Double Entry Integrational Entry Integration

1. Getting Started with the Double Entry Add-On

• After purchasing the Double Entry Add-On, it becomes accessible through the main menu of your platform.
• This powerful accounting tool gives you access to several essential financial pages: Journal Account, Ledger Summary, Balance Sheet, Profit and Loss, Trial Balance, and Report.

2. Journal Account Management

• On the journal page you can create new journals with the help of the create button. After that you will see your journal number, transaction date, reference, and the description.
• Below this, you can add the journal account. Just select the account from the dropdown, enter the debit/credit amount, and at last add the description. After this, the total amount will be displayed in front of you. You can also add a new account over here with the help of add accounts button.
• Lastly, on the journals page, you can view the list of journals, and edit or delete them whenever you want.

3. Ledger Summary

• On the Ledger Summary page, you’ll find a complete view of all your account ledgers, including their transaction histories and balances.
• There is also an option of filtering where you can search the ledger summary of that particular month and accounts.
• This page also allows you to download the ledger data, which can be useful for audits, reviews, or offline records.
• This report is generated based on the creation of invoices, bills and journal entries. When an invoice is created, the income account of the invoice item is credited. When a bill is created, the expense account of the bill item is debited. When an invoice payment is recorded, the bank account’s chart of account is debited, and similarly, when a bill payment is recorded, the bank account’s chart of account is credited.

4. Balance Sheet Overview

• The Balance Sheet page gives you a real-time snapshot of your company’s financial standing by displaying assets, liabilities, and equity in an organized format.
• You also have the option to print your balance sheet directly from the platform, which is helpful for reports or meetings.
• There is also an option of filtering where you can search the balance of that particular month, you can also have a horizontal view of the balance sheet easily.
• This report is generated based on the transactions from invoices, bills, payments, and journal entries. When an invoice is created, the income account of the invoice item is credited. When a bill is created, the expense account of the bill item is debited. When an invoice payment is recorded, the bank account’s chart of account is debited, and similarly, when a bill payment is recorded, the bank account’s chart of account is credited.

Note: Only transactions related to accounts with the types Assets, Liabilities, or Equity will be displayed in this report.

5. Profit and Loss Statement

• The Profit and Loss section provides a detailed breakdown of your income and expenses over a chosen period, helping you understand your net profit or loss.
• You can see the “net profit” or “net loss” easily, the amount will be calculated automatically.
• This financial report can be reviewed on-screen and printed whenever needed for performance analysis or financial planning.
• You can also filter it according to the dates. You can have a horizontal view of the Profit and Loss Account too.
• The Profit and Loss report is generated using data from invoices, bills,journal entries and payments. When an invoice is created, the income account of the invoice item is credited. When a bill is created, the expense account of the bill item is debited. When an invoice payment is recorded, the bank account’s chart of account is debited, and similarly, when a bill payment is recorded, the bank account’s chart of account is credited.

Note: Only transactions related to accounts with the types Income, Expense, Costs of Goods Sold will be displayed in this report.

6. Trial Balance

• In the Trial Balance section, you can view a consolidated list of all your account balances, ensuring that total debits match total credits.
• Like other sections, this report can be printed for documentation or reviewed periodically to maintain financial accuracy.
• Here also you can filter the data according to the dates, and have a horizontal view of trial balance.
• The Trial Balance report compiles the ending balances of all charts of accounts to ensure that total debits equal total credits. It includes data from all transactions such as invoices, bills, journal entries, and payments. When an invoice is created, the income account of the invoice item is credited. When a bill is created, the expense account of the bill item is debited. When an invoice payment is recorded, the bank account’s chart of account is debited, and similarly, when a bill payment is recorded, the bank account’s chart of account is credited.

7. Reports and Final Overview

• Lastly, under the Report section, you can see the detailed reports of sales, receivables, and payables
• On the sales report page, you can see the sales by item, and sales by customer. You can also filter the reports of a particular month. You can also print the reports.
• The Sales by Item report is generated based on the items added in invoices. It shows the total quantity sold, total sales amount, and the average price of each item.
• The Sales by Customer report displays data based on the customers selected while creating invoices. It shows the total invoice amount for each customer, both with and without tax.
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• Then comes the page for receivables where you can see the customer balance, receivable summary, receivable details, aging summary, and aging details. You can also print and filter these reports easily.
• The Customer Balance Report shows customer-wise balances based on created invoices, including the total pending amount, total credited amount, and the resulting balance. (Invoice Balance – Available Credits = Balance)
• The Receivable Summary Report displays customer-wise details, including each invoice and credit note with their dates, statuses, and amounts, along with the final total balance.
• The Receivable Details Report provides in-depth information, showing each invoice and credit note with item names, quantities, item prices, and the total amount at the end.
• The Aging Summary Report is generated based on invoice payments by customers, categorized by due dates and time intervals such as within 15 days, within a month, and beyond.
• The Aging Details Report provides detailed information for each invoice, including the customer name, invoice status, number of days taken for payment, and the total due balance.
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• At last, there comes the payables reports. You can see the vendor balance, payable summary, payable details, aging summary, and aging details.You can also print and filter these reports easily. The payable reports are generated on the basis of bills.
• The Vendor Balance Report shows vendor-wise balances based on created bills, including the total pending amount, total debited amount, and the resulting balance.
• The Payable Summary Report displays vendor-wise details, including each bill and debit note with their dates, statuses, and amounts, along with the final total balance.
• The Payable Details Report provides in-depth information, showing each bill and debit note with item names, quantities, item prices, and the total amount at the end.
• The Aging Summary Report is generated based on bill payments by vendors, categorized by due dates and time intervals such as within 15 days, within a month, and beyond.
• The Aging Details Report provides detailed information for each bill, including the vendor name, bill status, number of days taken for payment, and the total due balance.
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