Accounting

Accounting is a real double-entry system. Most of it fills itself in: invoices, payments and bills raised elsewhere post their own journal entries, so the ledger reflects what actually happened rather than what someone remembered to record.

The ledger

• Chart of accounts — your account codes, grouped into assets, liabilities, equity, income and expenses.
• Journal entries — every entry carries a debit account, a credit account, an amount and a reference back to the document that created it.
• General ledger — the full posting history, filterable by account and period.
• Each entry records its source, so you can always trace a number back to the invoice or bill behind it.

What posts automatically

• Issuing a customer invoice — debit Accounts Receivable, credit Sales.
• Receiving payment — debit Cash, credit Accounts Receivable.
• Recording a vendor bill — debit Expenses, credit Accounts Payable.
• Paying a bill — debit Accounts Payable, credit Cash.

The rest of the module

• Receivable and payable ageing, so you can see what is overdue and by how long.
• Banking for accounts and reconciliation.
• Taxes and tax rates applied to documents.
• Fixed assets with their own register.
• Statements — the summary views built from the ledger.