The Karbon Chart of Accounts mapping
The AR ledger records transactions against a set of different accounts - this includes accounts for recording Expenses, Payments and Sales Tax.
A client account owes the firm
Work that has been invoiced
Expenses that have been invoiced to your clients
Sales Tax Payable
Any tax you have to collect when invoicing
When you receive a check and “record manual payment”
A payment has been processed (but not yet cleared and paid out to your bank account)
A payment has cleared and been received in your bank account
Payment processing fees
Payments fees taxes
If Karbon has to collect tax on our payment processing fees
In order to align the accounts used Karbon AR ledger with the accounts in a firm's GL - a mapping needs to be created. Creating or updating an account mapping is done inside the Billing Settings (Settings > Billing).
Please keep in mind journal cannot be exported from the AR ledger until all of the accounts have been mapped.
Accounting Periods and Journals
Configure your Accounting Period to manage what gets included in your Journal exports.
To set up or update your Accounting period, navigate to your Billing Settings (Settings > Billing) and click 'Set Accounting Period'. Here it will allow you to set up your frequency of choice as well as of what date you'd like it to begin on.
Accounting periods can be closed as well, this stops any further transactions from being added to that period. You can further update your accounting periods by going into the Finance section under Billing on the Main Menu.
Accounting periods can only be closed:
If all preceding accounting periods are closed
After the end date of the accounting period has passed
Inside any Accounting Period, there is a summary table of the total tax calculated from invoices and credit notes issued within that accounting period and broken down by all of the tax types featured on those invoices and credit notes.
Tax types shown are set up in the Billing settings and set on each invoice as it is created. In some countries and regions, multiple taxes are collected on the same invoice. When this happens, each line on the table shows the applicable taxable amounts and tax due.
Where taxes are combined (i.e. more than one type applies to a line item on an invoice) a breakdown of the types will be shown in the tax report.
Exporting a Journal
Journal exports are Excel files that contain a summary of the billing transaction activity within the accounting period. There are two types:
A trial Journal - this includes all transactions for the period and can be created anytime (even if the period is still open) and doesn't show in the list of created Journal Runs.
A (regular) Journal - these can only be created when the period is closed and appear in the list of Journal Runs.
A journal export will include all the data up to the last completed day of the accounting period.