1. Reconcile with the bank
Reconciling means checking that every line on the bank statement is in your books, and the other way round. Owners, admins and accountants can do it from Reports, then Reconcile.
- Download the statement from your bank as a CSV file and choose it.
- Say which column is the date, the amount, the description and the reference. If your bank puts money out in its own column, choose that too. Your choices are remembered on this device for next month.
- Pick the accounts the statement covers. Several accounts can share one bank account.
- Choose Find matches. A line matches a transaction with the same amount and direction, dated within three days. A matching reference wins.
- Check the matches and mark them reconciled.
Lines with no match
2. Check balances
On Reports, Check balances adds up each account's full history and compares it with the balance and the held money. They should always agree. If one ever does not, the owner can record the difference as a balance adjustment, so the history adds up again without changing the balance.
3. Review the month
Pick the month on Reports. Profit and loss comes first: income and expenses by category, the profit or loss, the year so far, and the return on what you invested. Investments, withdrawals, loans and transfers are not counted as profit or cost. Then the statement shows each account's opening and closing balance and the money in and out. Below it: cash flow for six months, runway, spending by category and payee, and budgets against actual. Print gives a clean copy for a meeting or a PDF.
4. Export for your accountant
| Export | What it is |
|---|---|
| Transactions (CSV) | Every transaction of the month, with who recorded it and whether it is reconciled. |
| Journal (CSV) | Double entry: a debit and a credit line per transaction, using your account and tax codes. |
| Everything (JSON) | The whole business, for your own records. Owners only. Secrets are left out. |
5. Close the books
Finally, the owner picks a closing day, usually the last day of the month, and chooses Close the books. Nothing can then be recorded or reversed on or before that day, by anyone, from anywhere. The books can be closed up to yesterday at the latest.
Made a mistake in a closed month? The owner can reopen the books. Both closing and reopening are written to the audit log.