Holvi’s category grouping tool gives you an even better understanding of your business performance by helping you to calculate profit/loss, VAT and map income and expenses with added precision.
You can map your existing and new categories to category groups. For example, ‘Office supplies’ (category) would go under ‘Business expenses’ (category group). This allows you to, for example, further differentiate your personal expenses from business ones and get real-time calculations with 100% accurate information.
Category grouping doesn’t affect your existing categories, which are still available in your ‘Category’ dropdown. You can still create new categories and categorise your transactions exactly the same as before.
Where can I find the tool?
You’ll find the new category grouping tool on your Holvi Bookkeeping page under Categories. From here you can enter:
a) The categories list page, where you see all your categories in Holvi
b) The category edit details page, where you can add your categories to category groups
Which category groups are available?
The category groups are preset and we believe that they should help you to organise your finances better. You cannot add additional groups but you can always add additional categories.
Income category groups: Business income; Personal Deposit; Other
Expense category groups: Business expense; Personal Withdrawal; Other expenses
What’s in it for me?
By using category groupings you’ll get more accurate info on:
- Income and expense statements and VAT reports
- How much money you have moved to/from your personal account(s)
- How much VAT you have to pay