Bookkeeping Overview
Learn how the 17hats Bookkeeping feature works and how to connect your bank accounts.
Amanda Rae avatar
Written by Amanda Rae
Updated over a week ago

Please note: The Bookkeeping Module is only available in Standard (Level 2) and Premier (Level 3) plans.

The Bookkeeping Options page allows you to view and connect your bank and credit card accounts. Linking these financial accounts will enable you to complete basic bookkeeping needs, which generate your Profit & Loss, Sales Tax, Upcoming and Aged Receivables reports. 

You’ll also be able to view existing transaction categories and create new ones as needed on this page. Your account comes pre-populated with basic categories which you can edit at any time. If you have specific categories you’d like to use, you can add them using the “Add Category” button.

Bookkeeping is on a Cash Basis. Cash basis bookkeeping shows the date of any payment as the same date a bookkeeping record is created. 17hats uses these records to generate your Profit & Loss and Sales Tax reports.

As payments are made, the invoice updates to reflect the new balance, and the transaction will appear in the bookkeeping module. 

All invoice payments get the same description within the bookkeeping page. They will appear as "Payment for invoice #(number) - (Client Name). If you've added reference information, this will show on the invoice, but not in the main Bookkeeping page.

Use the search filters to view transactions from each bank account, a specific category, type of transaction, or by the date range, amount, or keyword. 

The transaction is assigned a category originally established by the invoice line item.

A secondary transaction appears for the sales tax generated by that line item. This will only be created if the tax settings on the invoice line items were selected.  

If you’ve connected your bank account, you’ll see a third transaction record that matches the amount your customer paid. So you don’t count the revenue twice, you’ll need to categorize the transaction from your bank account as “Transfer between accounts.”

If you’re using Stripe, the payment transferred to your bank account will have their merchant fees removed. You will need to add a manual expense for their merchant fees to account for the difference.

Now that you understand how Bookkeeping works within 17hats connect your bank account! Learn how by clicking the button below. 


Other questions? Reach out to our Business Support Team via Live Chat or Email Monday through Friday 7am-4pm PST. 

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