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SeroBooks
Knowledgebase · 18 articles

Accounting

The chart of accounts, journal entries, ledgers, financial statements, classes, fixed assets and year-end.

Accounts3

Chart of AccountsEvery account your books post into, with its type, sub-type, status and balance, and the way into each account's ledger.Add, edit, merge or make an account inactiveCreate a new account, change its name, code, sub-type or usual tax, fold a duplicate account into another, or retire an account you no longer use.Enter Opening BalancesType in what the business owned and owed on the day it started using SeroBooks, and post it as one balanced journal entry.

Journals and ledgers7

Make General Journal EntriesPost a manual debit-and-credit entry for accruals, adjustments, depreciation, owner's draws and corrections, then find, edit, reverse or delete it later.General LedgerEvery line posted to every account for a period, account by account, with a beginning balance, the other side of each entry and a running balance.Trial BalanceEvery account's balance on a date, in a debit or a credit column, with the proof that the two columns agree, and the Adjusted Trial Balance that separates your adjusting entries.Memorized TransactionsKeep a transaction to enter again whenever you need it, and schedule expenses and other entries that repeat, from the Memorized Transaction List.Transaction History and Transaction JournalFor one transaction, see everything linked to it (payments, credits, returns, who entered and changed it) and the exact debits and credits it posted.Advanced FindSearch every invoice, bill, cheque, payment, journal entry and other transaction at once by type, name, number, memo, amount, date and paid status.Audit TrailSee every transaction that was created, changed, voided or deleted, who did it, from which workstation and what changed, plus the ledger lines the books used to hold.

Financial statements4

Profit & LossIncome less expenses for a period, as a live Accounting screen with comparison columns and as the Report Centre's Profit & Loss reports (standard, detail, comparisons, by month, job, class and location, cash or accrual).Balance SheetWhat the business owns, owes and is worth on one day, as a live Accounting screen with a balance check and comparison columns, and as the Report Centre's Balance Sheet reports (standard, detail, summary, previous year, by month and by class).Statement of Cash FlowsWhere the cash went over a period, from net income through operating, investing and financing activities, with a proof that it ties to the movement on your cash and bank accounts.Consolidated DayOne company-wide sales total for a day, measured on a single clock (UTC), for a business with locations in more than one time zone.

Tracking2

ClassesTag income and costs by department, product line, fund or branch, and see profit for each with Profit & Loss by Class.Fixed Asset Manager and CCAKeep a register of equipment, vehicles, buildings and other long-term assets, post each year's book depreciation, dispose of an asset with its gain or loss, and see the capital cost allowance (CCA) schedule for your T2.

Income tax1

Income Tax (T2 / GIFI)Map each account in your chart to a GIFI code and produce the GIFI schedule your accountant needs for the corporation's T2 return; in a US company, map accounts to the lines of your income tax return.

How SeroBooks posts1

How each transaction posts to the booksA reference of the debits and credits SeroBooks writes for every kind of transaction, and which account each amount lands in.