The expenses account group refers to the costs associated with running a business.
Each account group in Sage Simply Accounting can be further divided into account classes.
Table showing the account classes
in the expense account group
|
Account Class |
Description |
|---|---|
|
Expense |
A generic expense account that covers all expenses. |
|
Cost of Goods Sold (COGS) |
The cost of your inventory. |
|
Operating Expense |
Expenses other than the cost of inventory incurred during the regular operation of your business. |
|
General and Administrative Expense |
Amount spent for administration and other general expenses. |
|
Bad Debt Expense |
Amount lost due to bad debts or the estimated amount of bad debt. |
|
Interest Expense |
Amount spent on interest on debts and liabilities, such as loans. |
|
Income Tax Expense |
Amount spent on the income taxes for the business. |
|
Non-Operating Expense |
Expenses incurred outside of the regular operation of a business. |
|
Loss |
Amounts lost from the sale of a fixed asset, such as the sale of a building. |
|
Extraordinary Loss |
Amounts lost from activities over which the business has no control, such as the expropriation of land. |