Business Accounting/Bookkeeping Expense Categories

[mh348]

I'm busy setting up a consolidated Spreadsheet to track business expenses. I currently just list the name of the supplier and what expense was for, but I'm trying to simplify the spreadysheet. Is there a list somewhere of the various Expense Categories? I want something where I can categorise expenses correctly so it make it easier when it's time for submitting info to my accountant for tax purposes.

Example, I currectly have these:

Accounting fees
Advertising
Bank Charges
Computer Expenses
Courier & Postage
Insurance
Municipal charges (Elec &Water)
Printing & Stationery
Repairs & Maintenance
Rentals
Security
Telephone & Internet
Vehicle Expenses

Under what do these fall?
Shop Fittings
Monthly Labour Consultant Fees
Staff Training
Petrol/Diesel

 

[DanDango]

Shop Fittings = Repairs & Maintenance
Monthly Labour Consultant Fees = Consultant Fees
Staff Training = Training
Petrol/Diesel = Vehicle Expenses ?

Google financial statement template to see other example.

 

[Tomtomtom]

Google financial statement template to see other example.

Google "ledger", surely.

/someone who didn't study accounting and has made a mess himself.

 

[DanDango]

Google "ledger", surely.

/someone who didn't study accounting and has made a mess himself.

Surely if I meant ledger, I would have typed it. Looking at the list of Expense, it look like the OP is making a Income statement or financial statement of comprehensive income. Searching financial statement template will yield, Income statement, Balance statement and Statements of Assets and Liabilities.

/how did I make a mess of myself?

 

[Tomtomtom]

Surely if I meant ledger, I would have typed it.

Probably, unless there was a cat on your keyboard.

It was my bad, I misread the OP!

Also, I wasn't accusing you of making a mess.

 

[Cray]

Shop Fittings = Repairs & Maintenance
Monthly Labour Consultant Fees = Consultant Fees
Staff Training = Training
Petrol/Diesel = Vehicle Expenses ?

Google financial statement template to see other example.

Shop fittings could be classed as an non-current asset though - Property/Plant/Equipment.

 

[Cpt.Underpants]

Monthly labour consultant fees - Consulting fees depending on what it actual is.
Staff training - Can be left as a seperate line item called staff training
Petrol/Diesel - Fuel expenses, which you can allocate to motor vehicle expenses to keep you Income statement shorter.
Shop fitting - repairs and maintenance or small assets. Recognising it as property plant and equipment just creates unnecessary work if it is not significant (keeping an asset register and an additional note in the financial statements). More info would be required on the shop fitting to give advice on how it should be classified, such as what it is and how much it is. For a small business, just keep it simple and leave it in the R&M. Your accountant will reallocate it if necessary, and it is not much work to do so. Note that there could be tax implications depending on how it is classified.

Your list as it stands is fine.