We’re happy to announce that we’ve now added Transaction Categories to our banking app!
Categorising transactions is a great way to stay organised with your business expenditure. Unlike a personal account, all the transactions that go through your business account need to be accounted for.
Your business transactions dictate how much tax your business owes and how much money you have earned in salary / dividends. Adding a payment category with every transaction makes it invaluable to get to grips with your accounts.
To help you stay organised, we’ve added 24! different categories split into 6 sections:
Incoming payments: your income and other incoming payments
Expenses: all the different variable expenses that you incur when running your business
Business payments: any payments required to pay back a loan
Director’s payments: any transactions that relate to the director of the company, be it wages, dividends or personal payments
Tax payments: different kinds of tax you need to pay as a business
Other payments: transfers not otherwise categorised
We will soon be also adding a feature which will allow you to add notes against your transactions. Notes can be used to add missing information such as product info or a hyperlink; they can also be used to note down which transactions are taxable/non-taxable.
Our main goal is to make it easier to run a business for you. If you feel like something is missing, do let us know: https://gosolo.net/ideas
We would love to hear your feedback!