Overview
Accounting settings are available on every paid plan and during your trial period. On the Free plan, a simplified Money card is shown with next numbers only.
| Setting | Description |
|---|---|
| Sales tax Reporting Basis | Cash or Accrual — determines how sales tax (Australia) or VAT (UK/EU) is reported |
| Income Tax Reporting Basis | Cash or Accrual — determines how revenue and expenses are recognised on Profit & Loss reports and annual tax returns |
| Tax Period | Your tax reporting period (usually Monthly or Quarterly). Shows "Not Registered" if set to None. |
| Financial Year | The current financial year date range and end year |
| Lock Date | Once a period is lodged or handed to your accountant, set the lock date to its last day. Every invoice, expense, manual journal and payment dated on or before it becomes read-only, and nothing new can be finalised into it. Payments dated after the lock can still settle older invoices. Clear it to unlock. |
| Next Numbers | Auto-incrementing numbers for Invoices, Quotes, Expenses, and Projects |
| Payment Approval | When enabled, payments require approval from a Super Admin or Owner before being finalised |
Reporting Basis
These two reporting basis settings are completely independent. It is very common for businesses to use Cash basis for sales tax reporting and Accrual basis for income tax returns — this is the most popular combination for Australian small and medium businesses. Your accountant can advise which combination is right for your business.
Click the menu icon on the Accounting card and select Edit Preferences to change these settings.