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Money Pro Categories and Chart of Accounts Quick Reference

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Money Pro uses fixed parent categories that map to tax and bookkeeping reports. You can add custom business subcategories under those parents, but you cannot fully redesign the chart of accounts like in a traditional accounting system. Use parent categories for tax alignment and subcategories for business-specific detail.

What You Can and Cannot Change

Money Pro is built for small-business bookkeeping and tax-ready reporting, not full custom accounting-system configuration.

You can:

  • Choose categories for transactions.
  • Add custom business subcategories under existing parent categories.
  • Use notes to add context.
  • Run reports by category.
  • Export reports for your accountant.

You cannot:

  • Delete or redesign all parent categories.
  • Create a completely custom chart of accounts.
  • Change how tax-reporting categories map to IRS lines.
  • Automatically calculate complex equity, basis, depreciation, or loan schedules.

This design keeps reports simpler for tax preparation, but it means advanced accounting changes should go through an accountant.

Common Category Groups

Use this quick reference when choosing a category.

Category group Use for
Advertising Ads, business cards, marketing, promotions
Meals Business meals with clients or while traveling for business
Car and Truck / Mileage Vehicle expenses or mileage, depending on your chosen method
Contract Labor Independent contractors and freelancers
Commissions and Fees Sales commissions, referral fees, contractor commissions
Legal and Professional Fees CPA, attorney, bookkeeping, consulting, professional services
Office Expense Supplies, postage, printer ink, small office items
Software and Subscriptions SaaS tools, software, apps, recurring digital services
Travel Airfare, hotels, rideshare, business travel
Utilities Business phone, internet, utilities
Taxes and Licenses Business licenses and certain business taxes
Owner's Draw / Member Draw Owner withdrawals for personal use, not expenses
Owner Contribution / Member Capital Owner money put into the business, not income

If you are unsure, use the closest accurate category and add a note. Your accountant can adjust categories at tax time.

Add Custom Subcategories

Custom subcategories help you see business-specific detail without breaking tax reporting.

Examples:

  • Advertising → Google Ads
  • Advertising → Print Flyers
  • Contract Labor → Designers
  • Contract Labor → Installers
  • Software and Subscriptions → Scheduling Tools
  • Legal and Professional Fees → CPA

How to add one:

  1. Open Money Pro settings or the gear icon.
  2. Go to Business Categories.
  3. Choose Add or create a subcategory.
  4. Enter the subcategory name.
  5. Select the correct parent category.
  6. Save.
  7. Use the new subcategory on transactions going forward.

Subcategories should be specific enough to be useful, but not so detailed that reports become hard to read.

When to Ask an Accountant

Some items are not just category choices. They may require accounting judgment or journal entries.

Ask an accountant before handling:

  • Fixed assets
  • Depreciation
  • Amortization
  • Loans and loan principal
  • Loan interest allocations
  • Owner basis
  • Partner capital accounts
  • S corp distributions
  • Inventory accounting
  • Prior-year corrections
  • Large purchases that may need capitalization

Money Pro can record transactions, but your accountant should decide the correct accounting treatment for complex items.

Frequently Asked Questions

Can I change the chart of accounts in Money Pro?

You can add custom subcategories under existing parent categories, but you cannot fully redesign the parent chart of accounts like in a traditional accounting platform. Parent categories are fixed to keep tax and bookkeeping reports consistent.

Where can I see all categories?

Open a transaction category dropdown or Business Categories settings to review the available categories. You can also use the Money Pro expense categories article as a reference for common categories and how they map to tax reporting.

Can I create a custom parent category?

No. Create a subcategory under the closest existing parent category instead. For example, create “Google Ads” under Advertising rather than creating a new parent category called Marketing Channels.

What if no category seems right?

Use the closest accurate category and add a note. If none fits, use Other Business Expense temporarily and ask your accountant before tax filing. Do not force a personal, owner, asset, or loan item into an ordinary expense category.

Can I use categories to separate multiple businesses?

No. Categories are not a substitute for separate books. If you have multiple LLCs or separate businesses, each business should have its own records and usually its own Money Pro subscription.

Why does Money Pro not let me customize everything?

Money Pro is designed for small-business bookkeeping and tax-ready reports. Fixed parent categories reduce reporting errors. Businesses that need fully custom accounting workflows, complex inventory, depreciation schedules, or advanced accrual accounting may need accountant-managed software.