Categorize Company Log For Free

Types of expensesCost of goods sold for ordinary business operations.Wages, salaries, commissions, other labor (i.e. per-piece contracts)Repairs and maintenance.Rent.Utilities (i.e. heat, A/C, lighting, water, telephone)Insurance rates.Payable interest.Bank charges/fees.More items...?Feb 22, 2021

The chart of accounts organizes your finances into five major categories, called accounts: assets, liabilities, equity, revenue and expenses.

A business must use three separate types of accounting to track its income and expenses most efficiently. These include cost, managerial, and financial accounting, each of which we explore below.

There are three major types of expenses we all pay: fixed, variable, and periodic. Do you know the difference?

Types of ExpensesCost of Goods Sold (COGS) Cost of Goods Sold (COGS)Operating Expenses Selling/General and Admin. Operating expenses are related to selling goods and services and include sales salaries, advertising, and shop rent.Financial Expenses.Extraordinary Expenses.Non-Operating Expenses.

Here's how to categorize your small business expenses:Review and reconcile your bank accounts on a regular basis. Each time you spend money, determine what you're spending it on. Assign that transaction to a category. Run a Profit and Loss report that will identify where you're spending the most.

Organize by categoryUsing file folders is an age-old method to stay organized, and it's extremely effective. Pick up several folders from an office supply store and label them each by category. Then, when you get a bill, a receipt, or an official tax document, make it a habit to put it in its place immediately.

Terms in this set (4)Variable expenses. Expenses that vary from month to month (electriticy, gas, groceries, clothing).Fixed expenses. Expenses that remain the same from month to month(rent, cable bill, car payment)Intermittent expenses.Discretionary (non-essential) expenses.

If you're self-employed, you use a Schedule C form to report your self-employed income and expenses. It's also known as Form 1040....You can categorize these types of transactions as interest:Other interest.Business loan interest.Mortgage interest.Credit card interest.

Generally speaking, an account can belong to one of five categories (or account types).Assets. An asset is something that the company owns.Liabilities. It's common for businesses to take out loans to purchase goods or pay for services.Equity. Equity is money that comes from the owners of the company.Revenue.Expense.May 12, 2021