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Expense categories

Expense categories explained
Written by Johann Oberholzer
Updated 9 months ago

When you're reviewing and sorting your transactions, we give you a list of categories to choose from. To help you select the right one, here's a quick run-down on the available categories:

Expense Categories

  • Costs incurred on a job - General costs that relate to work you have performed (e.g. materials)
  • Advertising - Cost of promoting and selling your products or services
  • Bank fees - Bank charges related to business spending, including overdraft fees.
  • Credit Card payment - Principal portions of payments you make towards a credit card balance. (Principal isn't deductible; interest is.)
  • Entertainment - Meals and entertainment costs for clients related to your self-employed work. Or personal, non-local meals while travelling.
  • Office supplies/equipment - Expenses for postage, stationery, printing, and small office equipment
  • Freight & Courier - Cost of delivery, freight, and postage you pay in the year of your self-employed work
  • Home Office expenses - cost of space in your home used for your self-employed work
  • Interest expenses in AUS - Interest you pay on money borrowed for self-employed work.
  • Rent expenses - Cost of renting land and buildings used in generating your self-employed income
  • General Expenses - Correct category if none of the others is appropriate
  • Insurance - Costs to cover your assets and protect you.
  • Lease expenses - Cost of financial and operating leases for assets like motor vehicles
  • Legal and professional fees - Accountant and legal fees you pay for self-employed work including tax preparation
  • Motor Vehicle Expenses - Expenses relating to your motor vehicle
  • Repairs and Maintenance - Cost of repair and upkeep of property or equipment
  • Wages & Salaries - Cost to employ any additional staff
  • Telephone & Internet - Cost of your telephone and internet costs
  • Travel expenses - Travel expenses you pay to earn business and professional income, including public transportation fares, hotel accommodations and meals
  • Tax - Legislative requirement to pay tax

Income Example

  • Sales or Services Provided - Money coming in to your business bas
  • Other Income - Any other income that is earned
  • Interest Income - Income received as derived 
  • Owner Deposit - A deposit transaction from one account to another

Expenses Example

  • GST - All costs that have the "GST" flag will automatically generate to this account
  • Owner Withdrawal - A withdrawal transaction moving money from one account to another
  • Loan - Money lent from the bank and this will need to be repaid

You might not get the right tax deduction for uncategorised expenses. Try to categorise as much as you can.

If you require any new categories, please click on the "Get in Touch" button below. We will get back to you as soon as possible.

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