Getting Started
How to reset Document Series and set Financial Year for you business?
1. Reset Document Serial Numbers If you want to reset the document serial numbers, go to Business Settings Accounting Option Custom Labels and Fields Reset Document Serial Numbers: This will reset serial numbers for all your future invoices and other accounting documents. Important Note: Once you reset the document serial numbers from the settings, It will nPopularIntroduction to advanced accounting on Refrens
Refrens' advanced accounting suit is a must-have for any business looking to simplify and streamline their accounting process. With advanced accounting, you can create & manage ledger accounts, pass journal entries, record cash/non-cash transaction, generate balance sheet & P&L reports, and more - everything in one place. This article will give you an overview of all the advanced accounting features, who can access them, and how to use them. What are the advanced accounting features?The advanFew readersHow to get started with Advanced Accounting on Refrens?
Refrens' advanced accounting suit is a must-have for any business looking to simplify and streamline their accounting process. With advanced accounting, you can create & manage ledger accounts, pass journal entries, record cash/non-cash transactions, generate balance sheet & P&L reports, and more - everything in one place. How to get started with advanced accounting features? Advanced accounting features are the part of Books Pro plan. If you are an old user and have subscribed to our olderFew readersHow to do account reconciliation?
Account reconciliation is currently in the early phase of development. We are building more features to ensure it has everything you need. But at the current stage, the feature helps you cross-verify the entries you have in your bank statement for the payments you received/made against the amount totals of invoices, expenses, and other accounting documents. Let's see how. Go to Advanced Accounting Chart of Accounts Account Reconciliation to get started. You will see the following pop-Few readersWhat to do once your documents are synced successfully?
If all your documents are synced successfully, that means you can start using the advanced accounting features from now! First, let's understand what happens when the documents are synced. After the sync is done successfully, these four things will happen: Refrens will automatically create & sync accounts for all your clients & vendors Refrens will also create & sync accounts for sales tax a/c, purchase tax a/c, Invoice credit a/c, expense debit a/c, etc. Different Vouchers for invoiFew readersMigrate your data out of Quickbooks to Refrens
In this quick article, go through how to download the relevant data from your Quickbooks portal to migrate to Refrens. In order to migrate out of Quickbooks to Refrens, there are three Primary reports that you need to download as csv. Chart of Accounts Customers Reports Suppliers Reports Downloading Reports To download the Chart of Accounts - navigate to Accounting -Chart of Accounts in your Quickbooks Sidebar. (https://storage.crisp.chat/users/helpdesk/website/30a9644bf7Few readersHow to automatically carry forward the previous year’s closing balances as next year’s opening balances?
As the financial year ends, you will have to carry forward the closing balances of your Assets, Liabilities, and Capital accounts to next year’s opening balances. To do that, just go to Business Settings Advanced Accounting Options Sync Opening Balances Across FY Configure: Then select the next financial year from the dropdown and click *“Sync Balances”Few readers
Ledger Accounts
How to create/edit accounts and track ledger entries?
Accounts, also referred to as "ledgers” or “ledger accounts”, are the heart of a company's financial record-keeping system. They represent a complete record of all financial transactions over the life of an organization. Each account is periodically totaled and balanced (debits must equal credits) to ensure accuracy and help you prepare financial statements like the balance sheet and income statement. Getting Started With Accounts on Refrens If you are just getting started, you will notice tSome readersHow to view and download Ledger Statements?
Ledger statements provide a detailed overview of all transactions, balances, and account activity for a specific period. They allow you to track transactions, reconcile accounts, and prepare financial reports with ease. Additionally, you can share them with clients or vendors to clarify payment histories, resolve disputes, or provide a comprehensive summary of transactions for a given timeframe. Let's see how you can view, download, and share auto-generated ledger statements from RefrFew readersHow to mark ledger accounts as inactive and restore them?
While you can not remove or delete a ledger account you no longer need, you can mark it as "Inactive". This is useful for maintaining clean books of accounts and archiving one-time accounts that may no longer be used. Important Notes: You will not be able to use the inactive accounts for manual voucher entries and linking to payment accounts or other client/vendor accounts. Any automated voucher entries created using invoices or other documents will still continue, andFew readers
Journal & Voucher Books
What are Vouchers, Voucher Books, and Voucher Types?
What are Vouchers? Vouchers are documents that record transactions such as sales, purchases, payments, receipts of money, etc. They act as evidence of a business transaction and are used for accounting and auditing purposes. What are Voucher Books? Voucher Books is just a way to organize similar vouchers in different groups. For example, the "Invoice Voucher Book" consists of all the invoice vouchers. Journal Voucher Book consists of all the journal vouchers, and so on.Few readersHow to create voucher books & add voucher entries?
Vouchers are documents that record transactions such as sales, purchases, payments, receipts of money, etc. They act as evidence of a business transaction and are used for accounting and auditing purposes. ( If you want to learn more about vouchers and different voucher types, click here.) What are Voucher Books? Voucher Books is just a way to organize similar vouchers in different groups. For example, the "Invoice VoFew readersHow to pass voucher entries for payment records & revert them?
If you are an advanced accounting user and have synced payment records, you don't have to worry about manually passing voucher entries for them. Whenever you make a payment record for payment received/made against an invoice/expense, the system will automatically create a voucher & pass the journal entries for the same. Let's see how: Recording Payments When you record a payment for an invoice/expense, you will have the option to select a ledger account in which you want to record it.Few readersHow to create manual journal entries without syncing documents?
If you are a business looking to simplify & automate your accounting process, Refrens advanced accounting suite offers the perfect solution. To get started, you will first need to enable advanced accounting for your business from Business Settings Advanced Accounting Options Enable Advanced Accounting Just turn the toggle on as highlighted below: You will see the following pFew readersHow to view journal entries from the document preview page?
When you create an invoice, expense, and other documents OR record a payment, you can view the automated journal entries against these transactions in real-time. Just scroll down on the document preview page and click on "View Journal" to see the journal entries for that particular document. You can also see the detailed ledger and voucher entries by clicking on "View Linked VFew readersEssential Financial Year-End Activities For Your Business
As FY ‘24 ends and FY ‘25 starts, there are a range of activities we recommend doing on Refrens to ensure accurate financial reporting, compliance with regulatory requirements, and preparation for the upcoming year. Let’s see what you need to take care of: Reset Document Number Series At the end of each financial year, it is recommended to reset your document number series. This helps you - Organize your financial records, making it easier to track transactions and maintain accurate accoFew readersHow to record journal entries for Salary, Income, and Expenses on a Department /Branch/ Warehouse/ Store basis?
If you have multiple departments, branches, stores, or warehouses, you may want to record entries for Salary, Income, Expenses, etc, separately for each. You can do that by creating separate Account Groups for each. Let’s say you want to maintain separate entries for each of your departments as detailed below: HR Department Salary ( Account Group) NK Krishna ( Account) Rohit Sharma ( Account) Finance Department Salary ( Account Group)Few readersHow to Record Journal Entries for Project-wise/Product-wise Income & Expenses?
If you want to maintain journal entries for different products or projects separately, you can do that with the help of Account Groups. Let’s say you are running two different projects - Project A and Project B, and you want to maintain separate income/expense records for each as detailed below: Project A Income Service Sales Product Sales Other Income Project A Expenses Installation Charges Transportation Expense 3Few readers
Account Groups
How to create, edit, and download account groups?
Account groups help you better organize your financial data. If you are just starting out on Refrens. To create an Account Group, Firstly, Navigate to Advanced Accounting Account Groups Create New Account Group. As you see above, a new form will open up. Firstly, Add the name of the "account group" you want to create. Then select the "Type" of this account groupFew readersWhat are account groups, categories, and types?
To get a complete overview of your business finances, it's important to organize all your data in a defined structure. On Refrens, all your financial data is organized this way - Accounts Account Groups Categories Types All your financial data comes under 5 major types of accounts - Assets, Liabilities, Income, Expenses, and Capital (Equity). Each of these types of accounts is further segmented into different categories. For example, assets can be classified into categoriFew readers