We recommend really taking the time to use this feature and customize your expense categories. This is best done when you sign up before categorizing any expenses, and as your business progresses and you start to need more custom expense categories. This is a really important feature that when utilized, allows for easy financial analysis and strategic decision making.
LessAccounting already has a default set of expense categories that many businesses use. But to allow for more personalized reporting, you'd want to create expense categories which are more personal to your business.
Here's how you can create custom expense categories:
Go to Accounting > Chart of Accounts
Click on the Add a custom expense category button
Fill in your new Category Name and Category Description
Once done, click Save.
Editing Expense Categories:
Go to Accounting > Chart of Accounts
Scroll to the expense category/ies you'd like to edit
Edit the title and/or the description
Scroll back to the top and click Save
Removing Expense Categories:
You might notice that you can also remove categories from this page. Please note that removing a category does NOT delete the transactions associated with it. It simply deletes that category, meaning any expenses that were assigned to it will no longer have a category assignment and will need to be re-categorized.
To delete expense categories:
Go to Accounting > Chart of Accounts
Choose which expense category/ies you'd like to delete
Tick the checkboxes next to the trash icon beside each category you'd like to delete
Scroll back to the top and click Save
If you've just started with us, right now might be a good time to delete any categories from that list that you feel you will never use, or edit them to make them more suited to your needs.