How do I set up accounts and categories?

This is an overview of how to set up ledger accounts and link them to categories in Zevoy, helping you streamline your accounting process.

Adding your ledger accounts into Zevoy will allow you to create categories that link your expenses to your ledger accounts and tax codes. Once a purchase is made, users can pick a category for the expense which determines the ledger account, the tax code as well as the tax rate for the purchase. 

Categories will help you speed up your accounting process and offer a user-friendly way to present your ledger accounts. In the App, the user will only see the category group, category name, and the tax rate, making choosing the correct category easy.

✒️ Please note, only Admins and Bookkeepers can add accounts and categories for your company.

How to add accounts in the Hub:

Start by adding your mandatory contra account for Zevoy card transactions.

1. Head over to Settings and choose Accounting.

2. Under contra account, click New contra account.

3. Fill in the number and the name of your contra account.

4. Once you have added a contra account, you can add your ledger accounts.

5. Under Accounts click New Account.

6. Add the number and name of the account and a comment if needed.
7. Click Save changes.
   
   

You can also upload all of your accounts to Zevoy via file transfer. Read more about importing accounts here.

Add tax codes that are specific to your accounting software.

How to add tax codes in the Hub:

1. In the accounting settings in the Zevoy Hub, set the ledger accounts for ingoing and outgoing VAT. This can also be done when creating the tax code.
2. Under Tax codes click New tax code.
3. Add a name for the code.
4. Select the tax code type, options are Reverse or Standard.
5. Add an optional description and create the tax code. The description is only visible to you.

Standard VAT: VAT that is included in the price of your card purchase, and refunded later.

Reverse VAT: In special cases (such as when purchasing marketing services outside of your own country, but within the EU), the card transaction does not include VAT. The VAT is instead paid and refunded separately in your own country.

You have now successfully logged all your accounting information into Zevoy. You can now create categories under the provided category groups that link your expenses to your accounts and tax codes.

How to create categories:

Head over to Categories and you will see the predetermined category groups under which you can create your categories. Under each group, you will be able to create as many categories as you’d like! But keep in mind that these should be as user-friendly as possible.

1. Choose witch category group you would like to add the category to.
   Note that you are not able to add or rename category groups.
2. Click New category.
3. Fill in the category name.
   This name can be anything you like, it doesn’t have to be the same as the account name. 
4. Choose the account from the drop-down menu of your ledger accounts.
5. Choose a tax code from the drop-down menu of your tax codes.
6. Choose a tax rate from the drop-down menu of predetermined tax codes. 
   This is the default rate for the category, and a different tax rate can be modified for each expense later. 
7. Click Create category.

You have now successfully created categories that your company’s users can choose from when submitting their expenses in the Zevoy App!

Want to connect your expenses to different cost centres or projects? Read about tags here.

Problems with creating an item? You may already have an item with the same name, this item could also be archived. Head over to Archived under Settings to see your archived items. To bring back an archived item, click on the item you would like to bring back. Confirm the request and done!

If your problem persists, please contact our customer support at support@zevoy.com.

Archiving items

In the Zevoy Hub, you can’t delete items since they may be connected to expenses. Instead, we offer you the possibility to archive items that removes them from view. You can always bring back archived items.

How to archive accounts and categories in the Hub:

1. Click on the category you would like to archive to open it.
2. Select Archive.