Turns the Invoices, payments and expenses you already record into a set of books. A Chart of Accounts per Business Entity, with the CRA's GIFI codes already loaded.
What the Accounting section is, and the reassuring news that you have probably been doing it already.
If you have been raising Invoices and recording payments, the accounting has been happening underneath. This section reads it back to you rather than asking you to do it again.
It runs on a Chart of Accounts, one per Business Entity, with the CRA's GIFI codes already against the accounts, so your books speak the language a Canadian filing expects.
Everything posts into the same ledger. A posted Invoice writes its own Journal Entry. So does a payment. So does a receipt you photographed on your phone.
Using the Accounting is optional. Invoices and Quotes work perfectly well without the books behind them, and plenty of people invoice here and hand everything to somebody else in April. Both are fine.
No. The parts that need accounting knowledge are the ones you can leave alone. Invoices and payments post themselves.
Yes, as a sub-user with Accounting permissions and nothing else.
Each Business Entity has its own chart and its own books, in the same account.
Most people arrive at this section expecting to hate it. So here is the reassuring part. If you have been raising Invoices and recording payments, you have already been doing the accounting. This section just reads it back to you. It runs on a Chart of Accounts, one per Business Entity. With the CRA's GIFI codes already against the accounts, so your books speak the language a Canadian filing expects.
Everything posts into the same ledger. A posted Invoice writes its own Journal Entry. So does a payment. So does a receipt you photographed on your phone. Bank Reconciliation ticks off what actually cleared. Shareholder Expenses handle the things you paid for personally. And the Reports read the whole thing back as financial statements. A trial balance, a General Ledger, an income statement.
And if none of that is yours to do, leave it switched off. Invoices and Quotes work perfectly well without the books behind them. Plenty of people invoice here and hand a shoebox to somebody else in April. Both are fine. It is here when you want it.
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