What is the main difference between a category and a cost centre?
Think of it this way:
- Categories (CoA) describe what the money was spent on (e.g., Office Supplies). This is essential for your tax return.
- Cost centres describe who spent the money or which project it belongs to (e.g., Marketing Team). This is essential for internal management.
Can I use both on the same transaction?
Yes. In fact, it is recommended. Every transaction should have a category for tax reasons. Adding a cost centre is an optional layer that gives you better insight into your business spending.
Why can't I delete an old cost centre?
To protect your financial integrity, Holvi prevents the deletion of any cost centre or category that has been used in a transaction. Instead, you can set the status to Inactive (Archived). It will disappear from your selection menus but stay in your historical reports.
What happens if the OCR doesn't find the VAT?
If our receipt scanning (OCR) cannot identify the VAT, the transaction will be marked as a "Draft". You will need to manually select the correct VAT rate and category/cost centre before the transaction can be included in a final bookkeeping export.