The Advanced settings page includes nine main settings: Accounting, Company type, Chart of accounts, Categories, Automation, Projects, Time tracking, Currency, and Other preferences.
The following is a screenshot of the Advanced settings section:
A brief description of what information is included in the Advanced settings section is as follows:
- Accounting: In the accounting settings, you will select the first month of your fiscal year and income tax year, which may be the same. You will indicate your accounting method (for example, cash or accrual) and there is an option to close the books. Close the books allows you to prevent any changes from being made to your financial data after a certain date. For example, once you have filed your tax returns for the year, you should enter the last day of the previous year as your closing date (for example, 12/31/2020). This will ensure that information dated 12/31/2020 and prior cannot be changed.
- Company type: In this...