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Finance

Accounting and Invoicing

Outstanding accounts

By default, payments are registered through transitory accounts named outstanding accounts, before being recorded in your bank account.

  • An outstanding payments account is where outgoing payments are posted until they are linked with a withdrawal from your bank statement.
  • An outstanding receipts account is where incoming payments are posted until they are linked with a deposit from your bank statement.

These accounts should be of type Current Assets.

Configuration #

Default accounts configuration #

The outstanding accounts are defined by default. If necessary, you can update them by going to Accounting ‣ Configuration ‣ Settings ‣ Default Accounts and update your Outstanding Receipts Account and Outstanding Payments Account.

Bank and cash journals configuration #

You can also set specific outstanding accounts for any journal with the type Bank or Cash.

From your Accounting Dashboard, click on the menu selection ⋮ of the journal you want to configure, and click on Configuration, then open the Incoming/Outgoing Payments tab. To display the outstanding accounts column, click on the toggle button and check the Outstanding Receipts/Payments accounts, then update the account.

Select the toggle button and click on outstanding Accounts