Everyday sales, purchases, payments and expenses create the accounting entries. Use the accounting area to review them, not to type them a second time.
Accounting hub
Go to Finance > Accounting. The hub has cards for Party Ledgers (customer and supplier accounts), Expenses and Bank Reconciliation, and tabs for the General Ledger and the Chart of Accounts. You see totals for assets, liabilities, income and expenses. To add an account, use Create Account and fill the Account Code and Account Type.
On the hub, the card labelled Reports (P&L, Balance Sheet) shows Coming Soon. The statements themselves are available in Financial Statements and in Reports. See below.
Review in this order
- Check customer and supplier ledgers (Party Ledgers).
- Check cash and bank accounts.
- Open Reports and the Trial Balance tab. Look into any balance you do not expect.
- Open Financial Statements. It has a Balance Sheet and a Profit & Loss. The Balance Sheet shows assets, liabilities and equity, and Current Year Profit/Loss. Choose the period at the top.
Manual journals need a clear narration. Ask your accountant before adjusting tax or control accounts.