How to use Finance

Step 2 of 17

Create a workspace

A workspace keeps one set of books: its own accounts, records, members and settings. Keep personal, household and business money apart, and add as many businesses as you need.

1. Choose the kind

   Personal for your own money, Household for money shared at home, Business for a business. The kind decides the starting categories and which features appear.

2. Name it

   Enter the Workspace name, the Currency (Australian dollars unless you choose otherwise) and the month your Financial year starts in (July in Australia).

3. For a business

   Add the Legal name and ABN, and tick Registered for GST if the business is. The standard Australian tax codes are always there; GST is worked out once registration is on.

4. Create workspace

   You become its owner. It starts with a chart of accounts and no sample records.

5. Switch workspaces

   Open the workspace menu at the top left to move between workspaces, or choose Create or join a workspace.

Step 4 of 17

Record money in, money out and transfers

1. New transaction

   Open Transactions and choose New transaction. Choose Money out, Money in or Transfer, the account it was Paid from or Paid into, the date and who it was Paid to or Received from.

2. Category and amount

   Choose the category and enter the amount. In a GST workspace, choose whether amounts include GST and the GST code of each line; the GST and total are worked out for you.

3. Split it

   One payment for several things? Choose Split: add a line and give each line its own category and amount.

4. Suggestions

   Suggest a category offers the category from your rules or from what you chose before for the same payee. Nothing is applied until you choose Use.

5. Save

   Save and post records it in the books. Save draft keeps it for later. In a business, a contributor's transaction is sent for approval instead (Submit for approval).

6. Possible duplicates

   If the same amount was recorded on the same account a few days either side, Finance shows it before saving. Choose Save anyway if it is not a duplicate.

7. Receipts and changes

   Open a transaction to attach a receipt, see its history, change it or void it. A posted transaction is never edited in place: the change reverses the old entry and posts the new one.

Step 6 of 17

Match the lines and reconcile

1. To match

   Statement lines, To match lists each line from the bank. When Finance finds a transaction or payment you already recorded with the same amount and a nearby date, choose Match.

2. Record it

   For a line not yet recorded, choose Record it: pick the category (or the other account of a transfer) and Finance records, posts and matches it in one step. Tick Remember to make a rule, so the next line from that payee is suggested the same category.

3. Ignore

   Ignore sets aside a line that should not be in the books; it can be restored. Unmatch undoes a match.

4. Reconcile

   On the Reconcile tab, enter the statement date and the closing balance on the statement, then Record the reconciliation. Finance shows the difference from the books and what is not yet reconciled.

Step 8 of 17

Invoice your customers

1. Customers and suppliers

   Open Customers and suppliers and choose New contact, or Import CSV to bring in a list. Payment terms set each customer's due dates; a default account and GST code fill in new lines.

2. New invoice

   Open Invoices and choose New invoice. Choose the customer; the number is given automatically unless you type one. Add lines with a code, description, quantity, unit, unit price, discount and account; the account's GST code fills in. Headings, a whole-invoice discount, a delivery address and the salesperson are there too, with the same live preview.

3. Approve

   Save and approve (post to the ledger) records what the customer owes you. Save as draft keeps it for later.

4. Send it

   Get a link or Email gives the customer a secure online copy; PDF downloads it to send yourself, then Mark as sent. In a business registered for GST, the PDF is titled Tax invoice and shows your ABN and the GST. Opening the link never marks an invoice paid.

5. Get paid

   When the money arrives, choose Record a payment: the date, the account it went into and the amount. A smaller amount records a part payment. Finance records payments; it does not collect them.

6. Credit notes

   Choose Credit note on an approved invoice: its lines fill in, to credit all or part of it. Approving posts it, lowering income and GST, and applies the credit to the invoice. Credit without an invoice stays with the customer: Apply to an invoice later, or Record a refund when you pay it back.

7. Overdue

   Invoices past their due date are marked Overdue, appear on the dashboard and in Aged receivables, and the people who look after sales are reminded.

8. Templates

   Settings, Document templates: page layout, typeface, colour, titles, how to pay, default terms, signature lines on quotes and the remittance slip on invoices, with a sample to see the result.

Step 10 of 17

Read the dashboard and the reports

Every figure comes from the posted entries in the books, worked out when you open it.

1. The dashboard

   Income, expenses and net profit for the period you choose, cash, cards and loans, what is owed to you and what you owe, approvals waiting, statement lines to match, a 12-month chart, spending by category, the budget and what falls due soon.

2. 12 reports

   Open Reports: Profit and loss, balance sheet, cash flow statement, general ledger, trial balance, account transactions, income and expenses by month, budget against actual, cash flow forecast, aged receivables, aged payables and gST and BAS worksheet.

3. Choose what to see

   Each report has its own dates or as-at date, a comparison with the previous period or year, and filters for department, project and cost centre (and person, in a household).

4. Export and schedule

   CSV and PDF download the report. Schedule saves it each month or quarter in Documents, in the Reports folder.

Step 12 of 17

Budgets, savings goals and recurring payments

1. New budget

   Open Budgets and choose New budget: a name, the first month and how many months, and if you like a department, project or cost centre and the warning level.

2. Fill it in

   Type an amount for each category and month, or one month then Fill across. Fill from actuals copies what happened in the same months of an earlier year, with a percentage change. Save budget when you are done.

3. Against actual

   Against actual opens the budget against actual report. Finance warns the people who manage budgets when a category nears its budget for the month.

4. Savings goals

   Open Savings goals and choose New savings goal: a target, a date, and either the account the savings are in or the amount you keep track of yourself.

5. Recurring

   Open Recurring and choose New recurring for rent, subscriptions or regular invoices and bills. They repeat weekly, fortnightly, monthly, quarterly and yearly, posted automatically or left as drafts to check. Run now creates the next one at once.