Accounting Setup

Why setup matters

Behind every invoice, expense, and report sits a small set of accounting defaults. They decide which ledger accounts get touched, how tax is calculated, and how everything rolls up at year end. You configure them once from Settings → Accounting , and from then on they flow into everything you do.

The chart of accounts & general ledger

The chart of accounts is the list of accounts your money flows through: cash on hand, accounts receivable, rental income, repair expenses, and so on. The general ledger is where every transaction posts against those accounts. Review your opening balances under Accounting → General Ledger Balances . TenantBuddy posts to the ledger automatically as you invoice and spend, so your books stay balanced without manual bookkeeping.

Income & expense categories

Categories are how you classify what you earn and spend: rental income, parking, repairs, utilities, insurance. Every invoice line and expense line is tagged with one, which is what makes your reports meaningful and your tax filing straightforward. Manage them under Settings → Accounting → Income & Expense Categories .

Tax details

Tax details define the GST/HST and provincial tax rates applied to your charges and costs. Set these up under Settings → Accounting → Tax Details so the right tax is calculated automatically on invoices and expenses for your province.

Fiscal periods & budgets

Fiscal periods set the calendar your books follow: your year start and the periods reports are run against. Configure them under Settings → Accounting → Fiscal Periods . Budgets, under Settings → Accounting → Budgets , let you set expected income and expenses so you can compare plan against actual.

Manual journal entries

Most postings happen automatically, but sometimes you need to record something by hand: an adjustment, an opening balance, or a correction. Create a manual journal entry from Accounting → Journal Entries . Each entry is balanced (debits equal credits) and posts straight to the general ledger.

Connecting Stripe

Connecting Stripe under Settings → Accounting → Stripe lets tenants pay invoices online and turn on auto-pay, with payments recording themselves. See Invoice Payments for how online payments flow through once Stripe is connected.

Reviewing your defaults

1. Open accounting settings. Go to Settings → Accounting .
2. Check your categories. Confirm your income & expense categories match how you want to report.
3. Confirm tax rates. Verify your tax details reflect your province's GST/HST rates.
4. Set fiscal periods and budgets. Make sure your year start is correct and add budgets if you use them.
5. Review ledger balances. Check opening balances under general ledger balances.
6. Connect Stripe. Link Stripe if you want tenants to pay online.