In any financial event, an amount is deducted (credit) from one place and added (debit) to another. In Bkper we refer to these places as Accounts, and the transferrals between accounts are Transactions which you'll learn about in the next chapter of this getting started guide.
Chart of accounts
The chart of accounts on Bkper is a consistent but flexible structure that allows you to represent your activities and track the resources that are relevant to you. Start off simple with a few, generic accounts and little granularity and as you grow you add more detail or restructure your chart of accounts to support new needs for reporting and analysis.
Click on Accounts to access your Chart of accounts.
Press the New Account button.
On the form that opens fill out an account name, choose an account type and add properties. Then, press the red Create button.
- Incoming: revenues like the salary you receive, a product or service you sell, etc
- Asset: real account like bank account, cash and savings or receivables, like customers
- Liability: debts like your credit card, a supplier or person you owe, a loan, etc
- Outgoing: expenses like rent, transportation, salaries of your employees, etc
The account is immediately ready for use.
The balance value of the new account is also directly available on the Accounts menu and in autocomplete.
You can also automatically create accounts using the Google Sheets Add-on.
You can edit an account at any time and changes will not affect the balance value.
Click the pencil in front of an Account to open the edit form.
Click Save for the changes to take effect.
Note: Modifying the account type will take effect on your balance sheet or P&L statements.
An account that has not been used in any transaction, it’s balance value is zero, can be deleted.
Select an Account and click the garbage bin to delete it.
Note: The deleted account cannot be recovered from the garbage bin, create a new one with the same name instead.
An account that has been used in a transaction, it has a balance value other than zero, can be deactivated and it can’t be deleted.
Desactivation assures that no new transactions are recorded with this account and that all debits & credits still sum zero in the book.
Select an Account and click the Deactivate button.
Note: Deactivated accounts are not included in search results.
Deactivated account names cannot be used again.
Deactivated accounts are listed on the deactivated menu.
Select the deactivated account and press the Activate button to use it again.
The next article of this getting started guide explains how to Group accounts into useful groups for reporting.