Accounting

All about accounting

15 articles in this collection

Collections

Void a reconciled transaction

Sometimes an error only shows up after the reconciliation process has been completed. Learn how to adjust your books to make the correction.go to Bank Accounts select the applicable bank account from select menu in top left click on the...

By Joshua waldman

Updated 2 months ago

How to handle personal transactions in your company's books

We've all done it. Charged something personal through the business. What to do?Sometimes it can't be avoided. A personal transaction goes through your business accounts. Maybe it was by mistake. Maybe it was to take advantage of a professional...

By Joshua waldman

Updated 2 months ago

Accounting for refunds & returns

How to deal with a customer who gets a refund, or when you return a productAccounting has very specific language. In normal speak, a refund is the same as a return. But when you are running your business finances, these are very different...

By Joshua waldman

Updated 2 months ago

Setting up VAT reporting in your Balance Sheet

If you need to report VAT deductions on purchases and sales follow these setup instrcutionsTo separate out taxes you've collected or paid from your balance sheet and profit & loss statement....First head to your tax settingsAnd edit Settings for...

By Joshua waldman

Updated 2 months ago

How to account for reimbursements

If you get paid back for travel costs and want to account for that income separatelyFirst create another revenue account in your Chart of Accounts, call it reimbursements.Then create "products" for each category of reimbursement using that...

By Joshua waldman

Updated 2 months ago

How to account for Credit Card payments?

Did you pay off a credit card and you'd like to show that in Billy?First, make sure your Billy account has Accounts set up for both the Credit Card and the Checking Account that paid it. Next, when the payment is posted in the Credit Card's...

By Joshua waldman

Updated 2 months ago

Journal

The Journal in BillyIn this article, we'll go over some of the features of the journal in Billy. The journal is where accounting and bookkeeping professionals can manually add transactions to the system. First, it'll be helpful to watch this brief...

By Joshua waldman

Updated 2 months ago

Accountant FAQ

In this article, we'll answer some frequently asked questions (FAQ) that we've been asked by financial professionals from around the world. Table of ContentsWhat is Billy? Is my data secure? Does Billy have customer support? Is Billy...

By Joshua waldman

Updated 2 months ago

Chart of accounts

The Chart of accountsIn this article, we'll go over some of the features of the chart of accounts in Billy. First, it's helpful to watch this quick video that gives an overview of the chart of accounts. 

By Joshua waldman

Updated 2 months ago

Profit and loss statement

Profit and loss statement videoIn this video, we'll go over some of the key aspects of your profit and loss statement, also known as an income statement, in Billy. 

By Joshua waldman

Updated 2 months ago

Balance sheet

Balance sheet videoIn this video, we'll go over some of the key aspects of your balance sheet in Billy. 

By Joshua waldman

Updated 2 months ago

Trial balance

Trial balance videoIn this video, we'll go over some of the key aspects of your trial balance in Billy. 

By Joshua waldman

Updated 2 months ago

Sales tax

Sales tax videoIn this article, we'll provide some best practices for managing sales tax planning, collection and remittance. The video below provides a brief summary of the sales tax process from beginning to end, with a relevant example company...

By Joshua waldman

Updated 2 months ago

Reports

Reports in BillyIn this video, we'll go over some of the reports you can export from Billy. This short video describes each report and shows a preview of what each report looks like. 

By Joshua waldman

Updated 2 months ago

Managing transactions

This video provides a brief overview of transactions in Billy, and will show you how to manually record one of your own. 

By Joshua waldman

Updated 2 months ago