Bookkeeping and accounting: how to organize in ERP Instfy

This guide shows, step by step, how to run your company's bookkeeping and accounting inside ERP Instfy: set up bank accounts, record income and expenses, issue invoices, keep the chart of accounts, and generate reports for your accountant.

Use ERP Instfy as your day-to-day accounting software to keep the numbers organized and arrive prepared for tax preparation. Clean books make it easier to calculate business taxes, spot tax deductions, and check sales tax on your invoices.

1. Set up your bank accounts

Before any entry, register where money comes in and goes out. Without correct accounts, balances and reports will not match your statements.

Menu path: Accounting > Bank accounts

1. In ERP Instfy, open Accounting > Bank accounts.
2. Click + Create.
3. Fill in the Account name (e.g., Main Checking) and select the Bank.
4. Enter the account Number and the current Opening balance.
5. Click Save. The account now appears in the income, expense, and invoice forms.

2. Record income and expenses

Bookkeeping starts here: log every dollar that comes in and goes out to keep cash and reports up to date.

Menu path: Accounting > Income / Expenses

1. Open Accounting > Income and click + Create.
2. Select the Account that received the money and the income Category.
3. Enter the Amount, the Date, and a Reference (e.g., invoice number).
4. For money out, open Accounting > Expenses, click + Create, and select the Account, Category, and Vendor.
5. Click Save. The account balance updates instantly.

3. Issue invoices and record payments

Bill your customers and mark payments as received to track who has paid and how much is still outstanding.

Menu path: Sales invoices

1. Open Sales invoices and click + Create.
2. Choose the Customer and add the Items (products or services) with quantity and price.
3. Review taxes and discounts and set the Due date.
4. Click Save, then Send to deliver the invoice to the customer.
5. When the customer pays, open the invoice and click Record payment, entering account, amount, and date.

4. Keep the chart of accounts and entries

For full double-entry accounting, maintain the chart of accounts and post entries with balanced debits and credits.

Menu path: Double entry

1. Open Double entry and go to Chart of accounts.
2. Review the existing accounts and click + Create to add a new one (e.g., Asset, Liability, Income, Expense).
3. To post an entry, open the Journal and click + Create.
4. Enter the Date, the Debit account, the Credit account, and the Amount.
5. Confirm that debits and credits total the same and click Save.

5. Generate reports for your accountant and taxes

At period close, generate the reports your accountant needs and that support tax preparation.

Menu path: Accounting > Reports

1. Open Accounting > Reports.
2. Choose the report you need (e.g., Income vs. Expenses, Trial balance, or General ledger).
3. Select the Period (month, quarter, or date range).
4. If needed, filter by Account or Category.
5. Click Generate, then Export to send the data to your accountant.