Accounting
Last update:
07/21/2026
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In this topic
Accounting Overview
- Introduction to Quickenerp Accounting
- Setting Up the Chart of Accounts
- Understanding & Configuring Journals
- Creating Customer Invoices
- Creating & Managing Vendor Bills
- Bank Account Setup & Transactions
- Tax Configuration & Management
- Multi-Currency Setup & Management
- Creating & Monitoring Budgets
- Profit & Loss Report
- Period-End Closing Process
- Accounting Navigation & Dashboard
- Chart of Accounts Templates & Fiscal Localisation
- Credit Notes & Refunds
- Bank Reconciliation
- Fiscal Positions
- Balance Sheet
- Payment Terms & Collections
- Trial Balance, General Ledger & Other Reports
Chart of Accounts
Journals
Customer Invoices
Vendor Bills
Bank & Reconciliation
Taxes
Multi-Currency
Budgets
Financial Reports
Period-End & Fiscal Year Closing
Setting Up the Chart of Accounts
Chart of Accounts
The chart of accounts is the backbone of your accounting system. Go to Accounting > Configuration > Chart of Accounts.
Account Types
| Type | Normal Balance | Financial Statement | Examples |
|---|---|---|---|
| Asset | Debit | Balance Sheet | Cash, Bank, Accounts Receivable, Inventory, Fixed Assets, Prepaid Expenses |
| Liability | Credit | Balance Sheet | Accounts Payable, Loans, Credit Cards, Accrued Liabilities, Deferred Revenue |
| Equity | Credit | Balance Sheet | Owner's Capital, Retained Earnings, Current Year Earnings, Drawings |
| Income | Credit | Profit & Loss | Product Sales, Service Revenue, Interest Income, Discounts Received |
| Expense | Debit | Profit & Loss | COGS, Salaries, Rent, Utilities, Depreciation, Office Supplies |
Creating an Account - All Fields Explained
| Field | Model Field | Required | Description |
|---|---|---|---|
| Code | code | Yes | Numeric code (e.g. 1000). Determines sort order in reports. Use a structured numbering system (1xxx Assets, 2xxx Liabilities, 3xxx Equity, 4xxx Income, 5xxx COGS, 6xxx Expenses). |
| Name | name | Yes | Account name displayed in reports (e.g. \"Petty Cash\", \"Sales Revenue - Products\"). |
| Type | account_type | Yes | Determines financial statement placement and default behaviour. Cannot change if journal items exist. |
| Currency | currency_id | No | Leave empty for company currency. Set specific currency for foreign-currency accounts (e.g. EUR Bank Account). |
| Allow Reconciliation | reconcile | No | Enable for accounts where transactions need matching (AR, AP, Bank, Credit Card). Disable for accounts like Rent, Sales Revenue. |
| Deprecated | deprecated | No | Hide account from selection lists but keep existing entries intact. Used when merging/retiring accounts. |
| Tags | tag_ids | No | Classify accounts for reporting. Used in tax reports, deferred revenue, etc. |
| Group | group_id | No | Account group for hierarchical reporting. Groups auto-roll up totals. |
Creating an Account - Step by Step
- Go to Accounting > Configuration > Chart of Accounts → click Create.
- Enter Code using a logical numbering scheme (e.g. 1100 for Checking Account, 1200 for AR).
- Enter Name descriptive enough for report readers.
- Select Type - this cannot be changed later without careful migration.
- Check Allow Reconciliation only when needed (AR, AP, Bank). Overuse slows performance.
- Click Save.
Account Tags
Tags classify accounts for specific reports. Go to Accounting > Configuration > Account Tags. Common tags:
- Tax Report Tags - Mark accounts included in VAT/GST returns (e.g. \"Sales 20% VAT\", \"Purchases 20% VAT\").
- Deferred Tags - Mark accounts for deferred revenue/expense automation.
- Internal Tags - Custom classification for your own reporting needs.
Account Groups
Groups create hierarchical reporting. For example:
- Current Assets (1100-1500)
- Cash & Bank (1100-1200)
- Accounts Receivable (1300)
- Inventory (1400)
- Non-Current Assets (1600-1900)
- Fixed Assets (1600-1700)
- Intangible Assets (1800)
Balance Sheet and P&L reports automatically respect the group hierarchy.
Recent Chart of Accounts Improvements
- Account Group Import/Export - Bulk create account groups via CSV import.
- Enhanced Search - Search accounts by code, name, or type in a single field.
- Account Status Indicators - Color-coded badges for reconciled/bank/cash accounts.
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This documentation is updated continuously. Some features described here may be renamed, deprecated, or still being finalized.