RockifyERP Knowledge Base
Accounting setup
20 step-by-step RockifyERP guides on accounting setup. Choose a guide to get started.
Guides in this section
- Accounting in RockifyERPRockifyERP keeps full double-entry books for you.
- How transactions reach the ledgerEvery submitted transaction in RockifyERP creates general ledger entries.
- Debit and credit explainedRockifyERP uses double-entry bookkeeping: every entry has equal debits and credits.
- Accounting by type of businessHow you use RockifyERP accounting depends on what your business does.
- Accounts settingsAccounts Settings control company-wide accounting rules in RockifyERP, such as whether invoices can be posted in a closed period.
- Company accounting defaultsEach company in RockifyERP has default accounts that new documents use automatically, so users rarely have to choose an account.
- Fiscal yearA fiscal year in RockifyERP is your accounting year, for example 1 July to 30 June or January to December.
- Chart of accountsThe chart of accounts is the list of every account in your RockifyERP books, arranged as a tree under Assets, Liabilities, Equity, Income and Expenses.
- Cost centresCost centres let you see income and expenses by branch, department or project in RockifyERP without adding more accounts.
- Bank accounts and modes of paymentIn RockifyERP, every way money comes in or goes out needs a mode of payment linked to an account: bank, cash, card, M-Pesa, MTN MoMo or Airtel Money.
- Payment termsPayment terms tell RockifyERP when an invoice is due, for example 30 days, or 50% now and 50% on delivery.
- Payment terms templatesA payment terms template combines several payment terms, so one invoice can be due in instalments in RockifyERP.
- Default receivable and payable accountsRockifyERP records what customers owe in a receivable account, and what you owe suppliers in a payable account.
- Accounting setup checklistWork through this checklist before your first live transaction in RockifyERP.
- Finance booksFinance books let RockifyERP keep a second set of figures, for example tax depreciation alongside book depreciation, without duplicating your accounts.
- Merge two accountsIf the same account was created twice, you can merge them in RockifyERP so all entries end up in one place.
- Move an account to a new parentYou can move an account to a different group in the RockifyERP chart of accounts, for example to tidy up expenses.
- Freeze an accountFreezing an account in RockifyERP stops new entries being posted to it, for example an old bank account you have closed.
- Rebuild the chart of accounts treeVery rarely, the account tree in RockifyERP can show accounts in the wrong place after a bulk import.
- Common party accountingWhen a business is both your customer and your supplier, common party accounting in RockifyERP lets you net off what they owe you against what you owe them.
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