Accounting
This section explains how Fiskl's accounting system works and helps you manage your financial records with confidence. Fiskl transforms complex accounting into an automated, intuitive process designed for business owners and non-accountants.
Why Use Fiskl Accounting​
Most accounting software assumes you have accounting expertise. Fiskl automates the complex parts while keeping you in control of what matters.
AI-powered accounting:
- AI categorises transactions automatically based on your history
- Smart matching links bank transactions to invoices and bills
- Receipt and bill scanning extracts data without manual entry
- Fi, your AI financial advisor, answers accounting questions and guides you through your finances
Simplified bookkeeping:
- Every transaction automatically posts to the correct ledger accounts
- Focus on categorising transactions, not on understanding debits and credits
- Visual indicators show what needs attention
- Automated processes reduce manual data entry
Multi-currency made easy:
- Handle transactions in any currency
- Automatic exchange rate calculations
- See all amounts in both transaction and base currency
- Comprehensive multi-currency reporting
Real-time financial visibility:
- Access current financial data from any device
- Drill down into transactions for detailed analysis
- Generate reports at any time — no waiting for month-end
- Monitor business performance as it happens
Built for collaboration:
- Maintain clean books for your accountant
- Produce accurate financial reports independently
- Free your accountant to focus on strategic advice
- Share access with team members or advisors
Key Concepts​
Understanding these concepts helps you work effectively with Fiskl's accounting system:
- Chart of Accounts — The organised list of all ledger accounts where transactions are recorded. Think of it as your filing system for financial data
- Double-entry accounting — Every transaction affects two accounts, ensuring your books stay balanced automatically. Fiskl handles this behind the scenes
- Base currency — Your primary business currency, set during onboarding and cannot be changed. All transactions display in base currency regardless of the original transaction currency
- Account types — The five main categories that organise your finances: Assets, Liabilities, Equity, Income, and Expenses
- Transaction categorisation — Fiskl automatically assigns transactions to the correct ledger account based on your history. You review and confirm, only stepping in for anything new or unusual
- Account balance — The current total in any ledger account, calculated automatically from all transactions
- Reconciliation — The process of verifying your Fiskl records match your bank statements
- Fi — Your AI financial advisor, built into Fiskl. Ask Fi questions about your accounts, reports, or any accounting topic in plain language
- Financial period — A specific timeframe for reporting (month, quarter, year). Set your financial year start in Settings > Accounting Settings
How Fiskl Accounting Works​
Fiskl reverses the traditional accounting workflow.
Traditional accounting:
- Record transaction manually
- Determine debit and credit accounts
- Post to general ledger
- Categorise later
- Reconcile periodically
Fiskl's approach:
- Transactions import automatically from connected bank accounts
- Fiskl posts to ledger accounts automatically
- Auto-categorisation assigns the correct account based on transaction history
- Auto-matching links transactions to open invoices and bills
- You review and confirm — or categorise anything new
- Reconciliation happens continuously
- Reports are always current
This means you spend time understanding your business finances, not struggling with accounting mechanics.
Core Accounting Features​
Fiskl provides everything you need for complete financial management.
Chart of Accounts management:
- Comprehensive default account structure included
- Customisable accounts and categories
- Add accounts in any language
- Archive unused accounts
- Organise by business needs
Transaction management:
- Automatic import from connected bank accounts
- Auto-categorisation applies the correct ledger account based on transaction history
- Auto-matching links bank transactions to existing invoices and bills automatically
- Manual entry for cash transactions
- Record internal transfers between your own accounts
- Split transactions across multiple categories
- Match transactions to invoices or bills manually when needed
- Create multi-journal entries for complex transactions spanning multiple accounts
- Lock periods to prevent changes to finalised accounting data
- Attach receipts and supporting documents
Multi-currency:
- Record transactions in any currency
- Automatic exchange rate application
- Manual rate adjustment when needed
- Foreign currency account support
- Unrealised gain/loss tracking
Account reconciliation:
- Auto-match transactions with bank statements
- Manually match any unmatched items when needed
- Identify discrepancies automatically
- Bulk correction tools
- Complete audit trail
- Regular reconciliation workflow
- Generate a Reconciliation Statement for any period
Financial reporting:
- Balance Sheet
- Profit and Loss
- Cash Flow
- Trial Balance
- General Ledger
- Sales Tax Report
- Client Aging Report
- Vendor Aging Report
- Statement of Accounts
- Transactions by Account (Full view)
- Reconciliation Statement
- Export to Excel, Google Sheets, or PDF
Account Types​
Your Chart of Accounts organises transactions into five main types:
- Assets — Resources your business owns with economic value: cash, bank accounts, inventory, equipment, and amounts clients owe you
- Liabilities — Debts and obligations your business owes: loans, credit cards, unpaid bills, and taxes payable
- Equity — The difference between assets and liabilities, representing your ownership stake in the business
- Income — Money earned from business activities: sales, services, and interest earned
- Expenses — Costs incurred to run your business: rent, salaries, supplies, and travel
Understanding these types helps you navigate your Chart of Accounts and ensures transactions are categorised correctly.
Getting Started with Accounting​
Follow this sequence to set up accounting in Fiskl:
- Review your Chart of Accounts — Familiarise yourself with the default accounts and add any custom categories your business needs
- Confirm your base currency — Set during onboarding, this cannot be changed later. Verify it is correct in Settings > Accounting Settings
- Connect your bank accounts — Enables automatic transaction imports for seamless bookkeeping
- Set opening balances — Record starting balances for all accounts if you are transitioning from another system
- Review auto-categorised transactions — Fiskl categorises imported transactions automatically. Confirm or adjust as needed
- Check reconciliation — Auto-matching handles most reconciliation continuously. Review any unmatched items periodically
- Generate reports — Review financial reports to understand your business performance
Daily Accounting Workflow​
Once set up, your day-to-day accounting requires minimal effort. Fiskl handles categorisation, matching, and reconciliation automatically — your job is to review and confirm.
Daily (a few minutes):
- Review auto-categorised transactions and confirm or adjust
- Check for any transactions Fiskl could not categorise automatically
- Check for unusual activity
Weekly (around 10 minutes):
- Review auto-matched invoices and bills to confirm they are correct
- Check account balances
- Confirm any unmatched transactions that need manual attention
Monthly (around 15 minutes):
- Review financial reports
- Check for any unreconciled items
- Export data for your accountant if needed
Year-end:
- Complete final reconciliation review
- Generate annual reports
- Provide data to your accountant for tax preparation
- Set opening balances for the new year
Who Should Use Fiskl Accounting​
Small business owners — Manage your own books without accounting expertise. Understand your financial position clearly and make informed business decisions.
Freelancers and consultants — Track income and expenses, handle multiple currencies, and generate reports for tax time.
Accountants and bookkeepers — Manage multiple clients efficiently, access client data remotely, and focus on advisory services rather than data entry.
Growing businesses — Scale your accounting as you grow, add team members with appropriate access, and maintain clean books for investor reporting.