How to setup Account Categories in Magnifi

Account Categories

Profit & loss Account Categories

The account categories are the account headings that appear on the Profit and Loss Projection.

All of these are fixed categories with the exception of the Income category. 

How do I change the Income Account Category?

Under Chart of Accounts, select "Add Income Category" which appears above the Account Category title. 





You will then be prompted to add the income category name and once saved, the account category will appear in the drop down listing and you can associate accounts to this category.

To amend or delete the Income Category, click on the "Add Income Category" button and either click on the account link to amend the title or click on the red cross to remove the account.



Balance Sheet Account Categories

The Account Categories are the Account Headings that appear on the Balance Sheet Projection.

The titles of the existing categories are fixed, however you can add additional categories. 

How do I add additional Balance Sheet account categories?

Under Chart of Accounts, click on "Add Category" and once you click add, you can then add the Category Name and Type as per below;






The account will now appear in the drop down listing and you can associate the relevant accounts to this category.

To amend or delete the Category, click on the "Add Category" button and either click on the account link to amend the title or click on the red cross to remove the account.

How do I allocate Income Tax Expense?

If you want to show Income Tax Expense in the Profit and Loss, you need to allocate your Income Tax Expense account to the Account Category called "Income Tax Expense".  This will then display the Income Tax Expense in the Profit and Loss Projections as follows;



How do I allocate Dividends?

If you want to show Dividends in the Profit and Loss, you need to allocate your Dividend account to the Account Category called "Dividends".  This will then display the Dividends in the Profit and Loss Projections as follows;