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
Tax Configuration & Management
Taxes in Quickenerp
Quickenerp supports sales tax, VAT, GST, and withholding tax. Go to Accounting > Configuration > Taxes.
Tax Fields Explained
| Field | Description |
|---|---|
| Tax Name | e.g. "VAT 20% (Sale)", "GST 10% (Purchase)". |
| Tax Type | Sales (customer-facing) or Purchase (vendor-facing). |
| Amount Type | Percentage (e.g. 20%), Fixed (e.g. per unit), or Formula (Python-based). |
| Amount | The percentage or fixed value. |
| Tax Computation | Group of Taxes / Fixed / Percentage of Tax / Mixed. |
| Distribution for Invoices | Which accounts to debit/credit: Base (revenue), Tax (liability), and where to report. |
| Tax Group | Group taxes for reporting (e.g. all sales taxes in one group). |
| Include in Price | Tax-inclusive pricing. The tax is included in the product price. |
| Tags | Used in tax reports. Map to tax grid lines (e.g. Box 1, Box 4 in UK VAT). |
Creating a Tax - Step by Step
- Go to Taxes → Create.
- Name: "VAT 20% (Sale)".
- Tax Type: Sales.
- Amount: 20%, Computation: Percentage of Price.
- Set Distribution: The tax amount is posted to a Tax Liability account (e.g. "VAT Collected").
- Set Included in Price if needed.
- Save.
Tax Groups
Tax groups aggregate related taxes. For example, a "Sales Tax Group" containing VAT 5%, 12%, and 20%. Reports can show totals per group.
Tax Reports
Go to Accounting > Reporting > Tax Report. This shows:
- Total sales per tax rate.
- Total purchases per tax rate.
- Net tax payable/receivable (output tax - input tax).
- Export for VAT/GST filing.
Withholding Tax
Configure in Taxes → Check "Withholding Tax". Apply on invoices where tax must be withheld at source (e.g. contractor payments). The net payment is reduced by the withholding amount.
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