How do I customize the expense categories under the Account section in the Expense Claim? My business is a preschool and we have additional expense categories. Thank you
You need to do it under
Chart of Accounts.
thank you. this software is what I’ve been looking for to organize our business finances
Company with 2 trading names
Wonderful software. It made my life easier for tracking finances of my small consulting business.
Although I am a telecom engineer yet it helped me understand accounting concepts even better that I studied as minor at engineering university.
Just confused on one thing. There is a category "Expense Claims under liabilities. Is this the same that will hold transactions by creating a new “expense claim payer” in settings. If that is the case then my understanding is that it should fall under Accounts Receivable in your assets. Please correct me, if I am wrong. Thanks.
Expense claimsliability account is a control account which represents expense claim payers who paid expenses on behalf of the business. Now business owes them money, therefore liability account from the point of the business.
Accounts receivableis asset account which represents what your customers owe the business because the business sold them goods or services on credit and expecting them to pay the invoice.
So expense claims and accounts receivable are two very different accounts.
Where do I find the “Chart of Accounts”