How and where to categorise my postage expenses

accounting4meaccounting4me Member Posts: 21

Hi there guys.
I have sold two items online and have posted them.
I am trying to see where I can categorise the price of my postage costs but can't see anything.
I was going to create a postage expense under operating expenses but according to google the postage costs isn't considered an operational expense, its considered an administrative expense. Wave doesn't have a category for this.

So I was wondering if you wavers could please give me some advice on how and where I should be setting up the postage expense.
Also on another note, I have also considered downloading the wave receipt apps, can anyone vouch for this? Is it worth while.

Thanks for your time!

Comments

  • accounting4meaccounting4me Member Posts: 21
  • JamieDJamieD Administrator Posts: 875 admin

    Hey @accounting4me. In this case, it sounds like you will simply just want to create an expense category under your Chart of Accounts section in Wave (https://support.waveapps.com/hc/en-us/articles/208622046-How-to-add-accounts-and-customize-categories) -- Once this is complete you will be able to categorize those specific expenses under that specific category in your account.

  • accounting4meaccounting4me Member Posts: 21

    For postage do I really need to make a whole new category?
    Cant I just Add postage costs under operating expenses?

    Or do I have to create a whole new category for Amin fees and then make postage a sub category.
    From what I can see Wave has already automatically put some administrative expenses in the operating expenses category.

    Would it really hurt to put postage costs under operating expenses?

    Thank you for your reply!

  • JamieDJamieD Administrator Posts: 875 admin

    @accounting4me I feel like it's technically an operating expense, but I just assumed that you were going in the direction of not using that particular category which is why I gave the suggestion. It honestly won't make much of a different IMO, but perhaps consulting with an accountant in terms of reporting might be your best option here.

  • accounting4meaccounting4me Member Posts: 21

    Ahh ok cool.
    Yeh Ill just do that then. I don't see why it should matter as long as im expensing it in a category that makes sense.
    Ill make a postage category and eveything under operating expenses.

    Ok cool thank you for the confirmation.
    I read a google article that insisted it was an admin expense and it made me a bit nervous.
    I should have just messaged here instead.

    Thanks heaps! I really do appreciate it.
    Bec

  • amandakamandak Administrator Posts: 42 admin

    @accounting4me Our pleasure, Bec! We completely understand how confusing accounting can be, and we're always here to help our users find the best solutions and feel more confident about their finances.

  • accounting4meaccounting4me Member Posts: 21

    I love using Waves features, and the community forums are great.
    Thank you I really appreciate it!

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