Skip to Content
Home └Accounting └-
Accounting

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.

Start this Course
Responsible System
Last Update 07/21/2026
Completion Time 1 week 1 day 15 hours
Members 1
Accounting & Finance
Accounting Overview
View all
Introduction to Quickenerp Accounting
Introduction to Quickenerp Accounting
Preview

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 Entryaccount.moveEvery financial transaction. Contains lines (debits/credits) that must balance.
Journalaccount.journalA grouping of entries by type: Sales, Purchases, Bank, Cash, Miscellaneous.
Accountaccount.accountAn individual record in the chart of accounts. Categories: Asset, Liability, Equity, Income, Expense.
Invoiceaccount.move (type=out_invoice/out_refund)A customer invoice or credit note. Creates receivable and revenue entries.
Billaccount.move (type=in_invoice/in_refund)A vendor bill or credit note. Creates payable and expense entries.
Paymentaccount.paymentRecords money received from customers or paid to vendors. Linked to invoices.
Reconciliationaccount.reconcileMatching payments to invoices or bank transactions to accounting entries.
Taxaccount.taxSales 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
SalesCustomer invoices created from sales orders. Down payments handled.
PurchasesVendor bills created from purchase orders. Three-way matching.
InventoryStock moves generate journal entries for inventory valuation and COGS.
ExpensesEmployee expenses posted to accounting on approval.
PayrollSalary journals post salaries, deductions, and employer contributions.
eCommerceOnline orders create invoices automatically on checkout.
10:00
0 0
Payment Terms & Collections
Payment Terms & Collections
Preview

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
ImmediateDue on ReceiptDue date = invoice date
Net DaysNet 30, Net 60Due date = invoice date + N days
End of MonthEOM 30Due date = last day of next month
After Invoice MonthEOM + 15 daysDue date = EOM + 15 days
Early Payment Discount2/10 Net 302% discount if paid within 10 days, otherwise due in 30
Fixed DateDue on 15th of next monthDue date = 15th of the month after invoice date
Multiple Installments50% now, 25% in 30 days, 25% in 60 daysMultiple due dates with percentages

Customer Payment Process

  1. Invoice posted → customer is sent invoice.
  2. Customer pays (bank transfer, check, card, portal payment).
  3. Go to Accounting > Customers > Payments → Create.
  4. Select customer, payment amount, payment method, bank journal.
  5. Click Validate - payment is posted.
  6. 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.
10:00
0 0
Credit Notes & Refunds
Credit Notes & Refunds
Preview

Customer Credit Notes

Credit notes reverse a previously posted invoice - partially or fully. Go to Accounting > Customers > Credit Notes.

Creating a Credit Note

  1. Open the posted invoice.
  2. Click Add Credit Note.
  3. Choose refund type:
  • Full Refund - Reverses entire invoice.
  • Partial Refund - Select specific lines or enter an amount.
  • Select reason: Product Defect, Customer Return, Goodwill, Pricing Error, Other.
  • Check Re-inventory Products if returned items should go back to stock.
  • Click Create Credit Note. A draft credit note is created.
  • Review → click Confirm to post.
  • The credit note number is auto-assigned (e.g. CINV/2026/0001).

    • How Credit Notes Affect Accounting

    • Reverses the original revenue and tax entries.
    • Increases Accounts Receivable (reduces amount due).
    • If the original invoice was paid, the credit note creates a credit balance that can be refunded or applied to future invoices.
    • The refund is processed according to the original payment method (reverse payment, credit on account, etc.).

    Credit Note Report

    The credit note PDF shows the original invoice reference, reason for credit, and reversed amounts. Customise the report template in Technical → Reports.

    10:00
    0 0
    This documentation is updated continuously. Some features described here may be renamed, deprecated, or still being finalized.