Accounting
Frihet keeps double-entry books. Every invoice, expense and payment generates entries in the general ledger with no manual work, and the reports come from those entries.
Go to Finance → Accounting. Reports and tools are in tabs (see Accounting reports).
Chart of accounts
The chart of accounts is the hierarchical structure of your company's accounts. Frihet creates the chart for the country configured in your workspace; for Spain it follows the Spanish General Accounting Plan (PGC), groups 1 to 9.
The chart of accounts has its own screen at the route /accounting/chart and no link in the side menu. Open it from the browser address bar in your workspace.
Initialize or customize the chart
- If the workspace has no chart, the screen offers Initialize chart (Create chart), which creates the chart for the configured country and keeps existing accounts.
- To add an account click New account and fill in Code, Name, Type and, optionally, Parent account.
- Search filters by code or name.
Do not change the codes of the accounts Frihet uses in automatic entries.
Journal entries
Frihet generates entries automatically when you:
- Issue an invoice.
- Record an invoice payment.
- Record or edit an expense.
- Create a credit note (reverse entry).
- Close the fiscal year.
For adjustments that are not generated automatically, create a manual entry in the Journal Entries tab of Accounting. It is described in Manual journal entries.
Reports
Under Finance → Accounting you have the tabs P&L, Balance Sheet, Trial Balance, General Ledger, Aging, Journal Entries, Comparative, Fixed Assets, Year-End Closing and FX Exposure. Details in Accounting reports. Comparative includes comparative P&L, year-over-year, budget vs actual, customer profitability and tax summary.
Year-end closing
The Year-End Closing tab calculates the result, generates the closing entries and locks the year. It can be reversed. See Year-end closing and Fiscal period lock.
Next: E-invoicing | VeriFactu