Business Transactions
This section covers the following type of transactions
- Income Transactions
- Expense Transactions
Adding a Transaction
There are different methods of adding business as below:
- Manual Entry: use this feature to record one or multiple transactions.
- Invoice: if the software offers an invoicing feature, all paid invoices are automatically included in all income transactions calculations
- Business Ledger: this feature allows you to add income and expense transactions at once.
- Bank Statement: offers you the ability to import transactions from bank statements exported as csv or qif files.
- Business Manager: this feature available for tax agents & accountants software packages only, allows to import all business transactions from businesses using the business manager software product.
To prevent duplication, paid invoices should not be manually added as an income transaction!
Importing Transactions
Accounting software offers you the ability to import transactions from an external source such as bank statements, excel files, and business manager exported date. By using such function, you do not have to spend more time adding each transaction manually.
Some of the external sources for import as below:
- Exporting bank statemnets as QIF file
- Exporting bank statemnets as CSV file
- An Excel file which contains all required information for transactions
- An exported data from the business manager software product