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Bookkeeping

Overview​

Labii Bookkeeping helps organizations maintain connected financial records from transaction import through year-end review. Use it to import transactions, create bookkeeping entries, classify entries for tax reporting, and monitor income and expenses from a dashboard.

Bookkeeping records can link to vendors, customers, and invoices in Customer Relationship Management (CRM). These relationships keep the financial entry connected to the organization or document behind the transaction.

Capabilities​

Transaction and Entry Management​

  • Import transactions in bulk instead of entering each transaction manually.
  • Create bookkeeping entries for transactions that require individual review or manual entry.
  • Link entries to the relevant vendor, customer, or invoice record.

Tax and Year-End Reporting​

  • Assign a tax category to each bookkeeping entry.
  • Group entries by tax category in tax return reports.
  • Review year-end balances for the selected reporting year.

Income and Expense Dashboard​

  • View overall income and expenses.
  • Compare income and expenses across categories.
  • Use category totals to identify the activity behind each summary.

Getting Started​

Install the Bookkeeping application from Add from a template.

Confirm that the people responsible for importing, categorizing, reviewing, and reporting transactions have access to the application.

Review the available bookkeeping and tax categories before importing transactions. Use consistent categories so dashboard totals and reports group entries correctly.

Confirm that the vendor, customer, and invoice records you need are available before linking them to bookkeeping entries.

Import Transactions​

Use the standard Labii import process to add a set of transactions from a tabular file.

Prepare the transaction file according to the Import Records requirements.

Open the table that stores bookkeeping transactions, then click Import.

Select the file and map each file header to the corresponding transaction column shown in the import tool.

Complete the import, then review the new records for missing amounts, dates, categories, or duplicate transactions before using them in reports.

Create a Bookkeeping Entry​

Create an entry manually when a transaction is not included in an import or needs supporting context.

Open the bookkeeping entry table and add a record.

Enter the transaction information requested by the form and classify the entry as income or an expense using the appropriate bookkeeping category.

Select the tax category that should include the entry in tax return reports.

Link the entry to the related vendor, customer, or invoice when one is available in CRM.

Save the entry and confirm that its amount appears in the expected dashboard and report category.

Prepare Tax Return Reports​

Review bookkeeping entries for the reporting period and assign a tax category to every entry that belongs in the tax return report.

Open the tax return report and select the required reporting period.

Review each tax category total and investigate entries that are uncategorized or assigned to an unexpected category.

Resolve incorrect or incomplete entries, then refresh the report and verify the totals before using it for tax preparation.

warning

Bookkeeping categories and reports help organize financial records. Confirm tax classifications and filing requirements with a qualified tax professional for the jurisdiction in which you file.

Review the Year-End Balance​

Confirm that all transactions for the reporting year have been imported or entered.

Review uncategorized entries and verify links to supporting vendor, customer, and invoice records.

Open the year-end balance and select the reporting year.

Review the balance and category totals. Correct missing, duplicate, or incorrectly categorized entries, then refresh the balance.

Monitor Income and Expenses​

Use the Bookkeeping dashboard to review overall performance and category-level activity. The dashboard summarizes total income and total expenses and breaks each total down by category.

When a total needs investigation, review the entries in that category and confirm their reporting period, amount, and related CRM records. See Dashboard for general dashboard controls.