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Overview

Settings​

Default Chart of Accounts​

You can manage your transactions default account type on the Settings page. Default Chart of Accounts makes it easier to keep your Double Entry ledgers.

  • Invoice: Accounts Receivable records as Sales, if there is no account type on the related item.
  • Bill: Accounts Payable records as General Expense, if there is no account type on the related item.
  • Revenue records as Sales.
  • Payment record as General Expense.
  • If an invoice includes a discount, the discount amount records Sales Discount.
  • If a bill includes a discount, the discount amount records Purchase Discount.

Default Types​

You can change default Bank & Cash and Tax types on the Settings page.

FAQ​

How to customize the types or classes of the chart of accounts?​

You can easily customize your Chart of Account list by adding new accounts or deleting accounts. If you have already using a Chart of Account, you can import it.

What are the differences between Bookkeeping (Single-Entry) and Double-Entry?​

The main difference is the number of the entires. Single entry has one cash-based entry for a transaction, in contrast, double-entry has 2 ledgers for a transaction as debit and credit.

Why should I use the Double-Entry feature?​

Single entry is a quite simple accounting method for small businesses, that helps you to keep track of your company's income and expense statements. However, Double-Entry allows you to get detailed insight into your company's financial health. Double-entry accounting helps you to minimize errors and increases the chance that your books balance. You need to Double-Entry to generate Balance Sheet, General Ledger, Trial Balance reports. Additionally, Double Entry tracks your company's asset, equity, and liability balance.

Terminology​

Assets​

Assets are valuable things that belong to your business. Assets can contain things like office equipment, properties, or Accounts Receivable that your customer owes to your business for the service or product you provide and etc.

Liabilities​

Liabilities show your business's debts to other parties. It contains things like employee benefits payable, bank payments, tax payments and etc.

Expenses​

Expenses for goods and services used by your business are found in this section. You can find general expenses, legal expenses, rent expenses and etc. in this section, which is very useful for tracking operation costs, or you can tailor it to your needs as in other categories.

Income​

The revenue that your business earns is shown here. It includes items such as revenues from sales and investments etc.

Equity​

Equity shows the net worth of your business by representing the difference between your assets and liabilities. It contains things like owner contribution or owners draw etc.