considering Holvi's bookkeeping or reporting function. Please contact us by submitting a direct request.

 

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