Turn on double entry accounting
What Accounting setup does, why its figures will not match the balance sheet under Accounts, and what it does not yet cover.
6 min read
Money
Bank accounts, balances and transfers
Set up the places your money sits, move money between them, and read an account statement.
5 min readUpdated
All help articles
Accounting is a plan feature. If your sidebar does not show it, your plan does not carry it: open Billing and Subscription, then Change plan, and the screen names the plan that includes it. The pricing page compares all four plans.
Accounting, then Account list, then Add Account. It asks for an Account No, a Name, an Initial Balance and a Note, and the button is Submit. Create one per real place your money sits: the till, each bank account, and the mobile money wallet.
Mark one as default with Make default, and it is the account preselected everywhere a payment is recorded.
An available balance is worked out fresh every time the screen opens, from the opening balance plus every payment, return, expense, income, payroll and transfer filed against the account. Nothing stores it.
That is why changing the opening balance is not a small edit. It changes the available balance by the same amount, at once, on every screen. Nothing records that it was changed and there is no entry to reverse. Correct a wrong opening balance early, or record an adjustment instead.
Accounting, then Money transfers, then Add Money Transfer. Choose the From Account and the To Account, type the Amount, and press Submit. A new transfer is dated today, and you can change the date afterwards.
The Reference No is given on save. Use this for a cash lodgement into the bank, not for paying a supplier, which belongs on the purchase.
Accounting, then Account statement covers one account at a time and shows Date, Reference No, Related Transaction, Credit, Debit and Balance, with an opening and a closing balance. It is usually the first thing an accountant asks for.
The Balance sheet under Accounting shows credit, debit and balance for every active account. Note that its Credit column includes each account's full opening balance whatever dates you choose, which the screen says on itself.
Delete on an account is a soft switch off. The account disappears from every form and nothing filed against it is touched or moved. Your default currency's account cannot be removed until another account is made the default.
Read next
Record expenses and other income
Rent, fuel and wages on one side, money that did not come from a sale on the other, both filed against a category and an account.
4 min read
Did this not solve it?
Open a support ticket from inside your dashboard and the whole conversation stays on one page. If you are not signed in yet, use the contact form.