Deep Dive Your Books With Double-Entry Accounting Software
Double-Entry Accounting means accurate financial reporting and compliant books to help you and your accountant make smart choices for your business.
Ensure Compliance With Accurate Reporting
FreshBooks Double-Entry Accounting software identifies revenue items and their related
expenses, giving you an accurate calculation of profits and losses.
Automatic checks and balances ensure debit and credit amounts are equal, which
greatly reduces the chance of errors year-round and when you file taxes.
More Double-Entry Accounting software features:
Cost of Goods Sold
Chart of Accounts
Make Confident Business Decisions With Ease
FreshBooks Double-Entry Accounting tools help you make choices based on actual business data and insights.
Set aside enough for tax time, understand the costs of running your business, find out if you have money to hire and confidently forecast your earnings.
Everything Your Accountant Needs… And More
Give your accountant exclusive access to your FreshBooks account for the financial info and reports they need to support your business.
Whether it’s tax time or time to make important financial decisions, FreshBooks Double-Entry Accounting software makes working with your accountant easy.
Tears of Joy for Automated Bank Reconciliation
Did you receive an invoice payment? Purchase a coffee at the airport? Whatever it was, automated Bank Reconciliation makes organising transactions a breeze.
- Import and categorise financial transactions
- Approve, change or add automated matching suggestions in seconds
- Mark and categorise equity, transfers and refunds easily
- Create a summary report and export it to Excel
FreshBooks is the partner you’ve always wanted to help out with Bank Rec.
Easily Manage Your Bills With Accounts Payable
Do you pay an internet bill every month? Or rent office space? Accounts Payable makes it easy to track every bill payment you make and owe to vendors. Plus, reports like Profit & Loss and Cash Flow Statement tell you exactly where you stand at tax time and year-round.
Track Every Type of Transaction with Credits
Have you ever needed to refund a client for a sale? Or reward a customer with a discount?
The Credits feature allows you to track prepayments, overpayments and credits notes, sorted by client, then easily apply them to future invoices.
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Frequently Asked Questions
Does FreshBooks help me fill out my tax return?
Yes! FreshBooks has accounting reports for your business like the Profit and Loss Report and Sales Tax Summary, which have the key numbers you need to fill out and file your tax return. We’ve even put together a list of handy resources to help you get ahead of tax time, which you can check out below. And if you need double-entry accounting or bookkeeping help with filling out your return, check out our Accounting Partner Program to get matched with an accounting professional.
I work with an accountant or bookkeeper. How can I show them how I’ve been tracking all my business income?
You can add your accountant to your business’ team inside FreshBooks. From there they’ll be able to run accounting reports like the Profit & Loss statement and they can even help ensure that your books are correct. You can also export your business reports and send them directly to your accountant.
FreshBooks’ Plus and Premium plans allow you to invite up to 10 accountants per business at no extra cost. If your accountant wants to learn more and familiarize themselves with FreshBooks’ double-entry accounting features, they can sign up for the Accounting Professionals Program to become a FreshBooks certified accounting partner. Read more about Accounting Permissions here.
If you’ve generated an accounting report that you’d like to share with your accountant, you can export it to Excel, print it, or send it directly to your accountant’s email. Read more about each accounting report option here.
If I were to connect my bank account to FreshBooks, how do I know my data’s safe?
We are committed to ensuring your data’s secure and protected by implementing policies like SSL and ensuring we’re PCI compliant. We also work with partners who have the security measures in place to ensure your data is safe.
What is a Profit & Loss Report?
The Profit and Loss Report (P&L) is an accounting report that shows your total income and your total expenses in a specific period of time. This Report also goes by a few other names, so it might be referred to as an “Income Statement”, a “Statement of Operations”, a “Statement of Financial Results” or “Income & Expense Statement”.
A Profit & Loss Report (income statement) is one of the three important financial statements used for reporting a company’s financial performance over a specific accounting period, with the other two key statements being the Balance Sheet and the Cash Flow Report.
Learn more about the Profit & Loss Report here.
What is the Balance Sheet Report?
A Balance Sheet is a snapshot of your business’ financial position on a given day, usually calculated at the end of the quarter or year. Balance Sheets are also useful in summarizing your business’ assets, liabilities, and owner’s equity (also known as shareholders’ equity).
The way your finances balance is as follows: Assets = Liabilities + Owner’s Equity. When everything balances, all your finances have been accounted for.
Learn more about the Balance Sheet Report here.
What is the difference between single and double-entry accounting systems?
Essentially, each type of accounting system refers to how it records transactions. A single-entry accounting system records single entries of debit or credit transactions. Double-entry accounting works by recording each transaction in two accounts. This means that for every debit record there is a corresponding credit entry and vice versa. FreshBooks is a double-entry accounting software that takes each side of the equation into account.
Want even more information about our double-entry accounting system? Check out this article: What Is Double-Entry Accounting?
What’s the difference between double-entry bookkeeping and double-entry accounting?
There is no difference between a double-entry bookkeeping and double-entry accounting system. Some refer to it as double-entry bookkeeping, while others refer to it as double-entry accounting. Both have the same basic difference from a single entry accounting or bookkeeping system. A single entry system involves creating a single entry for all business transactions to the accounting records, while a double-entry accounting system means every business transaction amount must be recorded in two accounts. Additionally, a double-entry accounting system reduces the risk of accounting errors and improves financial transparency that single-entry can’t provide.
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