Glossary
Double-entry bookkeeping
Double-entry bookkeeping is the accounting method in which every business transaction is posted to at least two accounts, one as a debit and one as a credit, for the same amount. An issued invoice, for example, increases what the client owes you and, at the same time, revenue and the VAT to be paid. Total debits always equal total credits: if they do not, there is an error. It is the basis of the full set of accounts that companies keep.
In YVY
YVY posts in double-entry starting from the documents: invoices, payments, bank movements. It has the chart of accounts, the general journal, the VAT registers and the trial balance. When we import your history, your accountant's books apply up to the switch-over date, and we bring them in and reconcile them to the cent; after that date, YVY does the posting.