Adjusting the categories and subcategories is very useful to manage accounting in a simpler way. This functionality allows you to associate to each category and subcategory an Accounting Code and a VAT/IGIC rate. 👈
How to configure it?
This should be done by the account administrator by following the steps below:
Go to the
Company Settings menuand then to the
Transaction Fields tab.
Categories and subcategories.
There are nine categories defined by Mastercard, whose names will not be editable - but you can change the Accounting Code and VAT/IGIC rate).
Within each category, you can delete the default options or add new subcategories by clicking on +
Add subcategory. Don't forget to define the Accounting Code and VAT/IGIC rate for each of them.
The employee will be able to select any subcategory when they pay with the card and go to report the expense, making your life much easier.
They will be including that expense to a line in your chart of accounts and a VAT/IGIC tax rate without even knowing they are doing it. 😄