Accounting

All about Accounting

What is an accounting transaction?
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 O...
Mon, 23 Aug, 2021 at 4:28 PM
How do accounting transactions take place with Open?
When you collect or make payout through Open Account, the transactions automatically get saved under the ‘Accounting & Taxes‘ section in the ‘Accounting...
Mon, 23 Aug, 2021 at 4:30 PM
How to manually record a transaction?
To manually record a transaction: 1. Go to the ‘Accounting & Taxes ’ section and then click on the ‘Accounting Transaction’ tab under the ‘Accountin...
Wed, 25 Aug, 2021 at 12:14 PM
What is the use of a journal entries?
Journal entries are used to create adjustment entries in books, where you would need to adjust the debit and credit amounts, where Bank or cash accounts are...
Mon, 23 Aug, 2021 at 4:33 PM
Can I view transactions of a particular bank account?
You can view transactions of connected bank accounts. Here’s how: 1. Go to the ‘Accounting & Taxes’ section and then click on ‘Accounting Transactio...
Wed, 25 Aug, 2021 at 12:14 PM
Can I edit a pre-existing accounting transaction?
Yes. You can edit a pre-existing accounting transaction, provided it was a manual transaction. 1. Go to the ‘Accounting & Taxes ’ section and then clic...
Wed, 25 Aug, 2021 at 12:16 PM
Why doesn't the contact name reflect for some transactions?
When you link your bank accounts (non-partner banks) with Open, only your statements can be imported but other details like the contact name can’t be retrie...
Mon, 23 Aug, 2021 at 4:39 PM
What is income and how to manually add details about income?
Income is referred to as the revenue that your business earns. This could be from the sale of products or services. You can manually add transactions and ca...
Wed, 25 Aug, 2021 at 12:24 PM
What is an expense and how to manually add an expense?
Expenses are referred to as the revenue that your business spends. You can manually add an expense by following these steps: Go to the ‘Accounting &...
Fri, 27 Aug, 2021 at 1:56 PM
What is a journal and how to add a journal entry?
A journal is a detailed record of all business transactions. It helps in the process of reconciling and backtracking transactions. Here’s how you can add a ...
Wed, 25 Aug, 2021 at 12:26 PM