How to create a new Accounting Category

To create a new accounting category in your Chart of Accounts, navigate to Accounting > AdvancedCategories and click the button at the top titled [New category].

What is an Accounting Category?

Accounting categories (also known as Chart of Accounts) are used in the categorization of the transactions that impact your Autobooks account (i.e. income, expenses, etc.), that then drive the various reports offered through our application. 

 How to add an Accounting Category

  • Click on the [New Category] button from the Categories page (see above for navigation)
    • Doing this will bring up a new page where you will be asked to enter in the following:
      • Category (name): What is the name of the Accounting Category that you're creating?
        • For example, you can create an account for "Office Supplies"
      • Category (number)#: What is the category number associated with this accounting category? This number is used to keep like categories organized together, such as your business' asset categories all being in the 1000 range. 
        • This is based off of standard accounting practices for setting up your business' accounting categories
      • Group: What Accounting Group does this new Category belong to? So for example, if your new category is called "Office Supplies", you would want to categorize this to the Expense Accounting Category Group
      • Subgroup: This is a more specific way to group like categories that may not be associated with the same Group together
        • If you have assets for machinery, furniture and fixtures, you could add a Subgroup ID denoting that these are all physical assets.

MicrosoftTeams-image__1_.png

 

add_a_new_category.png

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.