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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​

Traditional accounting software assumes you have accounting expertise. Fiskl takes a different approach by automating the complex parts while keeping you in control of what matters.

Simplified bookkeeping:

  • Every transaction automatically posts to the correct accounts
  • Focus on categorizing transactions, not 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 anytime, anywhere
  • Drill down into transactions for detailed analysis
  • Generate reports instantly without waiting for month-end
  • Monitor business performance in real-time

Built for collaboration:

  • Maintain clean books for your accountant
  • Produce accurate financial reports independently
  • Free your accountant to focus on strategic advice instead of data entry
  • 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 organized list of all 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. All transactions display in base currency regardless of the original transaction currency
  • Account Types: The five main categories that organize your finances (Assets, Liabilities, Equity, Income, Expenses)
  • Transaction Categorization: Assigning transactions to the correct expense or income category. This is the primary task in Fiskl's simplified approach
  • Account Balance: The current total in any account, calculated automatically from all transactions
  • Reconciliation: The process of verifying your Fiskl records match your bank statements
  • Financial Period: A specific timeframe for reporting (month, quarter, year). Set your financial year start in settings

How Fiskl Accounting Works​

Fiskl reverses the traditional accounting workflow:

Traditional accounting:

  1. Record transaction manually
  2. Determine debit and credit accounts
  3. Post to general ledger
  4. Categorize later
  5. Reconcile periodically

Fiskl's approach:

  1. Transactions import automatically from bank connections
  2. System posts to accounts automatically
  3. You categorize what the transaction was for
  4. Reconciliation happens continuously
  5. Reports are always current

This approach 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
  • Customizable accounts and categories
  • Add accounts in any language
  • Archive unused accounts
  • Organize by business needs

Transaction management:

  • Automatic import from connected banks
  • Manual entry for cash transactions
  • Split transactions across multiple categories
  • Match transactions to invoices or bills
  • Attach receipts and supporting documents

Multi-currency capabilities:

  • Record transactions in any currency
  • Automatic exchange rate application
  • Manual rate adjustment when needed
  • Foreign currency account support
  • Unrealized gain/loss tracking

Account reconciliation:

  • Match transactions with bank statements
  • Identify discrepancies automatically
  • Bulk correction tools
  • Complete audit trail
  • Regular reconciliation workflow

Financial reporting:

  • Balance Sheet
  • Profit and Loss (Income Statement)
  • Trial Balance
  • Transactions by Account
  • Statement of Accounts
  • Export to Excel, Google Sheets, or PDF

Account Types Explained​

Your Chart of Accounts organizes transactions into five main types:

Assets: Resources your business owns with economic value (cash, bank accounts, inventory, equipment, amounts customers owe you)

Liabilities: Debts and obligations your business owes (loans, credit cards, unpaid bills, taxes payable)

Equity: The difference between assets and liabilities, representing your ownership stake in the business

Income: Money earned from business activities (sales, services, interest earned)

Expenses: Costs incurred to operate your business (rent, salaries, supplies, travel)

Understanding these types helps you navigate your Chart of Accounts and ensures transactions are categorized correctly.

Getting Started with Accounting​

Follow this sequence to set up your accounting in Fiskl:

  1. Review your Chart of Accounts: Familiarize yourself with the default accounts and add any custom categories your business needs
  2. Set your base currency: Choose your primary business currency in settings
  3. Connect your bank accounts: Enable automatic transaction imports for seamless bookkeeping
  4. Set opening balances: Record starting balances for all accounts if transitioning from another system
  5. Begin categorizing transactions: Review imported transactions and assign appropriate categories
  6. Reconcile regularly: Match your Fiskl records with bank statements monthly at minimum
  7. Generate reports: Review financial reports to understand your business performance

Daily Accounting Workflow​

Once set up, your daily accounting requires minimal effort:

Morning check (5 minutes):

  • Review new imported transactions
  • Categorize any uncategorized items
  • Check for unusual activity

Weekly tasks (15 minutes):

  • Match invoices to received payments
  • Match bills to payments made
  • Review account balances
  • Address any categorization questions

Monthly tasks (30 minutes):

  • Perform bank reconciliation
  • Review financial reports
  • Export data for accountant if needed
  • Archive completed periods

Year-end tasks:

  • Complete final reconciliations
  • Generate annual reports
  • Provide data to accountant for tax preparation
  • Set opening balances for new year

Who Should Use Fiskl Accounting​

Fiskl's accounting features serve different users:

Small business owners:

  • Manage your own books without accounting expertise
  • Understand your financial position clearly
  • Reduce accountant fees for routine bookkeeping
  • Make informed business decisions

Freelancers and consultants:

  • Track income and expenses simply
  • Handle multiple currencies effortlessly
  • Generate reports for tax time
  • Maintain professional financial records

Accountants and bookkeepers:

  • Manage multiple clients efficiently
  • Access client data remotely
  • Reduce manual data entry
  • Focus on advisory services

Growing businesses:

  • Scale your accounting as you grow
  • Add team members with appropriate access
  • Maintain clean books for investor reporting
  • Support multiple entities or currencies

Explore Accounting Features​