Accounting
Double-entry books for your business: the chart of accounts, journals, financial statements, bank reconciliation, VAT, budgets and closing the month.
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How to Set Up Accounting
Open Accounting → Transaction Mapping and click Set All Defaults, so sales, purchases, expenses and payments know which accounts they post to. Then use the Import / Sync tab to bring in past transactions. From then on they post themselves every hour.
How to Read Your Financial Statements
Open Accounting → Profit & Loss, choose From and To and click Generate to see revenue, cost of goods sold, expenses and net income. The Balance Sheet, Cash Flow and Trial Balance work the same way, and each can be downloaded.
How to Post a Journal Entry
Open Accounting → Journal Entries and click New Entry. Enter the date, reference and narration, then one line per account with its Debit or Credit. When the entry is balanced, click Post Entry, or Save as Draft to finish later.
How to Reconcile Your Bank Account
Add your bank under Accounting → Bank Accounts. Then open Bank Reconciliation, choose the account, enter the statement date and closing balance and click Start Reconciliation. Tick each transaction that is on both your statement and your books until the Difference is zero, then click Complete Reconciliation.
How to Set Up VAT and Withholding Tax
Add your tax rates under Accounting → Tax Rates, with the type (VAT, Withholding Tax, Levy) and the payable and recoverable accounts. Then open the VAT Report or Withholding Tax report, choose the period and click Generate to see what you collected, paid and owe.
How to Set Up a Budget
Open Accounting → Budgets, fill in the Budget Name, Year and dates and click Create Budget. Then open Add Lines and set an amount for each account and month. Approve the budget when it is complete, and compare it with what really happened in Budget vs Actual.
How to Close a Month with Fiscal Periods
Open Accounting → Fiscal Periods and click Generate Year Periods to create twelve monthly periods. When a month's books are done, click Close; you can Reopen it. Lock it when it is final: a locked period cannot be reopened, and nothing more is posted into it.
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