Accounting

How Accounting Works

How invoices, bills, credit notes and payments post to the ledger by themselves, and how the chart of accounts, bank reconciliation, VAT returns and periods fit together.

Reconcile a Bank Account

Import a bank statement, match transactions to invoices and bills to record their payments, and post fees and other items to the right account.

File a VAT Return

Prepare a VAT return from your ledger for any period, recalculate it while it is a draft, and lock it when you submit.

Create Journal Entries

Find any journal entry, see who and what it was for, post manual journals to adjust account balances, and reverse one that was posted by mistake.

Manage Chart of Accounts

Add, edit, or archive nominal account codes.

General Ledger

See every account with its opening balance, movement and closing balance, then open an account to read each posting with a running balance.

Pay Payroll and Claims

Pay processed payroll runs and approved expense and mileage claims, record the payment against a bank account and match it to the statement.

Payroll Bank Files (CSV and BACS)

Download a bulk-payment CSV or a BACS Standard 18 file to pay wages and claims from your bank.

Multiple Entities, Intercompany and Consolidation

Run separate books for each legal entity, post intercompany charges, and produce a consolidated group P&L and balance sheet.

Revenue Recognition (ASC 606 / IFRS 15)

Define performance obligations, recognise revenue over time, and post journal entries automatically.

Exchange Rates

Record the exchange rates used to convert foreign-currency invoices into your base currency.

Payments

Record full and part payments against invoices and bills, see every payment in one place, and void one that was entered by mistake.

Vendor Bills

Where supplier bills come from, how to check and approve them, and how to pay them in full or in part.

Credit Notes

Credit all or part of an invoice for a refund, return or correction. Issuing a credit note reduces what the customer owes and updates your ledger.

Payment Reminders

Set rules that chase overdue invoices automatically.

Close Accounting Periods

Close and lock finished periods so nothing can be posted into them, and reopen one with a recorded reason when a correction is needed.

Tax Rates

Define the VAT and tax rates used on invoice and bill lines.

Accounting Reports

Run P&L, balance sheet and trial balance live from your journals.

Billing & Accounting Settings

Put your own logo, letterhead and footer on invoices, credit notes, bills and proposals, and set bank details, invoice numbering, payment terms, posting accounts and online payment providers.

Corporate Tax Management

Accrue provisions, prepare returns and track your tax liability.

Fix GoCardless and Stripe Connection Errors

What each payment-provider error means, which setting to change, and how to check your GoCardless or Stripe keys before you take a payment.