Bookkeeping, starting balances, and bank statements

Create a budget and compare actual spending against it Compare the budget you planned with actual amounts recorded in the same account, month, and currency.

Import a bank statement and check the dates and amount columns Import the statement as bank evidence, then match its rows to the transactions already in your books.

Match a bank statement line to an existing payment Match money already recorded through an invoice or bill instead of adding another receipt or cost.

Create a bank rule to match statement descriptions A bank rule helps identify recurring statement descriptions. Review its scope before enabling it.

Review unmatched bank entries and duplicate statement imports An unmatched row needs a real explanation. A duplicate statement warning needs a check of the existing import.

Close or reopen a bank reconciliation period Close a bank reconciliation only after the statement and recorded transactions agree.

Enter opening balances from another system Agree a starting date and decide which history you are bringing across before posting balances.

Add an account to your chart of accounts Keep account names clear and preserve the history attached to them.

Choose the right account from your chart of accounts Choose an account that describes the transaction you are recording.

Enter customer opening balances and credits Record a customer’s starting debt or credit without creating a new sale.

Enter vendor opening balances and credits Record an existing amount owed to or by a vendor without recording a new purchase.

Correct an opening balance without duplicating sales or bills Correct the original starting entry rather than entering the same opening amounts again.

Record and review a manual journal entry Use a manual journal for an accounting adjustment that is not already represented by a document or payment.

Lock a completed accounting period and review exceptions The account owner can protect completed books and temporarily open a small date range for an agreed correction.

Set up a fixed asset and review its depreciation Record equipment once, then review its depreciation over the period it is used.