Income & Expenditure Accounts

Each financial transaction has an Income & Expenditure Account recorded against it so they can be categorised for accounting purposes.  Many accounting systems refer to these categories as the Chart of Accounts.

Example Accounts

HirePOS already has some Income & Expenditure Accounts setup to save you some data entry time, but these accounts should be reviewed with your accountant, and any adjustments made as necessary.

No Sales Account
You do not need to setup an account for Sales Income. 
Any payment received through Bookings and Invoices is classed as Sales Income. Individual sales income details are broken down by Item Type and Item Category.

Account Types

Each Income & Expenditure Account will also fall into one of the following categories:

• Operational Expense

• Capital Expense

• Personal/Drawings

• Sales Income

• Other Income.

There are also two special categories used by the system: Opening Balance and Account Transfer.  Transactions recorded against accounts of this type are transfers between your business accounts and are not actual income or expenses to the business.