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 |
|---|---|
| GST/VAT Reporting Basis | Cash or Accrual — determines how GST (Australia) or VAT (UK/EU) is reported on your BAS or VAT returns |
| 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 BAS/GST 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.
Note: In Australia, businesses with under $10 million in aggregated turnover can freely choose either method for each. Above $10 million, both must generally be Accrual.
Click the menu icon on the Accounting card and select Edit Preferences to change these settings.