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New to accounting, or just need a quick refresher? This page answers the questions business owners ask most. For deeper explanations, follow the links to our detailed guides.
The basics
Accounting is the process of recording, classifying and summarising the money that flows through a business so you can see how it is performing and meet your legal and tax obligations. Good records answer three everyday questions: what do we own, what do we owe, and are we making a profit?
Frequently asked questions
What is the difference between bookkeeping and accounting?
Bookkeeping is the day-to-day recording of transactions — sales, purchases, payments and receipts. Accounting uses those records to prepare reports such as the Profit & Loss statement and Balance Sheet, interpret them, and prepare tax filings. Software such as Onyx Bills automates much of the bookkeeping so more of your time goes into decisions.
What is double-entry bookkeeping?
Every transaction is recorded twice: once as a debit in one account and once as a credit in another, always for the same amount. This keeps the books balanced and makes errors easier to spot. Read our double-entry bookkeeping guide.
What is a ledger?
A ledger is the record of all transactions affecting one account — for example, a customer, a bank account or sales. A customer ledger shows every invoice and payment so you can see the running balance at a glance.
What is the difference between accounts receivable and accounts payable?
Accounts receivable is money customers owe you for goods or services already delivered. Accounts payable is money you owe your vendors. An ageing report groups both by how overdue they are.
What is a trial balance?
A trial balance lists every account with its debit or credit balance on a given date. If total debits equal total credits, the books are arithmetically in balance. It is the starting point for the Profit & Loss and the Balance Sheet.
What is the difference between a Profit & Loss statement and a Balance Sheet?
The Profit & Loss shows income and expenses over a period, ending with profit or loss. The Balance Sheet is a snapshot on one date of what the business owns (assets), owes (liabilities) and what is left for the owners (equity).
What is a chart of accounts?
It is the list of all accounts your business uses, grouped into assets, liabilities, income, expenses and equity. See our chart of accounts guide.
How often should I reconcile my bank account?
At least monthly. Reconciliation matches your books to the bank statement and catches missing entries, duplicate payments and errors. See bank reconciliation explained.
What is a tax invoice and when do I need one?
A tax invoice is a document that records a sale and shows the tax charged. If you are registered for GST or VAT, you generally need to issue one for taxable supplies. See the GST invoice guide, VAT in Thailand and VAT in Vietnam.
What is the difference between a credit note and a debit note?
A credit note reduces what a customer owes you (for returns or corrections). A debit note is used to charge extra, or to return goods to a vendor. See credit note vs debit note.
Should a small business use accounting software?
Almost always. Software keeps invoices, payments, stock and tax in one place, applies tax correctly, and produces reports your accountant will ask for. Read how to choose billing software.
Can I run more than one company in one accounting system?
Yes, if the software supports it. With Onyx Bills you can create up to three companies under one subscription.
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