This article explains how to view the accounting categories you have set up in FreeAgent and how to edit them.
For information on how to delete an accounting category, please see this article.
When you create an invoice item, out-of-pocket expense, bill, journal entry, or explain a bank transaction, you need to allocate these to a category to explain the type of income or cost that they are. For example, pens and pencils for use in the office would usually be allocated to the ‘Stationery’ category.
Please note that you’ll need full (level 8) access to your FreeAgent account. See below for details on locked categories.
Viewing your categories
Select 'Settings' from the drop-down menu in the top-right corner and then select 'Accounting Categories'.
This will take you to the 'Accounting Categories' page. Select the relevant tab at the top of the page to view your income, admin expenses, cost of sales, assets, liabilities and equity categories.
You can view the nominal code, name, tax reporting type and VAT rate of each category within the selected tab.
Custom categories that have been created will have a silhouette next to the description.
Editing a category
To edit a category, to change its name or VAT rate for example, select the ‘Edit’ button next to that category.
Make the relevant changes and select ‘Save Changes’ to complete the process.
Please note that code ‘001-Sales’ is a pre-set FreeAgent category that can’t be edited or deleted. It’s also not possible to edit or delete any pre-set ‘Capital Asset’, ‘Current Asset’, ‘Liability’ or ‘Equity’ categories as indicated by the padlock icon to the right of each category.
The following pre-set ‘Admin Expense’ categories can be edited, but changes can only be made to the ‘Auto VAT Rate’ and these categories can’t be deleted:
- ‘249 Mileage’
- ‘283 Motor Expenses’
- ‘363 Bank/Finance Charges’
- ‘390 Realized Currency Exchange Gain/Loss’
- ‘391 Unrealized Currency Exchange Gain/Loss’