Accounting
The books of the business: chart of accounts, journals and every transaction posted from bills, payments, expenses, payroll and inventory.
You can view the books. Only administrators add accounts and journals or change the settings.
Cash
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Cash and bank
Cash on hand, banks and e-wallets
AR
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Receivables
Unpaid bills of customers
AP
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Payables
Unpaid bills to suppliers
This year
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Net profit
Income less expenses, this fiscal year
How the books are kept
- Every bill, payment, account credit, expense, supplier bill and payment, payroll, cash advance, use of stock and project material is posted to the general ledger by the system. Nobody types those entries.
- Change the record (the bill, the payment, the expense) and its entries follow. Entries on or before the lock date never change.
- Use Manual Journals for what has no record in the system: opening balances, owner's capital, loans, equipment bought, depreciation, corrections.
- Reports can be shown on accrual basis (income when billed, expenses when incurred) or cash basis (when paid).
Reports
Ledger check
- Entries posted
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New records are posted right away and checked again every 10 minutes; everything is posted again every night.
Opening balances, owner's capital and drawings, loans, equipment bought, depreciation and corrections.
