Characteristics of the Double-entry accounting method

The double-entry bookkeeping application meets the professional criteria for companies and entities of any kind, where accounting is required by law.

• It is a very powerful tool, but is very flexible and easy to use at the same time, as the different features can be activated or deactivated. This allows you to manage both the main accounting as well as structured Chart of Accounts on several levels: with VAT, customer and supplier management, invoicing, cost centers and segments.
• It can be edited at any time, offering everyone perfect results. It is ideal for the experienced accountant who wants to work quickly as well as for beginners. For this reason it is used for teaching accounting in many schools.

▶ Video: How to start a Double-entry accounting

Similar to Excel

Excel-like features and commands

• All the data you enter in the tables are always on display and close at hand.
• You work quickly because you can select, copy and paste recurring transactions on multiple cells and multiple rows.
• If you make a mistake, you can correct it by canceling or restoring operations.
• Add as many rows as you want without limits, or delete the lines you don't need.
• If you have made a mistake on a a value, an account, a VAT code, a description, you are able to correct it in an instant with the Find and Replace function.
• You don't need to enter formulas because the calculations are updated instantly and you have a contextual view (like in spreadsheets).
• Everything you see can be printed or exported to pdf or other formats.
• You can set your company logo to customize the printout headers.
• The columns are customizable, you can move them to position, add new ones and change their width.
• Work with the format that suits you best.
• Colour the lines to immediately identify the transactions that you need to review or show to the accountant or that need to be completed.

Spreadsheet-based

Accounting management is concentrated in three tables, which are used in a similar way to the Excel spreadsheets, but that are already completely set up and programmed with everything needed to keep your accounting quickly and safely.

• Accounts table.
  Set up all liquidity accounts, customers, suppliers, etc. and enter the opening balances without having to enter them manually in the Transactions table. You can aggregate multiple accounts, such as the cash accounts, bank or post in the liquidity group, so as to have the updated balances and they can be checked immediately.
• Transactions table.
  The centre of keeping accounts, where the transactions are entered or imported. The debit and credit transactions can be completed with additional information to manage customers and suppliers, issue invoices, manage cost / profit centers, segments, quantities and prices and anything else you need. Scrolling through the table you will have a comprehensive view of all the events. It can be modified in order to always keep accounting in perfect order.
• Totals table.
  This displays the totals by Group and is used to check the accounting balances.

Further tables can be added to support additional functionalities.

• Budget table.
  Prepare financial forecasts, with the double-entry method. Complete with liquidity planning, budget and forecast income statement, customer, supplier, investment, project, segments for one or several years.
• VAT codes table.
  Set the required rates and parameters to be used in the Transactions table for the automatic calculation of VAT and the reports to be presented to the tax authorities.
• Items table.
  To set up a list of items to be used for billing. The program keeps track of your income and expenses.
• Free tables.
  To meet further needs.

Quick start

 

Templates

Accounting management focuses mainly on three tables, which are used in a similar way to Excel spreadsheets, but which are already fully set up and programmed with everything needed to keep accounting quickly and safely:

• Easy and immediate start, creating your accounting file starting with a template.
• If you already have your own template in Banana Accounting you can upload it with all the settings and use it for a different accounting.
• Over 1000 templates subdivided by country and type of user, customizable and with user documentation.
• Easy search and use of templates directly in the program.

Accounting setup

• Freely set the currency for your accounting, you can choose it from a list of world currencies or set it freely (cryptocurrencies).
• Freely set an accounting period, even over several years if required and not linked to the classic 1st January to 31st December period.
• Headings and accounting data set in a single dialog box, easy to display.
• Enter as many decimals as you want, from 0 to 27 (selected when the accounting) is created.
• You can change the number of accounting decimals during the year without problems.

Multi-lingual

• You are free to choose the language for your accounting when you create your file. 
• Customize the column headers as you wish.
• You can run accounting in multiple languages simultaneously.
• Prints are also customizable in multiple languages.

File and data saving

• All the data is saved in a single file, where you can easily retrieve everything without wasting time.
• A separate file is created for each year. All data refer to the year so there is no confusion.
• Assign the file the name you want.
• With a single license you can manage an unlimited number of accounts.
• Data remains in your full possession.
• Data saved to any media, computer, network, cloud or can be emailed. You can access it wherever you are.
• Simultaneous access by multiple users, but only one person can open the file when in Edit mode.
• Make your accounting more secure by using password protection.

Plan-Execute-Control

In the same file and always with the double-entry method, you can keep the accounting, or your budget or both. The powerful  Plan-Execute-Control approach is very intuitively used.

 Double-entry accounting method

• Banana Accounting allows you to keep accounting with the international double-entry method and is compliant with international standards.
• Meets the criteria for keeping any accounting.
• Usable in any country.
• Transactions with debit and credit columns.
• Should there be imbalances in the transactions, a related notification will be generated.
  Amounts are displayed in the columns in the format used by your computer, without you having to get used to other formats that you are not familiar with.
  • Debit amounts are indicated in positive and in credit in negative.
  • Calculation is done according to the Debit - Credit = 0 equation.
• Balance sheet, Income Statement and all typical accounting printouts.
  • All printouts are customizable.
  • Choice of display format.
• Transactions according to the cash or accrual principle.
• Protect your data with cutting-edge blockchain technology (patented method).
• The double-entry method is used by many schools around the world to teach accounting.

Chart of Accounts

• Fully customizable Chart of Accounts to better meet your needs.
• The same Chart of Accounts is used for accounting and for financial, asset and income forecasts.
• Balance Sheet and Income statement are adaptable according to the structure and content of your requirements.
• Any national, international or free grouping scheme us supported.
• Off-balance sheet accounts for the management of items that should not be included in the budget, but that you need to mark down.
• Choose your account ID freely (numeric or alpha-numeric account, up to 256 characters).
• You can freely enter the description of the text for up to 256 characters.
• It is no longer necessary to insert the initial and final balances via accounting transactions
  Enter the balances directly in the Opening column of the Accounts table and only when you use Banana Accounting the first time. In the following years the carryover will be automatic.
• Balance, account movement and totals displayed contextually and always updated.
• For each customer, supplier, partner account you have the columns to enter the addresses and other useful data you need.
• Adding other columns for notes, grouping or amounts.
• If you add amount columns, they are automatically totaled.
  You thus have the possibility to create columns with your own data and have very selected details.

Transactions

• You can insert single or compound transactions.
  Single ones are registered in a single row, while the compound ones allow you to easily record transactions that will affect multiple accounts.
• You can enter with either the cash or the competence method.
• When you enter data, already existing texts are suggested. With one click the transaction will be filled (auto-completion).
• Immediate reporting of errors and differences, with the possibility of completing them later.
• Store recurring transactions to resume them when they reappear without having to rewrite them.
• Predefined columns columns are available in all the tables and can be displayed at your choice.
• Quantity and price columns, for billing or cost control.
• Auto-numbering of documents with different numbers simultaneously.
• Documents are always at hand, by connecting the digital accounting vouchers (pdf, images) to the files, and open them with a click.
• Enter free texts of up to 256 characters as well as on multiple rows.
• Colour the lines to instantly search for the transactions you need to check or correct later, or to report them to the auditor.
• Adding columns to insert any further information. 
• Recordings on Cost and Profit Centers.
• Recordings on segments.
• Save the arrangement of the columns (views) to display the content that is most important to you.
• Contextual information about account balance, differences or errors.
• Before the periodic or year-end closings you can use the Check Accounting functions.You will be able to identify errors between the actual balances (e.g. bank balances provided by the statement, and those of the accounting). You will immediately notice the errors and you can correct so as to have everything matched.
• Movements import:
  • Speeds up entry of transactions by importing data from digital bank statements.
  • You can import transactions in different formats provided by banks.
  • Imported rows can be edited, completed or removed.
  • It also imports invoice data or from other software.

Financial forecasting

• If you need to create a Budget, you can activate the function by adding the Budget table.
• Work without difficulty with the same methodology you are already used to, based on the double-entry method.
• Financial forecasts complete with liquidity plan.
• Balance Sheet forecasts.
• Income Statement forecasts.
• Automatic projections over several years.
• Entering the transactions through budget postings.
• Recurring income and expenses set with one transaction.
• All the features of accounting available:
  • Simple or multi-account transactions.
  • Budget for customers
  • Budget forecast for suppliers, VAT, cost and profit centers, segments.
  • Quantity and prices.
• Calculation formulas in Javascript with access to the values ​​of the current forecast:
  • Turnover growth plan.
  • Calculation of commissions and costs in percentages of sales.
  • Depreciation calculation.
  • Interest calculation.
  • Use of variables.
• Forecast values ​​available in accounting printouts:
  • Fully customizable.
  • Budget views by month, quarter, semester, year.
  • Compare budget to current.
• Account card with forecast movements by account or group.

Balance Sheet and Income statement

• Reports with final or Budget data or both, with indication of variations.
• Free arrangement with groups and subgroups.
• Updated results visible directly in the Accounts table.
• Customizable prints:
  Watch the video tutorial that shows how to create and print the Enhanced Balance Sheet with groups.
  • Adding your own logo.
  • Choice of columns to include.
  • Choice of sections to include.
  • Detailed or printout per groups
  • Printouts per single period.
  • Columns divided by period (month, quarter, semester, year).
  • Values from previous year.
  • Comparison prediction value.
  • Columns with subdivision by segment.
  • Added attached notes.
  • Grouping as in the Chart of Accounts or according to your own scheme.
  • Saving composition.
• Tabular report (similar to customizable printouts, but with the data in the table).
• Export to pdf for data conservation and export to other formats for data processing.

Other accounting prints

• Fully printable content tables or by for selection only.
• Adding your own logo to personalizing documents and prints.
• Journal.
• Account cards with account movements and groups:
  • With accounting or forecast movements.
  • By period.
  • By Account, Group, Cost Center or Segment.
  • Accounting or forecasting data.
  • Customizable column arrangements.
• Export to pdf or other formats.

Charts

• Contextual, at the foot of the table.
• Different layouts.
• Evolution per accounts and groups.
• Accounting values.
• Forecasting.
• Preceding year.
• Choice of chart type.

Further management

The program also allows you to add additional information to the transaction, allowing you to use the same data needed for VAT management, for tracking customers and suppliers, issuing invoices, generating reports for projects or business sectors and to face the various corporate and tax obligations.

VAT management

• The function can be activated at choice (when creating an accounting).
• VAT code table to indicate the different VAT rates and cases.
• All national specifications supported.
• It can also be used to manage other types of sales taxes (eg American sales tax).
• Entering the VAT code.
• VAT reversal functionality (using the VAT code preceded by the minus sign).
• VAT calculation as per net or gross.
• Automatic breakdown and registration on the indicated VAT accounts.
• VAT control reports:
  • By period or complete.
  • With or without movements.
  • Optionally, with totals per rate, VAT code, account.
• National extensions for VAT reporting based on the requirements of the relative tax authorities.

Customer management and control

• Function activated at choice (adding accounts in the Chart of Accounts).
• Checking invoices and customer payments.
• Customer master data set in the Chart of Accounts.
• Create groups and totals for customers in different groups.
• Open invoices per customer or global overview.
• Customer movement account statement and open invoices.
• Automatic reconciliation, open invoices.
• Customer management also available as cost centers (on a cash basis).

Invoices to customers

• Function can be activated at choice (using the invoice number column in the Transaction table)
• Entering invoices directly into the Transactions table.
• Requires setting up the customer database.
• Entering invoice data as normal row of transactions.
• See issue and print invoices to customers.
• Column to indicate quantities and prices.
• With or without VAT.
• Possibility of modification, correction.
• Print a single invoice with a click or several invoices combined.
• Choice of different print layouts.
• Customize the invoice according to your preferences.
• Exports in digital format via extensions.
• Customizable reminders via extensions.
• Customizable customer account statements via extensions.

Supplier management

• Function activated at choice (adding accounts in the Chart of Accounts.
• Supplier database set in the Chart of Accounts.
  Possibility to group suppliers into different groups.
• Invoice and payment to suppliers control .
• Open invoices per supplier or full report.
  Supplier movement account statement and invoices still open.
• Automatic reconciliation, open invoices.

Cost and profit centers

• Function can be activated at choice (adding the cost and profit centers accounts).
• For projects, cost accounting or profitability.
• Setting up cost centers directly in the Chart of Accounts.
• Multi-level grouping.
• Three levels of cost and profit centers.
• Unlimited number of cost centers per level.
• Negative registration (with minus sign).
• Reports such as Balance Sheet and Profit and Loss accounts:
  • Balance constantly updated.
  • Customizable reports.
  • Card of all movements with progressive balance.
  • Contextual chart.

Segments

• Function activated at choice (by adding segment accounts).
• Segment column
• The Balance Sheet and Income statement of one or more business sectors.
• Setting up segments directly in the Chart of Accounts.
• Multi-level grouping.
• Up to 10 segment levels.
• Unlimited number of segments per level.
• Balance constantly updated.
• Reports such as Balance Sheet and Profit and Loss accounts:
  • Customizable reports.
  • Card of all movements with progressive balance.
  • Contextual chart.
• Balance Sheet and Income statement for each segment.

Items table

• For invoices and with integrated warehouse or securities management.
• Linking of the articles to the movements of the Transactions table.
• Automatic update of incoming and outgoing movements.
• Initial and final value.
• Adding additional columns.

Control and closure

Error reports and accounting control

• Command to check the accounts.
  The accounting is recalculated instantly, as if all operations were entered again.
• Reports any wrong settings, differences or errors.
• Each report is linked to a help page that explains the causes and suggests the solution.
• Checks if the account balance matches the real one (cash, bank, VAT).
• Ability to correct.

Transaction protection

• Rows protection.
• Locking of movements entered with digital data certification technology (Bitcoin type).
• Password protection.
• Compliant with legal requirements.
• Sending data to the auditor with the certainty of the impossibility of tampering.
• Unlock movements with date.

Closing and new year

• Automatic procedure to create the new year file.
• Carryover of balances and allocation of profit.
• Work can begin on the new year, even if the previous one has not been closed.
• Command to carry over the closing balances of the previous year.

Exporting and storing data

• Copy and paste directly to and from Excel.
• Export tables to pdf and various other formats.
• Archiving of printouts and accounting data in pdf or other formats.
• Saving the accounting file on any backup device.

Extensions and other features

Added functionalities

• Adding new features.
• Removing features that are no longer needed.
• Conversion from one accounting type to another:
  • Accounting with or without VAT.
  • Multi-currency accounting or vice versa.
  • From Income/Expense accounting to double-entry or vice versa.

Documents Table

• To store images (company logo) or text documents (for example Javascript programs).

Other additional tables

• Addition of other tables where notes or other information can be entered.
• Tables can be customized by adding columns to them.

Extensions

• Default extensions for various prints and other features.
• Quick search and installation.
• Customizable extensions.
• Automatic update.
• Ability to create and install your own local extensions.

Comprehensive documentation

• Each dialogue and error has its own documentation page accessible in a click.
• Constantly updated documentation.
• FAQ.
• Documentation also available in Pdf format.