Short answer? No. Long answer? Read on.

When you are using Open, all transactions will be auto-categorized under relevant accounts that have been created via ‘Collect’ & ‘Pay’. If you haven’t chosen any category, some of these may remain uncategorized. This means you don’t necessarily need to create manual accounting entries for everything. 

However, when needed, you can edit most of these transactions via the ‘Transactions’ tab or while creating invoices/bills or transferring money. Here, you have the chance to ensure that you select the relevant categories. This also avoids the manual categorization later on! 

Also, apart from transactions you perform via Open, you might have offline transactions and accounting entries pertaining to your business, such as asset appreciation/depreciation, cash transactions, etc. 

To ensure that accounting in your Open Payment Account is a true reflection of your business, you can always head towards creating manual journal entries/income or expense entries. We do suggest good accounting knowledge before you do this. 

Did this answer your question?