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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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Responsible System
Last Update 07/21/2026
Completion Time 1 week 1 day 15 hours
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Accounting & Finance
Period-End Closing Process
Period-End Closing Process

Period-End Closing

Monthly Closing Checklist

  1. Reconcile All Bank Accounts - Match every bank statement line. Book balance should equal bank balance.
  2. Reconcile AR/AP - Match all payments to invoices. Unreconciled items should be investigated.
  3. Verify Tax Report - Ensure tax amounts match invoices/bills posted this period.
  4. Review Trial Balance - Check for unbalanced entries, suspense accounts, or unusual balances.
  5. Depreciation - Run depreciation entries for fixed assets.
  6. Deferred Revenue/Expenses - Post deferral entries if using this feature.
  7. Adjusting Entries - Post accruals, prepayments, and corrections in the Miscellaneous journal.
  8. Generate Financial Reports - P&L, Balance Sheet, Cash Flow. Review with management.
  9. 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

  1. 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.
    Accounting Overview
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    New Content
    Period-End Closing Process
    Period-End Closing Process
    Preview

    Period-End Closing

    Monthly Closing Checklist

    1. Reconcile All Bank Accounts - Match every bank statement line. Book balance should equal bank balance.
    2. Reconcile AR/AP - Match all payments to invoices. Unreconciled items should be investigated.
    3. Verify Tax Report - Ensure tax amounts match invoices/bills posted this period.
    4. Review Trial Balance - Check for unbalanced entries, suspense accounts, or unusual balances.
    5. Depreciation - Run depreciation entries for fixed assets.
    6. Deferred Revenue/Expenses - Post deferral entries if using this feature.
    7. Adjusting Entries - Post accruals, prepayments, and corrections in the Miscellaneous journal.
    8. Generate Financial Reports - P&L, Balance Sheet, Cash Flow. Review with management.
    9. 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

    1. 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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    New Content
    Trial Balance, General Ledger & Other Reports
    Trial Balance, General Ledger & Other Reports
    Preview

    Trial Balance

    Go to Accounting > Reporting > Trial Balance. Lists every account with its debit/credit balance at a given date. Drill down into any account to see individual journal items.

    General Ledger

    Go to Accounting > Reporting > General Ledger. Shows all journal entries sorted by account and date. Complete transaction history. Filter by journal, account, partner, date range. Export for auditors.

    Other Key Reports

    Report Purpose
    Aged ReceivablesCustomer invoices grouped by age: Current, 1-30 days, 31-60, 61-90, 90+ overdue. Essential for collections.
    Aged PayablesVendor bills grouped by age. Important for cash flow planning.
    Cash Flow StatementOperating, investing, and financing cash flows. Built from P&L and Balance Sheet changes.
    Tax ReportSales and purchase tax summary by rate. Used for VAT/GST filing.
    Executive SummaryCombined P&L + Balance Sheet with key financial ratios (current ratio, debt-to-equity, gross margin).
    Audit TrailSequential list of all posted entries with timestamps, user, and IP address. Required for audit compliance.

    Recent Reporting Improvements

    • Report Preview - See report data before generating PDF.
    • Inline Export - Export to Excel directly from report view without going through a dialog.
    • Multi-Company Consolidation - Combine financial reports across multiple companies in a single view (Enterprise).
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    New Content
    Balance Sheet
    Balance Sheet
    Preview

    Balance Sheet

    Go to Accounting > Reporting > Balance Sheet. Shows the company's financial position at a specific date.

    Sections

    • Assets: Current (Cash, AR, Inventory) and Non-Current (Fixed Assets, Intangibles).
    • Liabilities: Current (AP, Accrued Expenses, Short-term Loans) and Non-Current (Long-term Debt, Deferred Revenue).
    • Equity: Capital, Retained Earnings, Current Year Profit/Loss.
    • Total Assets = Total Liabilities + Equity - Must balance.

    Customisation

    • All customisations from P&L apply (date range, compare, group by, export).
    • The Balance Sheet is typically run on the last day of the reporting period.
    • Use Comparison Mode to see period-over-period changes in assets/liabilities.
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    This documentation is updated continuously. Some features described here may be renamed, deprecated, or still being finalized.