Chart of accounts & journals

Your chart of accounts lists every account you post to, and journals group your entries by kind. Both live in the Accounting menus of the Invoicing app, where administrators can see and edit them. This page covers setting up accounts and journals, entering your opening balances, and posting a manual journal entry.

The chart of accounts

The chart of accounts lists every account you post to. Open the Invoicing app's Accounting menus and go to the chart of accounts to see them. Each account has a code, a name, and a type. The type tells the platform what the account is for: receivable, payable, bank, income, expense, equity, or current assets and liabilities. Types drive the reports, so set them correctly. You can add accounts, rename them, or change codes to match how your business tracks money.

Journals

A journal groups entries of one kind. Your workspace ships four you will use most, plus a Miscellaneous journal for everything else.

• Sales records customer invoices.
• Purchase records vendor bills.
• Bank records money moving through a bank account.
• Cash records cash on hand.

Each bank and cash journal points at one account in the chart. Each sales and purchase journal sets its own number sequence.

Enter your opening balances

When you start on the platform, set each account to its current value from your old books.

1. Open the Accounting menus and create a journal entry.
2. Add a debit or credit line for each account, using the balance from your old books.
3. Check that total debits equal total credits.
4. Date the entry to your start date and click Post.

Post a manual entry

Most entries come from invoices, bills, and payments. To record something by hand:

1. Create a journal entry in the Accounting menus.
2. Add the debit and credit lines.
3. Confirm they balance.
4. Click Post. A posted entry locks and appears in your figures.

Related

• Accounting overview
• Taxes
• Bank & reconciliation
• Vendor bills