Expense Categories
Category Type | Category Name | Parent Category | Category Description |
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Expense | Stripe Clearing | ||
Accounts Payable | Accounts Payable |
This is an account of all the money which you owe to others like a pending bill payment to a vendor,etc. |
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Accounts Receivable | Accounts Receivable |
The money that customers owe you becomes the accounts receivable. A good example of this is a payment expected from an invoice sent to your customer. |
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Bank | Business Checking (5277) | ||
Bank | Business Savings (8176) | ||
Cash | Petty Cash |
It is a small amount of cash that is used to pay your minor or casual expenses rather than writing a check. |
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Cash | Undeposited Funds |
Record funds received by your company yet to be deposited in a bank as undeposited funds and group them as a current asset in your balance sheet. |
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Cost Of Goods Sold | Cost of Goods Sold |
An expense account which tracks the value of the goods sold. |
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Credit Card | CREDIT CARD | ||
Credit Card | Southwest Visa (6362) | ||
Equity | Drawings |
The money withdrawn from a business by its owner can be tracked with this account. |
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Equity | Opening Balance Offset |
This is an account where you can record the balance from your previous years earning or the amount set aside for some activities. It is like a buffer account for your funds. |
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Equity | Owner’s Equity |
The owners rights to the assets of a company can be quantified in the owner”s equity account. |
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Equity | Retained Earnings |
The earnings of your company which are not distributed among the share holders is accounted as retained earnings. |
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Expense | Accounting | ||
Expense | Accounting Fees | ||
Expense | Advertising And Marketing |
Your expenses on promotional, marketing and advertising activities like banners, web-adds, trade shows, etc. are recorded in advertising and marketing account. |
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Expense | Air Conditioning | ||
Expense | Airplanes, Boat(s) | ||
Expense | Anti-Theft | ||
Expense | Artwork | ||
Expense | Assistants | ||
Expense | Auto and Truck – Gas and Oil |
Transportation related expenses like fuel charges and maintenance charges for automobiles, are included to the automobile expense account. |
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Expense | Auto License & Registration | ||
Expense | Auto Repairs & Maintenance | ||
Expense | Auto/Truck – Maintenance and Repairs | Auto and Truck – Gas and Oil | |
Expense | Automobiles (Leased or Owned) | ||
Expense | Bad Debt (Including Debt to Shareholders) |
Any amount which is lost and is unrecoverable is recorded into the bad debt account. |
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Expense | Bank Fees and Charges |
Any bank fees levied is recorded into the bank fees and charges account. A bank account maintenance fee, transaction charges, a late payment fee are some examples. |
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Expense | Bonuses | ||
Expense | Bookkeeping | ||
Expense | Books | ||
Expense | Business Awards & Prizes | ||
Expense | Business Cards | ||
Expense | Business Consultants |
Charges for availing the services of a consultant is recorded as a consultant expenses. The fees paid to a soft skills consultant to impart personality development training for your employees is a good example. |
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Expense | Business License | ||
Expense | Business Travel Expenses | ||
Expense | Business Utilities (electricity, heat, water, sewage) | ||
Expense | Cables | ||
Expense | Car Washes | ||
Expense | Carpentry | ||
Expense | Certified Audits | ||
Expense | Child Care (Emergency) | ||
Expense | Cleaning | ||
Expense | Commissions Paid | ||
Expense | Computer Services/Supplies | ||
Expense | Contract Labor | ||
Expense | Contributions – Charitable (Cash) | ||
Expense | Contributions – Charitable (Non-Cash) | ||
Expense | Contributions – Retirement | ||
Expense | Convention Expense | ||
Expense | Copyrights, Royalties | ||
Expense | Corporate Meetings | ||
Expense | Corporate Retreats | ||
Expense | Corporate Seminars | ||
Expense | Credit Card Charges |
Service fees for transactions , balance transfer fees, annual credit fees and other charges levied on a credit card are recorded into the credit card account. |
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Expense | Credit/Collection Costs | ||
Expense | Decorating, Drawings | ||
Expense | Delivery and Freight | ||
Expense | Dependent Care Plan | ||
Expense | Depletion | ||
Expense | Depreciation Expense |
Any depreciation in value of your assets can be captured as a depreciation expense. |
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Expense | Design Work | ||
Expense | Directors Fees | ||
Expense | Disability Plans | ||
Expense | Discounts Given | ||
Expense | Dividend Exclusion | ||
Expense | Domain Name | ||
Expense | Dry Cleaning | ||
Expense | Dues/Subscriptions | ||
Expense | Education Assistance Program | ||
Expense | Entertainment (50%) | ||
Expense | Equipment Rent | ||
Expense | Factoring Receivables | ||
Expense | Filing Expenses | ||
Expense | Financial Consultants | ||
Expense | Finder’s Fees | ||
Expense | Fire Expenses | ||
Expense | Fire/Flood/Hurrican Losses | ||
Expense | Firearms/Ammunition (Security) | ||
Expense | Fuel/Mileage Expenses |
This category is for tracking all the mileage related expenses. |
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Expense | Furniture | ||
Expense | Gasoline | ||
Expense | General Business | ||
Expense | Graphic Design | ||
Expense | Health Benefits | ||
Expense | Incorporating Costs | ||
Expense | Insurance – Liablity | ||
Expense | Insurance -Medical | ||
Expense | Insurance and auto club dues | Auto and Truck – Gas and Oil | |
Expense | Insurance Premiums | ||
Expense | Interest | ||
Expense | Internet | ||
Expense | Inventory |
Inventory and Cost of Goods Sold |
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Expense | Invoicing | ||
Expense | IT Expenses |
Money spent on your IT infrastructure and purchasing computer equipment etc is recorded as an IT and Computer Expense. |
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Expense | Janitor and Cleaning |
All your janitorial and cleaning expenses are recorded into the janitorial expenses account. |
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Expense | Landscaping | ||
Expense | Legal/Professional Fees | ||
Expense | Life Insurance (Group) | ||
Expense | Lighting | ||
Expense | Limited Partnership Costs | ||
Expense | Lobbying Expenses | ||
Expense | Local Transportation | ||
Expense | Lodging |
Any expense related to putting up at motels etc while on business travel can be entered here. |
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Expense | Logo(s) | ||
Expense | Losses in Business | ||
Expense | Losses on Capital Assets | ||
Expense | Machinery and Equipement | ||
Expense | Magazines | ||
Expense | Maintenance | ||
Expense | Management Fees | ||
Expense | Marketing | ||
Expense | Masonry | ||
Expense | Meals (50%) |
Expenses on food and entertainment are recorded into this account. |
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Expense | Meals 100% |
Expenses on food and entertainment are recorded into this account. |
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Expense | Medical Reimbursement Plan | ||
Expense | Meeting Room Expense § 280A | ||
Expense | Messenger Service | ||
Expense | Miscellaneous Expenses | ||
Expense | Moving Expenses | ||
Expense | Newspaper | ||
Expense | Office Building | ||
Expense | Office Construction | ||
Expense | Office Expenses | ||
Expense | Office Rent | ||
Expense | Office Repairs | ||
Expense | Office Supplies |
All expenses on purchasing office supplies like stationery are recorded into the office supplies account. |
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Expense | Other Expenses |
Any minor expense on activities unrelated to primary business operations is recorded under the other expense account. |
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Expense | Parking |
The parking fares you pay while on business trips can be recorded under this expense category. |
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Expense | Parking (for others who come to our office) | ||
Expense | Part Time Help | ||
Expense | Patents | ||
Expense | Payroll Taxes | ||
Expense | Pension Plans | ||
Expense | Permits and Fees | ||
Expense | Personal and Property Taxes | Auto and Truck – Gas and Oil | |
Expense | Plumbing | ||
Expense | Postage |
Your expenses on ground mails, shipping and air mails can be recorded under the postage account. |
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Expense | Printing and Stationery |
Expenses incurred by the organization towards printing and stationery. |
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Expense | Professional Literature | ||
Expense | Public Relations | ||
Expense | Records | ||
Expense | Refuse Collection | ||
Expense | Registration and License Fees | Auto and Truck – Gas and Oil | |
Expense | Rent or Lease Expense |
The rent paid for your office or any space related to your business can be recorded as a rental expense. |
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Expense | Repairs and Maintenance |
The costs involved in maintenance and repair of assets is recorded under this account. |
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Expense | Salaries and Employee Wages |
Salaries for your employees and the wages paid to workers are recorded under the salaries and wages account. |
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Expense | Security Alarm | ||
Expense | Security Services | ||
Expense | Signs | ||
Expense | Sponsorships | ||
Expense | Stripe Fees | ||
Expense | Tax Preparation/Licenses | ||
Expense | Telephone Expense |
The expenses on your telephone, mobile and fax usage are accounted as telephone expenses. |
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Expense | Theft Losses | ||
Expense | Tips & Gratuities | ||
Expense | Tolls | ||
Expense | Tools | ||
Expense | Trademarks | ||
Expense | Training (Start-Up/Initial Year) | ||
Expense | Training/Education Programs | ||
Expense | Travel |
Expenses on business travels like hotel bookings, flight charges, etc. are recorded as travel expenses. |
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Expense | Uncategorized |
This account can be used to temporarily track expenses that are yet to be identified and classified into a particular category |
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Expense | Uniforms | ||
Expense | Utilities | ||
Expense | Web Hosting | ||
Fixed Asset | Furniture and Equipment |
Purchases of furniture and equipment for your office that can be used for a long period of time usually exceeding one year can be tracked with this account. |
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Income | Discount |
Any reduction on your selling price as a discount can be recorded into the discount account. |
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Income | General Income |
A general category of account where you can record any income which cannot be recorded into any other category. |
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Income | Interest Income |
A percentage of your balances and deposits are given as interest to you by your banks and financial institutions. This interest is recorded into the interest income account. |
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Income | Late Fee Income |
Any late fee income is recorded into the late fee income account. The late fee is levied when the payment for an invoice is not received by the due date. |
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Income | Other Charges |
Miscellaneous charges like adjustments made to the invoice can be recorded in this account. |
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Income | Sales |
The income from the sales in your business is recorded under the sales account. |
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Income | Shipping Charge |
Shipping charges made to the invoice will be recorded in this account. |
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Other Current Asset | Advance Tax Payment |
Any tax which is paid in advance is recorded into the advance tax account. This advance tax payment could be a quarterly, half yearly or yearly payment. |
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Other Current Asset | Employee Advance |
Money paid out to an employee in advance can be tracked here till it’s repaid or shown to be spent for company purposes. |
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Other Current Liability | Cash Donation | ||
Other Current Liability | Employee Reimbursements |
This account can be used to track the reimbursements that are due to be paid out to employees. |
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Other Current Liability | Non-Cash Donation | ||
Other Current Liability | Opening Balance Adjustments |
This account will hold the difference in the debits and credits entered during the opening balance. |
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Other Current Liability | Other | ||
Other Current Liability | Tax Payable |
The amount of money which you owe to your tax authority is recorded under the tax payable account. This amount is a sum of your outstanding in taxes and the tax charged on sales. |
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Other Current Liability | Unearned Revenue |
A liability account that reports amounts received in advance of providing goods or services. When the goods or services are provided, this account balance is decreased and a revenue account is increased. |
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Other Expense | Exchange Gain or Loss |
Changing the conversion rate can result in a gain or a loss. You can record this into the exchange gain or loss account. |
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Other Liability | Tag Adjustments |
This adjustment account tracks the transfers between different reporting tags. |
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Stock | Inventory Asset |
An account which tracks the value of goods in your inventory. |
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Bank Fees and Charges |