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Overview
Accounting records invoices and journals against a chart of accounts, so financial statements stay accurate.
Purpose
Keep your books in order without separate accounting software.
Step-by-step guide
- Open Accounting; the chart of accounts is set up automatically.
- Issue invoices from orders; they post to the ledger.
- Record payments and expenses as journals.
- Review the trial balance to check everything balances.
Common mistakes
- Recording the same payment twice.
- Backdating entries into a closed period.
Best practices
- Reconcile bank and cash regularly.
- Close periods once reviewed to prevent edits.
FAQ
Do invoices post automatically?
Yes, issuing an invoice posts to the ledger.
Can I add custom accounts?
Yes, extend the chart of accounts as needed.