An accounting transaction is a business event having a monetary impact on the financial statements of a business. When you collect or make payouts through Open Account, the transactions automatically get saved under the ‘Accounting & Taxes‘ section in the ‘Accounting Transaction’ tab under the ‘Accounting’ subsection.

You can also manually enter the transactions in our ‘Accounting Transaction’ section by clicking on any of the following ‘Add Income’, ‘Add Expense’ or ‘Add Journal Entry’.