To get you started, we’ve set you up with some default bookkeeping categories.
Each category is contained within a group, and groups decide how these categories factor into your reporting.
In this article, we list our default categories and which groups they fall into. We also explain how to use our default categories.
| Group | Categories |
| Business income |
|
| Business expense |
|
| Other income |
|
| Other expense |
|
| VAT |
|
| Personal income |
|
| Personal expense |
|
How to use our default bookkeeping categories
These categories are automatically created when you open a business account, no matter your business type.
Business income group
Business income
This is your default category for business income.
Uncategorised
Any income that is not yet categorised will go in here, under the Business income group. Why? For starters, Holvi is primarily a business account – not a personal one – so it makes sense that this is the default group for uncategorised inbound transactions. This way, if you forget to categorise a transaction, it’ll still appear in your business insights and reports.
Having said that, for the best business insights make sure to check your transactions and categorise them correctly.
Business expense group
Business expenses
This is your default category for business expenses.
Uncategorised
Any expenses that are not yet categorised will go in here, under the Business expense group. if you forget to categorise an expense, it’ll still appear in your business insights and reports. That said, for the best business insights make sure to check your transactions and categorise them correctly.
Credit interest
This category is only visible to Holvi customers who sign up for our Holvi Business Credit Card. For tax purposes, interest due on credit repayments is categorised differently.
Other income group
Other non-business inbound
This category is for non-business inbound payments. For example, if a friend sends you money to pay back a personal lunch.
Being able to categorise transactions as non-business-related helps keep your insights and reports clear of unwanted and misleading transactions.
Credit payments (payments to credit account)
This category is only visible to Holvi customers who sign up for our credit card. When you receive money in your Holvi credit account, it will automatically be categorised as a credit payment in your Other income group.
Other expense group
Other non-business outbound
This category is for non-business outbound payments. For example, if you send money back to your friend because you actually agreed you’d pay for lunch.
Being able to categorise transactions as non-business-related helps keep your insights and reports clear of unwanted and misleading transactions.
Company taxes
This category is for payments to tax authorities, such as VAT payments, income tax payments, or any other tax payments – trade tax, church tax, etc.
Holvi service fees
This category shows you the total amount you've been charged from Holvi's service fees. You can also get a receipt for these from the Reports section.
Credit payments (payments from debit account)
This category is only visible to Holvi customers who sign up for our credit card. When you pay off your credit balance by transferring money to Holvi’s own IBAN account, it will automatically be categorised as a credit payment in your Other expense group.
If your company is VAT-liable
In Holvi, you can set up your business as VAT-liable. If you do, you’ll also get the following ungrouped categories.
VAT receivable
This category shows your total VAT receivables. Your VAT receivables are made up of all outbound transactions containing VAT.
VAT payable
This category shows your total VAT payable. Your VAT payables are made up of all inbound transactions containing VAT.
Note
Holvi is cash-based, so in your VAT categories you'll only see transactions that are complete.
If you’re a freelancer or sole trader
If you're a freelancer or sole trader, there's no legal distinction between you and your business. This means you can legally mix business and personal finances. But with power comes responsibility.
To make sure your insights and reports stay accurate, you'll need to categorise personal income and expenses in their own categories. To make life easy, these categories fall under identically-named groups.
Personal income
Personal income
If you're using Holvi as a sole trader or freelancer, you'll need to track how much money is moving in and out of your account as a result of personal use. Use the Personal income category for personal deposits into your Holvi account (inbound payments).
Personal expense
Personal expense
If you're using Holvi as a sole trader or freelancer, you'll need to track how much money is moving in and out of your account as a result of personal use. Use the Personal expense category for personal spending from your Holvi account (outbound payments).