Overview
Your chart of accounts is the list of categories used to organise your income and expenses. Every invoice, expense, and payment in Beeswax is allocated to one of these accounts.
Beeswax keeps this simple. You don't need account codes or numbers — just plain names that make sense when you're categorising a transaction.
Why These Accounts?
We designed the default accounts by working backwards from the tax return. The ATO Company Tax Return (Item 6) and the Business and Professional Items Schedule (P8) for sole traders both ask for the same small set of expense categories — roughly 11 named lines plus a single "All other expenses" catch-all.
That means the tax office doesn't care whether your Figma subscription is categorised differently from your Xero subscription. It all goes in the same box on the return.
Beeswax gives you an account for each named tax return line so your end-of-year reporting practically writes itself, plus a handful of useful sub-categories within "all other expenses" so you can see where your money actually goes.
How It Maps to Your Tax Return
The ATO tax return asks for these expense categories. Each one maps directly to a Beeswax account:
| Tax Return Line | Beeswax Account |
|---|---|
| Contractor, sub-contractor & commission expenses | Contractors & Freelancers |
| Salary & wage expenses | Wages & Salaries |
| Superannuation expenses | Superannuation |
| Rent expenses | Rent |
| Lease expenses | Lease Expenses |
| Interest expenses | Interest Paid |
| Depreciation expenses | Depreciation |
| Motor vehicle expenses | Motor Vehicle |
| Repairs and maintenance | Repairs & Maintenance |
| Bad debts | Bad Debts |
| All other expenses | Everything else |
Everything that doesn't have its own named line on the tax return falls into "All other expenses." Beeswax breaks that catch-all into a few useful sub-categories — Insurance, Software & Subscriptions, Accounting & Legal, Advertising & Marketing, Travel, Meals & Entertainment, Phone & Internet, Bank Fees, and Office Supplies — so you can still see where your money goes without needing a 50-line chart of accounts.
Tip: You can download the actual ATO forms to see for yourself. The Company Tax Return (NAT 0656) and Business & Professional Items Schedule (NAT 2543) are available from ato.gov.au. The expense section is surprisingly short.
Default Accounts
Income
| Account | Description |
|---|---|
| Services | Your primary revenue — what you earn for the work you do |
| Reimbursed Expenses | Costs you've paid on behalf of a client and billed back |
| Interest Earned | Interest from bank accounts |
| Other Income | Anything that doesn't fit the above |
Expenses — Required on Tax Return
These accounts exist because the tax office asks for them as separate line items. They are marked with a ★ in your chart of accounts.
| Account | Description |
|---|---|
| Contractors & Freelancers | Payments to contractors, freelancers, and subcontractors |
| Wages & Salaries | Employee wages and salaries |
| Superannuation | Employer super contributions |
| Rent | Office or workspace rent |
| Lease Expenses | Equipment leases, car leases (not property rent) |
| Interest Paid | Interest on loans and credit facilities |
| Depreciation | Depreciation of assets — your accountant handles this at tax time |
| Motor Vehicle | Fuel, registration, servicing, and car expenses |
| Repairs & Maintenance | Repairs to office, equipment, or other business assets |
| Bad Debts | Invoices you'll never collect |
Expenses — Useful Breakdowns
These all roll into "All other expenses" on the tax return, but they help you see where your money goes day-to-day.
| Account | Description |
|---|---|
| Insurance | Business insurance — professional indemnity, public liability, etc. |
| Software & Subscriptions | SaaS tools, apps, and online services |
| Accounting & Legal | Your accountant, bookkeeper, and lawyer |
| Advertising & Marketing | Promoting your business — ads, sponsorships, marketing |
| Travel | Flights, accommodation, and transport |
| Meals & Entertainment | Client lunches, team meals, and business entertainment |
| Phone & Internet | Phone plans, internet, and communications |
| Bank Fees | Account fees, merchant fees, and card processing |
| Office Supplies | General supplies, stationery, and small purchases |
System Accounts
These are created automatically by Beeswax as needed. You don't need to set them up:
| Account | Type | Created When |
|---|---|---|
| Trade Debtors | Asset | First invoice is created |
| Trade Creditors | Liability | First expense is created |
| GST Collected | Liability | First taxable invoice line |
| GST Paid | Liability | First taxable expense line |
Customising Your Accounts
The default set works for most service businesses. If you need to add industry-specific accounts, here are the most common additions:
| If you are a... | Consider adding |
|---|---|
| Creative agency | Ad Spend (media buying for clients), Production Costs |
| Engineering or architecture firm | Subconsultants, Permits & Filing Fees |
| IT consultancy | Hosting & Cloud Services |
| Marketing agency | Ad Spend (media buying for clients) |
| Legal practice | Court & Filing Fees |
Most service businesses — management consulting, accounting, general consulting — won't need any additions at all.
Tips
- Only add accounts you will actually use
- Use consistent naming so accounts are easy to find
- If you're unsure, your accountant can advise on any additions specific to your industry
- Avoid deleting accounts that have transactions — archive them instead
Bank Account Details
Before sending your first invoice, make sure your bank account details are entered correctly. These appear on invoices and ensure payments are allocated to the correct account.
Permissions
| Action | Owner | Super Admin | Accountant | Admin | General | Client |
|---|---|---|---|---|---|---|
| View accounts | Yes | Yes | Yes | No | No | No |
| Create accounts | Yes | Yes | Yes | No | No | No |
| Edit accounts | Yes | Yes | Yes | No | No | No |
| Delete / reallocate | Yes | Yes | Yes | No | No | No |
| Import via CSV | Yes | Yes | Yes | No | No | No |