Accounting and Bookkeeping

Welcome to the HirePOS Bookkeeping Module Guide. This document aims to provide a comprehensive overview of the features and functionalities of the HirePOS Bookkeeping system. Whether you are a business operator looking to streamline your financial processes or an accountant seeking to extract data effectively, this guide will help you navigate through the Bookkeeping Module with ease.

HirePOS Bookkeeping is tailored for smaller cash-based businesses, offering simplicity and ease of use for business operators while ensuring efficient data extraction for accountants. While it is not a full double-entry accounting system with assets, liabilities, equity, and balance sheets, its primary focus lies in accurate data entry and bank reconciliation, even for users with limited accounting knowledge.

The system allows transactions to be easily viewed by accountants as needed, facilitating seamless collaboration between business operators and financial professionals.

To activate the Bookkeeping Module, an Administrator role is required. Follow these steps:

1. From the main menu strip at the top, navigate to Setup > Preferences.

2. Click on Modules.

3. Check the Accounting/Bookkeeping option.

4. Click the Save Changes button to return to the Preferences Menu.

5. Click the HP icon at the top left to return to the main screen.

The system categorizes income into Sales Income and Other Income. Sales Income comprises income generated from daily operations, while Other Income includes non-operational sources like bank interest or government refunds. Users can choose between 'accrual' or 'cash' basis for reporting.

Expenses are divided into Operational, Capital, and Personal/Drawings categories. Operational Expenses cover day-to-day business costs, Capital Expenses include equipment purchases, and Personal/Drawings expenses encompass director fees and personal expenses. Proper categorization and detailed notes are essential for tax deduction purposes.

Account Transfers facilitate internal fund transfers and are distinct from regular income and expenses. These transactions are marked as Account Transfers and do not impact standard financial reports.

The Opening Balance type is used to align the bank account balance with the current balance when transitioning from another system. It serves a similar purpose to Account Transfers but is typically utilized in the initial transaction.

For a detailed overview of the Bookkeeping system's functionality, refer to the Income & Expenditure Summary (Cash Basis) section.

By following these guidelines and understanding the core functionalities of the HirePOS Bookkeeping Module, users can effectively manage their financial data and collaborate seamlessly with accounting professionals.