Accounting

Manage your chart of accounts, journal entries, tax rates, and financial reports. Keep your books balanced and audit-ready.

Getting Started with Accounting

1

Set up your chart of accounts

Go to Accounting and open "Chart of Accounts". You can click "Setup Default Chart of Accounts" to get started quickly, or add accounts manually with "Add Account".

2

Set your fiscal year

Go to Settings and configure your fiscal year start and end dates to align with your reporting period.

3

Record opening balances

Click "New Journal Entry" to create a journal entry with your opening account balances as the starting point for your books.

4

Configure tax rates

Go to Tax Rates under Accounting and set up the tax rates applicable to your business. Use "Quick Setup" to load country-specific rates (e.g., Rwanda VAT 18%).

Key Features

Chart of Accounts

Organize your financial accounts into assets, liabilities, equity, revenue, and expenses. Use "Setup Default Chart of Accounts" or build your own with "Add Account".

Journal Entries

Record journal entries with "New Journal Entry". Entries can be saved as Draft or Posted. Posted entries cannot be edited but can be voided.

Financial Reports

Generate Trial Balance, Income Statement, and Balance Sheet reports on demand from the Accounting section.

Tax Rates

Manage Sales Taxes, Purchase Taxes, and Withholding Taxes. Use "Add Tax Rate" to create custom rates or "Quick Setup" for country-specific defaults.

Bank Accounts

Add and manage bank accounts with "Add Bank Account". Track bank balances alongside your general ledger.

Fiscal Years

Define fiscal year periods, close completed years, and carry forward balances to maintain clean, period-based reporting.

How-To Guides

Set Up Your Chart of Accounts
Go to Accounting and select "Chart of Accounts". Click "Setup Default Chart of Accounts" to load a pre-built structure, or add accounts manually by clicking "Add Account". Select the account type (Asset, Liability, Equity, Revenue, or Expense), enter a name and code, then save.
Create a Journal Entry
Navigate to Journals under Accounting and click "New Journal Entry". Enter a date and description, then add debit and credit lines ensuring they balance. You can "Save as Draft" to review later or "Post" to finalize the entry. Attach supporting documents if needed.
Run Financial Reports
Go to Accounting and select the report type: Trial Balance, Income Statement, or Balance Sheet. Choose the date range and any filters. The report generates automatically based on your selections. Click "Export CSV" to download the data for further analysis.
Manage Bank Accounts
Go to Bank Accounts under Accounting and click "Add Bank Account". Enter the bank name, account number, and opening balance. You can track bank transactions alongside your general ledger entries for reconciliation.
Configure Tax Rates
Go to Tax Rates under Accounting. Use "Quick Setup" to load country-specific tax rates (Rwanda VAT 18%, Kenya VAT 16%, Uganda VAT 18%, etc.) with one click. Or click "Add Tax Rate" to create custom rates manually. Tax rates are organized into Sales Taxes, Purchase Taxes, and Withholding Taxes.

Tips & Best Practices

  • Use the "Quick Setup" for tax rates to load standard rates for your country in one click, then customize as needed.
  • Use "Setup Default Chart of Accounts" as a starting point and customize it as your business grows, rather than creating everything from scratch.
  • Always include a clear description in journal entries so that anyone reviewing them later can understand the purpose of the transaction.

Frequently Asked Questions

What happens when I close a fiscal year?
Closing a fiscal year calculates net income and carries forward balance sheet account balances into the new year. Revenue and expense accounts are reset to zero. You can still view historical data but can no longer post entries to the closed period.
Can I undo a posted journal entry?
Posted journal entries cannot be deleted to maintain audit integrity. Instead, create a reversing journal entry with the same amounts but opposite debits and credits, referencing the original entry.
Are sales and purchase transactions recorded automatically?
Yes. When you create sales, record payments, or receive goods, the system generates the corresponding accounting entries automatically based on your account mappings.