Automatic accounting from bank statements
ONE UP Automatic Accounting is a powerful technology that eliminates most of the tedious work normally required in completing your company’s accounting. By retrieving financial transactional information from your company’s bank accounts and comparing it with data already existing in your system, you can expect up to 90% of your normal accounting work to be handled automatically.
Accounting Recorded while you work
ONE UP automatically records accounting transactions while you work. You can view accounting that is generated with View Accounting Transactions.
- You can also view accounting transactions for a specific account by selecting it from View Chart of Accounts and clicking the account line.
- Export all your accounting transactions (Accounting - More - Accounting Transactions - three dot button) and give them to your CPA or create a user account to give him an access to your ONE UP account.
Manual Accounting Transactions
Tips: Only Manual accounting transactions can be manually updated. Automatic accounting transactions are not manually editable.
Please note: Accounting transactions are in home currency ONLY.
Chart of Accounts
The Chart of Accounts is a list of the accounts that ONE UP uses to classify your accounting transactions. To see this list, go to Chart of Accounts.
By default the pre-built chart of accounts is enough to generate valid accounting when you use the features of ONE UP. If you need to add an account, use New Account (Chart of Accounts). Or you can import a different Chart of Accounts if you prefer.
You can edit any account in the chart of accounts, and you can delete any account that is unused and not marked as "mandatory" in the list. That includes changing the names, account numbers, and organization (families).
Be sure that when you are editing mandatory accounts, that you are re-using them for exactly the same purpose, as the mandatory accounts are special and are used by ONE UP's built-in features.. For example, "Undeposited Funds" is used to hold money before it's deposited into a bank.
Tax on Sales (U.S.)
For US companies, sales tax is the tax you charge on sale of goods to your customers. Sales tax rates can be created directly from sales documents, like sales orders and invoices, or with New Sales Tax. View your list of sales tax for editing with View Sales Taxes.
Tax on Sales (Outside the U.S.)
For companies outside the US, tax on sales is the tax you charge on sale of goods to your customers. Tax rates can be created with New VAT (Select Type Collected). View your list of tax for editing with View VAT.
Tax on Purchase (Outside the U.S.)
For companies outside the US, tax on purchase is the tax your vendor charges when you are billed. Purchase tax rates can be created with New VAT (select Type Deductible). View your list of sales tax for editing with View VAT.
For more information about taxes, please refer to VAT and Sales Tax .
Depending on the location of your business, you will need to periodically report your sales tax earnings.
Make sure your books are ready then use Close a Tax Period to close the range of books you are reporting. Before you close your tax period, you will be able to view your entries and of course your period totals.
Print a sales tax report from any period you need. Please note that the printing option is under Reports - Accounting - Tax Reports - Download as PDF.
Journals allows a better classification of accounting transactions. A working set of journals is provided by default. If you want to see them, or add more journals, use View Journals.
Note: A new journal is automatically created when you create a new bank account.
Use New Fixed Asset to create a special accounting object called a fixed asset. Fixed assets are higher-value property your business owns that depreciate in value over time. Some examples of fixed assets are vehicles, computer equipment and other machinery.
If you create fixed assets, the purchase will be posted into your bank account and depreciation will be calculated and accounted for as set up.
After you've entered some fixed assets into your account, you can use View Fixed Assets to see a list of them, and open them for making changes.
Various accounting reports are available in ONE UP, for details, please see Accounting and Financial Reports.