How do I categorize a payment made to one of our contractors?
Our company paid a contractor (via bank transfer). When I try to categorize this payment, the only options I have are:
Asset
Cash
Credit Card
Equity
It should be categorized as an actual expense, paying a contractor. The closest thing I see, is under Asset -> Employee Advance. However, it's not an employe advance payment...it's an actual payment for work to a contractor.
I just got started with books, and this one is confusing me quite a bit. Thanks for your help!
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