Categorising expenses and drawings + Editing categories

Hi Sara, not sure which questions the support team will feel comfortable answering as some of it might be considered to constitute financial advice, and I'm not a financial advisor, accountant, or bookkeeper, so these are just my observations on some of these.

I wanted to first deal with the Bank Transfer and bank account options.

I have been using my personal account and credit card for income and expenses as I was not going to be billing many people…until I decided to start my new business, so I subscribed to Solo.

While I have opened a Solo Money Account, I have linked my personal bank account to Bank Account 1 and my credit card to the Credit Card account – this makes expenses or income which still come into those able to be categorised, but I renamed those Categories in Solo to match what I call them in my bank web/app access ("Holding SM" and "CC SM"), so it's easier for me to know what goes where.

I also deleted Bank Account 2 to reduce the number of options presented to me (it can be recreated in the future, but I don't think that will be necessary for my uses).

For Drawings, I am just using the Personal Expenses category – you could create a Category in whatever heading (Equity, Liabilities, Assets) you had the Drawings account set up in Xero to replicate that functionality.

On the issue of Category editing, I removed a few I didn't use, and added a few I will use, so you can adjust those within the "More" section of Solo to match your needs.

Hope that's of use,

Sean

Solid stuff StrataGeek​ - can't thank you enough for sharing your insights (and with the appropriate caveats too!) 💜

As Sean mentioned, we're much more comfortable handling the how Solo works questions, and there's one thing I can add to the discussion: where to find your reports and how to export them!

• Exporting FY / quarter profit and expenses: from any page in Solo, go to More → Reports → Profit and loss. That report supports This financial quarter, Last financial quarter, This financial year, and Last financial year, and you can export it as PDF or Excel (.xlsx) file from your devices share sheet.
• If you want a more detailed, line-by-line export rather than just totals, the Transaction list report is also under More → Reports and supports quarter/year date ranges plus PDF/Excel (.xslx) export.

sagars​ I'll revisit your questions with fresher eyes tomorrow and roll up any loose threads (if any), and thanks for making the switch from Xero