How to maintain expense categories?

 

Expense categories are the corner stone of the financial management as they are the categories by which you allocate budgets, report expenses and follow your money flow. The application already has build in most of the categories which were collected based on the vast experience invested in this application design. This will save you effort to define them from scratch, but of course adding, removing or changing is possible.

 

• For better control, there are three levels by which the expense categories are organized:

• Section - this is the higher level and represent the type of expenses. currently there are three:

  • Fixed - probably the same or almost the same for each month e.g. rent, insurance etc.

  • Ongoing - those are the normal daily expenses like food, cosmetics, petrol etc.

  • Periodical - those are type of expense where normally one spend money on once in a while, but still it is a good habit to allocate some amount monthly so where you want to spend you already have the means. Good example is holiday trip where is done once or twice a year, but cost a lot so money need to be allocated. Please see a special section in the "how to" for periodical budgets

• Category - this is the middle level like rent, food, clothing etc.

• Sub category - this is where one would like to refine its control over big expense. For example food might have sub categories like meat, vegetables etc.

 

To manage your expense categories you should switch to the expense categories maintenance screen by openning the menu from the three horizontal lines at the left upper part of the main screen: