More than one set of books
Keep a company, a person, and a trust under one account, or open a new account that starts empty. Each entity has its own chart, journal, and lock date. People you invite can be limited to one of those books.
Features
What the books already do
These are the parts that run today. Payroll, K-1 generation, and filing a return are not included.
Double-entry journal
Amounts are cents. An entry must balance before it posts. The app cannot edit or delete a posted entry. A reversal writes the opposite lines and can be used once.
Bank import and reconciliation
Bring in a CSV, OFX, or QFX statement, or connect a bank when Plaid is configured. Match statement lines to the journal and finish a reconciliation only when the difference is zero.
Bills and invoices
Enter vendor bills and customer invoices. Approving a bill credits accounts payable. Sending an invoice debits accounts receivable. Payments cannot exceed the open balance.
Tax mapping
Map accounts to Form 1040, Form 1120-S, and Form 1041 lines. A tax worksheet rolls a year's posted activity onto those lines. It does not prepare the return.
Fixed assets and depreciation
Straight-line, MACRS half-year, and MACRS mid-month. Running a period that already posted does not create a second entry.
Inventory
Receipts and sales use moving-average cost. Selling the last units takes the remaining value so the item returns to zero.
Reports
Trial balance, income statement, balance sheet, aging, depreciation, inventory, and the tax worksheet. Reports read posted journal lines.
Required two-factor
Every login enrolls an authenticator and keeps recovery codes. A new browser asks for a code unless you trust that device for 30 days. Sensitive changes ask for a fresh code.