Finance - Accounting Transactions, Chart of Accounts, Reports

All about Accounting Transactions, Chart of Accounts, Reports

Please help me with a brief on accounting
Jumping into accounting can seem scary but trust us, it isn’t. We will try to make it as simple as possible! a) With our automated accounting tool, you ...
Thu, 24 Jun, 2021 at 8:11 PM
I think some of the transactions are missing from my accounting reports. What should I do?
Well, this may be due to the fact that transactions aren’t marked accordingly. We suggest you mark the relevant category for your transactions so that it ca...
Thu, 24 Jun, 2021 at 8:12 PM
How does Open’s automated accounting work?
Pretty simple actually! On our platform, any transaction you make is auto-categorized under relevant accounts. Cool thing is that you can edit most of thes...
Thu, 24 Jun, 2021 at 8:12 PM
How to migrate to Open from a different accounting software?
Glad you asked! We know how crucial this is. We are actually working on this feature. Since you are using our banking services, your accounting automatical...
Thu, 24 Jun, 2021 at 8:13 PM
What is this ‘Chart of Accounts’?
Chart of Accounts is basically a place where you can see all your accounting headers. Open helps you getting your basic chart of accounts set up by default...
Thu, 24 Jun, 2021 at 8:13 PM
How can I add accounts (categories) relevant to my company?
It’s easy. We automatically setup your ‘Chart of Accounts’ with a list of pre-defined, commonly used accounts (categories) that are normally used in the ac...
Thu, 24 Jun, 2021 at 8:15 PM
What’s the use of adding accounts in Chart of accounts?
By adding accounts (or categories), our platform automatically categorizes the transactions and your bookkeeping is taken care of seamlessly which in turn h...
Thu, 24 Jun, 2021 at 8:15 PM
What is ‘Default’ under each account under chart of accounts?
It’s actually what the word means! The ‘Default’ category simply implies that there are no categories in that account and hence the ‘Default’ category is s...
Thu, 24 Jun, 2021 at 8:15 PM
What is Account Payable and Account Receivable?
Behind the financial jargon, this is actually quite simple.  Accounts Payable: This is the amount that you owe as a business when you purchase on credit...
Thu, 24 Jun, 2021 at 8:16 PM
Which transactions show up in ‘Transactions’ tab?
Pretty much everything ranging from your bulk collect, bills, individual entries from your bulk transfer, to single fund transfers.
Thu, 24 Jun, 2021 at 8:16 PM