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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Last Update	07/21/2026
Completion Time	1 week 1 day 15 hours
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Accounting & Finance

Payment Terms & Collections

Payment Terms

Payment terms define when and how invoices should be paid. Go to Accounting > Configuration > Payment Terms.

Common Payment Term Types

Type	Example	Due Date Calculation
Immediate	Due on Receipt	Due date = invoice date
Net Days	Net 30, Net 60	Due date = invoice date + N days
End of Month	EOM 30	Due date = last day of next month
After Invoice Month	EOM + 15 days	Due date = EOM + 15 days
Early Payment Discount	2/10 Net 30	2% discount if paid within 10 days, otherwise due in 30
Fixed Date	Due on 15th of next month	Due date = 15th of the month after invoice date
Multiple Installments	50% now, 25% in 30 days, 25% in 60 days	Multiple due dates with percentages

Customer Payment Process

Invoice posted → customer is sent invoice.
Customer pays (bank transfer, check, card, portal payment).
Go to Accounting > Customers > Payments → Create.
Select customer, payment amount, payment method, bank journal.
Click Validate - payment is posted.
Reconcile the payment with the invoice(s) it covers.

Follow-up & Collections

Quickenerp can send automated follow-up emails for overdue invoices:

Configure Follow-up Levels in Accounting → Configuration → Follow-up Levels.
Each level defines: days overdue, email template, and action (e.g. add interest, send final notice).
Quickenerp auto-sends emails based on the schedule.
View overdue invoices in Reporting → Aged Receivables.

Accounting Overview

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Payment Terms & Collections

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Payment Terms

Payment terms define when and how invoices should be paid. Go to Accounting > Configuration > Payment Terms.

Common Payment Term Types

Type	Example	Due Date Calculation
Immediate	Due on Receipt	Due date = invoice date
Net Days	Net 30, Net 60	Due date = invoice date + N days
End of Month	EOM 30	Due date = last day of next month
After Invoice Month	EOM + 15 days	Due date = EOM + 15 days
Early Payment Discount	2/10 Net 30	2% discount if paid within 10 days, otherwise due in 30
Fixed Date	Due on 15th of next month	Due date = 15th of the month after invoice date
Multiple Installments	50% now, 25% in 30 days, 25% in 60 days	Multiple due dates with percentages

Customer Payment Process

Invoice posted → customer is sent invoice.
Customer pays (bank transfer, check, card, portal payment).
Go to Accounting > Customers > Payments → Create.
Select customer, payment amount, payment method, bank journal.
Click Validate - payment is posted.
Reconcile the payment with the invoice(s) it covers.

Follow-up & Collections

Quickenerp can send automated follow-up emails for overdue invoices:

Configure Follow-up Levels in Accounting → Configuration → Follow-up Levels.
Each level defines: days overdue, email template, and action (e.g. add interest, send final notice).
Quickenerp auto-sends emails based on the schedule.
View overdue invoices in Reporting → Aged Receivables.

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Introduction to Quickenerp Accounting

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The Accounting Module

Quickenerp Accounting is a full double-entry accounting system. It handles the complete financial cycle - from invoicing and payments to financial reporting and period-end closing. All entries are recorded in the general ledger using debits and credits, ensuring full audit trail and GAAP/IFRS compliance.

Core Accounting Concepts

Concept	Model (Technical Name)	Description
Journal Entry	`account.move`	Every financial transaction. Contains lines (debits/credits) that must balance.
Journal	`account.journal`	A grouping of entries by type: Sales, Purchases, Bank, Cash, Miscellaneous.
Account	`account.account`	An individual record in the chart of accounts. Categories: Asset, Liability, Equity, Income, Expense.
Invoice	`account.move` (type=out_invoice/out_refund)	A customer invoice or credit note. Creates receivable and revenue entries.
Bill	`account.move` (type=in_invoice/in_refund)	A vendor bill or credit note. Creates payable and expense entries.
Payment	`account.payment`	Records money received from customers or paid to vendors. Linked to invoices.
Reconciliation	`account.reconcile`	Matching payments to invoices or bank transactions to accounting entries.
Tax	`account.tax`	Sales tax, VAT, or GST configuration. Defines rate, computation, and accounts.

Key Capabilities

Double-entry bookkeeping with flexible chart of accounts.
Customer invoices, credit notes, and refunds.
Vendor bills, credit notes, and payments.
Bank reconciliation with automatic bank statement import.
Multi-currency with automatic rate updates.
Tax management: sales tax, VAT, GST, withholding tax.
Budget creation and real-time monitoring.
Financial reports: P&L, Balance Sheet, Trial Balance, General Ledger, Cash Flow, Aged Receivables.
Period-end closing with lock dates and audit trail.

Integration with Other Modules

Module	Integration
Sales	Customer invoices created from sales orders. Down payments handled.
Purchases	Vendor bills created from purchase orders. Three-way matching.
Inventory	Stock moves generate journal entries for inventory valuation and COGS.
Expenses	Employee expenses posted to accounting on approval.
Payroll	Salary journals post salaries, deductions, and employer contributions.
eCommerce	Online orders create invoices automatically on checkout.

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Period-End Closing Process

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Period-End Closing

Monthly Closing Checklist

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

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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This documentation is updated continuously. Some features described here may be renamed, deprecated, or still being finalized.