Accounting Features

Managing Ledgers

Guide to managing your general ledger and account balances in Open Ledger.

The general ledger is the foundation of your financial records in Open Ledger. Our system implements a complete double-entry accounting system where every transaction affects at least two accounts.

  • Real-time transaction processing
  • Automated balance calculations
  • Multi-currency support
  • Detailed audit trails
  • Custom account hierarchies

Account Structure

Our ledger system organizes accounts into a hierarchical structure:

TypeScript
1interface Account {
2  parent: Account | null;
3  balance: {
4    $: {
5      number: string;
6      commodity: string;
7      value: string;
8      sign: string;
9    };
10  };
11  name: string;
12  fullName: string[];
13}

Standard Account Categories

CategorySubcategories
Assets- Cash and Equivalents
- Accounts Receivable
- Fixed Assets
- Prepaid Expenses
Liabilities- Accounts Payable
- Notes Payable
- Accrued Expenses
Equity- Common Stock
- Retained Earnings
- Owner’s Capital
Revenue- Sales Revenue
- Service Revenue
- Interest Income
Expenses- Cost of Goods Sold
- Operating Expenses
- Payroll Expenses

Managing Opening Balances

1

Define Start Date

Define the start date for the accounting period.

TypeScript
1async function getAccountingYearDates(companyId: string) {
2  const company = await prisma.company.findUnique({
3    where: { id: companyId },
4    include: { settings: true }
5  });
6    
7  // Default to calendar year if no fiscal year set
8  if (!company?.settings?.fiscal_year_start) {
9    const now = new Date();
10    return {
11      startDate: startOfYear(subYears(now, 1)),
12      endDate: endOfYear(now)
13    };
14  }
15  // ... fiscal year logic
16}
2

Enter Account Balances

Enter the account balances for the opening period.

  • Import from previous system
  • Manual entry
  • Bulk upload via CSV
TypeScript
1interface OpeningBalanceTransaction {
2  date: {
3    year: number;
4    month: number;
5    day: number;
6  };
7  status: "unmarked" | "cleared" | "pending";
8  description: string;
9  postings: [{
10    account: {
11      type: "real";
12      fullName: string[];
13      name: string;
14    };
15    amount: {
16      number: string;
17      commodity: string;
18      value: string;
19      sign: string;
20    };
21    status: string;
22    tags: string[];
23  }];
24}
3

Validate Balances

  • Ensure debits equal credits
  • Verify against source documents
  • Check account classifications

Transaction Management

  • Automatic running balance calculation
  • Category assignment
  • Multi-currency handling
  • Attachment support

Recording transactions: The LedgerEntry interface defines the structure for a double-entry accounting transaction, capturing both debit and credit movements with associated metadata.

TypeScript
1interface LedgerEntry {
2  date: Date;
3  description: string;
4  debit_account: string;
5  credit_account: string;
6  amount: number;
7  running_balance: number;
8  category: string;
9}

API Integration

The ledger management operations described above can be automated through our REST API endpoints. Here are the key interfaces for programmatic ledger management:

Get General Ledger
$GET /api/{company_id}/transactions/general-ledger
>interface GeneralLedgerRequest {
>  month?: string;  // Filter by specific month
>  year?: string;   // Filter by specific year
>}

Best Practices

Transaction Entry
  • Record transactions promptly
  • Include detailed descriptions
  • Attach supporting documents
  • Verify account assignments
Ledger Management
  • Perform daily balance checks
  • Complete bank reconciliations
  • Review account categories
  • Archive old transactions
Closing Procedures
  • Reconcile all accounts
  • Post adjusting entries
  • Generate trial balance
  • Backup final balances
New Period Setup
  • Verify opening balances
  • Set up new periods
  • Update fiscal calendars
  • Review account structure