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Handle cash and accrual, schedules and journal entries

The accounting underneath: switch between cash and accrual, spread prepaid costs, depreciate assets and post a journal entry.

  1. Switch between cash and accrualAccountable keeps both. Pick the default basis in Settings › Accounting basis, and flip any report between Cash, Accrual or Both. Switching never re-posts anything.
  2. Spread prepaid costs, deferred revenue and accrualsA schedule spreads one payment over the months it covers. Create one for prepaid costs, revenue earned over time or a monthly accrual, and it posts each month's share.
  3. Depreciate laptops, furniture and other equipmentCapitalize a purchase as a fixed asset and Accountable depreciates it each month over its asset class's life, like 36 months for computer equipment.
  4. Post a journal entryOpen Accounting › Ledger › Journal entries and press New entry. Debits must equal credits before you can post, and every entry can be reversed or undone.
  5. Add or change accounts in your chart of accountsYour chart of accounts lives in Accounting › Chart of accounts. Add an account with New account; renaming an account keeps its history.
  6. Merge and rename vendors and customersAccounting › Vendors and customers lists everyone you pay or who pays you. Rename a vendor from any transaction and future payments follow.
  7. Accounts in other currenciesEach company keeps its books in one currency, set when you create it. Accounts in other currencies post at the day's exchange rate, and the difference is booked as a gain or loss.

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