Accountant

How to Lock a Period

Introduction Locking a period will prevent any changes being made to past transactions that your company has made. A company usually locks a period when their financial records are being prepared for the year or tax filing. This means that their books will be locked so nobody will be able to edit their accounting data […]

How to close a financial year

Introduction A financial year, also known as a fiscal year, is a period spanning 12 months, and can end on any day of the year as it may not necessarily follow a calendar year. The end of the financial year marks the completion of the accounting period for a company, which also means that companies […]

How to Create Payment terms

Introduction Payment terms are used by suppliers to inform customers about the time period that they have to make payment. Setting payment terms also ensure that suppliers receive their payments within a reasonable amount of time. Before you Begin   Navigating to your Payment Term page 1. Click on Accounting at the left panel (Red […]

Posting a Fixed Assets Depreciation

Introduction This feature will allow you to depreciate the fixed assets that you have recorded or imported. Businesses will usually depreciate their fixed assets for not just accounting but also tax purposes. For example, this allows businesses to take a tax deduction for the cost of the asset, which will reduce taxable income. Before you […]

How to record a fixed assets

Introduction Fixed assets should be recorded accurately since the information such as cost and useful life may subsequently affect its monthly depreciation amount calculated by the system. Before you begin This guide shows you how to record a single fixed asset. If you are looking to record multiple fixed assets, click here. Navigating to your […]

Reversal of a Journal Entry

Introduction A journal entry is the first step in the accounting cycle. It is used to record business transactions in a business’s accounting records. As you will see in the guide below, journal entries are usually recorded in the general ledger. A journal will record all financial transactions and entries require both a credit and […]

Creating a Journal Entry

Introduction A journal entry is the first step in the accounting cycle. It is used to record business transactions in a business’s accounting records. As you will see in the guide below, journal entries are usually recorded in the general ledger. A journal will record all financial transactions and entries require both a credit and […]

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