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Double Entries

The Double Entries section in Financial Settings allows organizations to configure the key accounts required for maintaining accurate double-entry bookkeeping. Each transaction is recorded with both a debit and credit, ensuring compliance with standard accounting practices.

Purpose​

Double Entries ensure every transaction is systematically balanced between debit and credit accounts. By defining default accounts here, the system automatically applies the correct postings without requiring manual input, reducing errors and saving time.

Fields in Double Entries​

  • Accounts Receivable
    Defines the account used to record customer debts when invoices are issued.

  • Accounts Payable
    Specifies the account for supplier liabilities when purchases are made.

  • Sales
    The account where all sales revenue is recorded.

  • General Expenses
    Used to capture routine operational expenses.

  • Sales Discount
    Records any discounts given to customers on sales invoices.

  • Purchase Discount
    Records discounts received from suppliers on purchases.

  • Owners Contributions
    Tracks the owner’s capital or funds introduced into the business.

  • Customer Account
    The default account for customer-related transactions.

  • Vendor Account
    The default account for supplier/vendor-related transactions.

  • Bank and Cash
    Represents the primary account for managing cash and bank transactions.

  • VAT
    Configures the tax account for handling VAT transactions.

  • Number Prefix
    Prefix used for journal entries to maintain a unique numbering format.

  • Number of Digits
    Defines the digit length for journal entry numbers.

  • Next Number
    Indicates the sequence number for the next journal entry.

Actions​

  • Configure each field with the appropriate ledger account.
  • Customize the numbering system for journal entries to align with company standards.
  • Save changes to enforce system-wide double-entry configurations.

This setup ensures all accounting transactions follow the principles of double-entry bookkeeping, maintaining financial accuracy and compliance.