Tour of Finance: what lives where

Steps

1. 1

   Open Accounting

   In the left menu, under Finance, select Accounting. The list headed In this module shows its nine sections. Some carry a count of records, and every count is zero in a new company. Accounting opens on Chart of Accounts.

   • Select Accounting
2. 2

   Read Chart of Accounts while it is empty

   The chart of accounts is the list of every account the company records money against. Two settings cards sit above it: Foreign exchange on payments and Posting accounts. Below them the list says No accounts yet; the next lesson fills it from a template. Under the list, COA Mapping Review is where the accounts of a connected accounting system are matched to this chart. No system is connected here, so it says No mappings awaiting review.

3. 3

   Open the Insights panel, then close it

   Select Insights at the top right of the section. A panel slides in with a summary of the books: bank reconciliation, supplier bills, period close and the link to an accounting system. Pin keeps it beside the page, which takes room from the lists, so leave it unpinned and select Close when you have read it.

   • Select Show insights panel
   • Select Close
4. 4

   Select Supplier Bills

   Supplier Bills holds the invoices you receive from suppliers. The tiles count all bills, those waiting for review, those verified and those not yet matched to a bank payment. Upload Document reads a bill from a file, and Manual Entry lets you type one in.

   • Select Supplier Bills
5. 5

   Select Banking

   Banking lists the company's bank accounts. You import statements here and tie each line to a bill or a category. That work is called bank reconciliation. No account has been added yet.

   • Select Banking
6. 6

   Select Journals

   Journals is the record of every entry in the books. Entries posted for you by bills, payments and bank lines are listed beside the ones typed in by hand. New Entry starts a manual entry, and Approval Queue shows the entries waiting for a second person.

   • Select Journals

   

7. 7

   Select Fixed Assets

   Fixed Assets is the register of things bought to use for years, such as vehicles and equipment. The tiles show the total cost, the depreciation charged so far and the net book value, which is cost less depreciation.

   • Select Fixed Assets
8. 8

   Select Periods

   Periods lists the months, quarters or years you define. A finance manager closes a period when its entries are complete, so that its figures stop changing.

   • Select Periods
9. 9

   Select Reports

   Reports is a quick view of the trial balance and the other statements without leaving Accounting. Choose the report in Report Type. The full reports, with more options, are on the Financial Reports page.

   • Select Reports
10. 10

    Select Three-Way Match

    Three-Way Match is a read-only check. It sets each bank line beside the document it was matched to, such as a supplier bill, and shows any difference between them. It is empty until a bank statement has been imported.

    • Select Three-Way Match
11. 11

    Select Access

    Access shows who may view, create, edit and approve in Accounting. Only people who administer access see that list. As an accountant you see a message that tells you to ask your security administrator.

    • Select Access
12. 12

    Open Financial Reports

    In the left menu select Financial Reports, just below Accounting. The reports are listed on the left: Trial Balance, P and L, which is profit and loss, Balance Sheet, the two aging reports and Cash Flow. Each report is run with its Generate button.

    • Select Financial Reports