Setting Up Your Expense Categories

Expenses are items that incur costs or take money out of your business. To set up categories for your expenses is to group things that incur costs in different “boxes” for tracking purposes.

This is an excellent way to quickly and clearly report on items that are reducing your revenue. 

1. On your Oze home screen, click on Add transaction. 
2. Tap on - Expenses to add an expense transaction and choose to Add Manually. 
3. Type in your item/product name and click on the link that pops up. 
4. Provide a category for the product name. 
5. Save the transaction

Generally, there are categories that are common among several businesses. These are Utility (Water and Electricity), Transportation (Uber, Bolt, Delivery), Communication (Airtime, Data/Internet), Salary, Software, Rent, Inventory, etc.

Depending on the type of business you are running, you can set up expense categories that suit your business. For example, when you make a payment for data bundles to run your online business; the product name can be described as a data bundle and this falls in the expense category of “COMMUNICATION”.