Bookkeeping
Fina Business tier is a power and affordable alternative to QuickBooks or Wave for small business owners and freelancers.
Create Business Profile
Once you are on business tier, you surely will create a profile for tracking your business. Business profile functions differently from default personal profile.
It is just a toggle away!
Double-Entry Bookkeeping
Fina Business profile follows "double-entry" bookkeeping method.
First, you should set you your chart of accounts (CoA) which can be found in the Categories tab. It has no difference from how you set up category tree for your personal finance, but instead to have areas of:
- Assets
- Liabilities
- Income / Revenue
- Expenses
- Equity
You can also use category template to set up a default one, feel free to edit and re-organize your chart of accounts.
Second, you have to review every single transaction in Transactions tab within a business profile. It is clear how many transactions you have to review upon opening, for example:
To review a transaction, you can either assign them to the correct accounts (CoA) or you can reconcile it to avoid duplicate records. An assigned transaction or reconciled transaction is "reviewed", though you can still edit it if the period is not closed.
Assign Action
The Assign action allows you to distribute a transaction across two or more postings. Following the fundamental rule of double-entry accounting, the net balance of these postings must always equal zero.
By default, Fina automatically populates the matched accounts for you. Unless you need to manually adjust the allocation, simply click Save to complete the review process.
Reporting
Reports is the dashboard to display all interesting numbers for your business profile, including:
- Balance Sheet
- P&L Snapshot
- Invoicing Status
- and more...