Preset expense categories now available

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In order for you to get the most out of your categories Holvi have created a preset of 15 expense categories for you to easily keep track of your expenses:

 

  1. Salary: Salary expenses paid out to employees
  2. Owner's withdrawal: Funds withdrawn for personal use
  3. Rent: Rent paid for company offices and/or other structures used
  4. Taxes: Business-related taxes like income tax, value-added tax, or labor tax
  5. Computer and internet expenses: Computer and telephone supplies, off-the-shelf software, online fees, and other computer, telephone or internet-related expenses
  6. Travel expense: Business-related travel expenses, including airline tickets, taxi fares, hotel and other travel expenses
  7. Insurance expense: General liability insurance: General liability insurance premiums; Life and disability insurance: Employee life and disability insurance premiums; Professional liability: Professional liability (errors and omissions) insurance; Workers' compensation: Workers' compensation insurance premiums
  8. Marketing expense: Advertising, marketing, graphic design, and other promotional expenses
  9. Office supplies: Blank sheet paper, name tags, file folders, post-it notes, address labels, ink and toner, cartridges, memory cards, tape, fax machine thermal paper, paper clips, binder, clips, staples, glue, mucilage, price tags, cash registers, hole punches, rubber stamps, numbering machines, staplers, pencil sharpeners, laminators, containers, writing utensils, computers, printers, fax machines, photocopiers, office furniture, office food, janitorial supplies
  10. Contract services: Accounting, audit, bookkeeping, tax preparation, payroll service, or related consulting; Payments to attorneys and other professionals for services rendered; Outside contractors for projects, consulting, or short-term assignments for internal organization activities
  11. Continuing education: Seminars, educational expenses and employee development (excluding travel)
  12. Meals and entertainment: Business meals and entertainment expenses, including travel-related meals (may have limited deductibility)
  13. Cost of goods sold: Rented equipment used on jobs; Freight-in and shipping costs for delivery to customers; Cost of materials used on jobs; Media purchased for clients: Print, TV, radio, and other media purchased for clients; Purchases of software items for resale that are not tracked or counted in inventory; Subcontracted services for customer service orders; Purchases of tools or small equipment used on jobs
  14. Other expenses: Other expenses that don’t fit the other categories
  15. Ask my accountant: Transactions to be discussed with your accountant, consultant, or tax preparer

 

Whenever you have an expense, you are able to categorise it to the right category. This is an addition to the automatically created categories (Pending income, VAT Receivable, VAT Payable, Service fees and Uncategorised). You are also able to create additional categories, although you take these default expense categories in use. 

 These default expense categories can be activated on your account by sending us a request to support@holvi.com.

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