Our Categories feature allows employees to assign expenses to a line in your chart of accounts and pre-select a tax code, without even knowing they are doing it.
Here is how you set it up:
- Head to "Settings - Categories"
- You will be greeted by 9 main categories set by Mastercard, these are not editable
- Under each category you can create as many sub-categories as you would like, see example below
- The end user will then be able to chose the sub-category when making an expense report. Tip: make the names of the sub-categories as logical and simple as possible so your users know what to chose.
As you can see, the category is attached to a nominal code and a tax rate - this is all done to save you time in the bookkeeping. When exporting, the right nominal code and tax rate will be applied.