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Accounting

This course covers the full Accounting module in Quickenerp. You will learn how to set up your chart of accounts, create customer invoices and vendor bills, manage payments, reconcile bank transactions, configure taxes, create budgets, and generate financial reports. Every lesson provides step-by-step instructions, field-level explanations, and real business scenarios.

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Responsible System
Last Update 07/21/2026
Completion Time 1 week 1 day 15 hours
Members 1
Accounting & Finance
Period-End Closing Process
Period-End Closing Process

Period-End Closing

Monthly Closing Checklist

  1. Reconcile All Bank Accounts - Match every bank statement line. Book balance should equal bank balance.
  2. Reconcile AR/AP - Match all payments to invoices. Unreconciled items should be investigated.
  3. Verify Tax Report - Ensure tax amounts match invoices/bills posted this period.
  4. Review Trial Balance - Check for unbalanced entries, suspense accounts, or unusual balances.
  5. Depreciation - Run depreciation entries for fixed assets.
  6. Deferred Revenue/Expenses - Post deferral entries if using this feature.
  7. Adjusting Entries - Post accruals, prepayments, and corrections in the Miscellaneous journal.
  8. Generate Financial Reports - P&L, Balance Sheet, Cash Flow. Review with management.
  9. Lock the Period - Set lock dates to prevent changes (see below).

Lock Dates

Lock dates prevent posting entries in closed periods. Set in Accounting > Configuration > Settings → "Lock Dates" section.

  • Fiscal Year Lock Date - No changes allowed before this date for any user.
  • Period Lock Date - No changes allowed before this date for non-accountant users. Accountants still have access.
  • Journal-Specific Lock Dates - Set different dates per journal.

Fiscal Year-End Closing

  1. After the year-end P&L is finalised, post closing entries:
  • Zero out temporary accounts (revenue, expenses).
  • Transfer net profit/loss to Retained Earnings.
  • Quickenerp does not auto-close the year - you create closing entries manually or via a script.
  • After closing, set the Fiscal Year Lock Date to the last day of the closed year.
  • New fiscal year starts with opening balances carried forward.

    • Audit Trail

    Accounting > Reporting > Audit Trail shows every posted entry with:

    • Entry number (sequential).
    • Date and time posted.
    • User who posted.
    • IP address.
    • Journal and reference.

    Regularly review the audit trail to ensure data integrity. Export for external auditors.

    Best Practices

    • Close each month within 10 business days of month-end.
    • Lock periods promptly to prevent accidental changes.
    • Run the Trial Balance before and after closing to verify accuracy.
    • Maintain a closing checklist document and track completion.
    • Use the chatter on journal entries to document adjustments for future reference.
    Accounting Overview
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    Period-End Closing Process
    Period-End Closing Process
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    Period-End Closing

    Monthly Closing Checklist

    1. Reconcile All Bank Accounts - Match every bank statement line. Book balance should equal bank balance.
    2. Reconcile AR/AP - Match all payments to invoices. Unreconciled items should be investigated.
    3. Verify Tax Report - Ensure tax amounts match invoices/bills posted this period.
    4. Review Trial Balance - Check for unbalanced entries, suspense accounts, or unusual balances.
    5. Depreciation - Run depreciation entries for fixed assets.
    6. Deferred Revenue/Expenses - Post deferral entries if using this feature.
    7. Adjusting Entries - Post accruals, prepayments, and corrections in the Miscellaneous journal.
    8. Generate Financial Reports - P&L, Balance Sheet, Cash Flow. Review with management.
    9. Lock the Period - Set lock dates to prevent changes (see below).

    Lock Dates

    Lock dates prevent posting entries in closed periods. Set in Accounting > Configuration > Settings → "Lock Dates" section.

    • Fiscal Year Lock Date - No changes allowed before this date for any user.
    • Period Lock Date - No changes allowed before this date for non-accountant users. Accountants still have access.
    • Journal-Specific Lock Dates - Set different dates per journal.

    Fiscal Year-End Closing

    1. After the year-end P&L is finalised, post closing entries:
    • Zero out temporary accounts (revenue, expenses).
    • Transfer net profit/loss to Retained Earnings.
  • Quickenerp does not auto-close the year - you create closing entries manually or via a script.
  • After closing, set the Fiscal Year Lock Date to the last day of the closed year.
  • New fiscal year starts with opening balances carried forward.

    • Audit Trail

    Accounting > Reporting > Audit Trail shows every posted entry with:

    • Entry number (sequential).
    • Date and time posted.
    • User who posted.
    • IP address.
    • Journal and reference.

    Regularly review the audit trail to ensure data integrity. Export for external auditors.

    Best Practices

    • Close each month within 10 business days of month-end.
    • Lock periods promptly to prevent accidental changes.
    • Run the Trial Balance before and after closing to verify accuracy.
    • Maintain a closing checklist document and track completion.
    • Use the chatter on journal entries to document adjustments for future reference.
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    New Content
    Accounting Navigation & Dashboard
    Accounting Navigation & Dashboard
    Preview

    Accounting Menu Structure

    The Accounting app has a comprehensive menu structure:

    Menu Group Menu Item Purpose
    DashboardDashboardKPI cards: overdue invoices, draft invoices, cash/bank balances, expenses to process. Quick links to common actions.
    CustomersInvoicesAll customer invoices. Filter by status: Draft, Posted, Paid, Overdue.
    CustomersCredit NotesCustomer refund/credit documents.
    CustomersPaymentsIncoming payments from customers.
    VendorsBillsAll vendor bills. Filter by status.
    VendorsVendor Credit NotesRefund documents from vendors.
    VendorsPaymentsOutgoing payments to vendors.
    ConfigurationSettingsAccounting-specific settings: chart template, fiscal year, tax rounding, etc.
    ConfigurationChart of AccountsFull list of all accounts. Create/edit/archive accounts.
    ConfigurationJournalsManage all journals. Each transaction type has its own journal.
    ConfigurationTaxesDefine tax rates, computation rules, and tax groups.
    ConfigurationFiscal PositionsMap taxes based on customer location (intra-EU, export, reverse charge).
    ConfigurationPayment TermsDefine payment schedules: Net 30, Due on Receipt, 2/10 Net 30.
    ConfigurationPayment MethodsConfigure payment providers and methods.
    ConfigurationBudgetsCreate and manage budget periods compared to actuals.
    ReportingProfit & LossIncome statement for a period.
    ReportingBalance SheetFinancial position at a point in time.
    ReportingExecutive SummaryCombined P&L and Balance Sheet with key ratios.
    ReportingTrial BalanceAll accounts with debit/credit balances. Drill-down to journal items.
    ReportingGeneral LedgerAll journal entries sorted by account. Complete transaction history.
    ReportingAged ReceivablesOutstanding customer balances by age bracket.
    ReportingAged PayablesOutstanding vendor balances by age bracket.
    ReportingTax ReportSales and purchases summary per tax. Used for VAT/GST filing.
    ReportingAudit TrailSequential log of all posted entries with timestamps.

    Dashboard Overview

    • KPI Cards - Invoices to pay, overdue invoices, invoices to send, cash/bank balance.
    • Bank Accounts - Summary of all bank balances with last reconciliation date.
    • Invoices to Send - Draft invoices awaiting confirmation.
    • Invoices to Pay - Overdue vendor bills.
    • Cash Flow Forecast - Projected cash position based on receivables and payables.

    Recent Accounting Improvements

    • New Dashboard Layout - KPI cards redesigned with trend indicators (up/down arrows).
    • Inline Cash Flow Forecast - Directly on dashboard without navigating to a separate report.
    • Quick Actions - \"Create Invoice\", \"Register Payment\", \"Reconcile\".
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    New Content
    Balance Sheet
    Balance Sheet
    Preview

    Balance Sheet

    Go to Accounting > Reporting > Balance Sheet. Shows the company's financial position at a specific date.

    Sections

    • Assets: Current (Cash, AR, Inventory) and Non-Current (Fixed Assets, Intangibles).
    • Liabilities: Current (AP, Accrued Expenses, Short-term Loans) and Non-Current (Long-term Debt, Deferred Revenue).
    • Equity: Capital, Retained Earnings, Current Year Profit/Loss.
    • Total Assets = Total Liabilities + Equity - Must balance.

    Customisation

    • All customisations from P&L apply (date range, compare, group by, export).
    • The Balance Sheet is typically run on the last day of the reporting period.
    • Use Comparison Mode to see period-over-period changes in assets/liabilities.
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    This documentation is updated continuously. Some features described here may be renamed, deprecated, or still being finalized.