Financial Module - General Information

The DEAR Financials module covers processes involving expenses and money. Here are some of the financial features you are likely to use in your operations. DEAR can be used as a standalone inventory management and accounting system, or integrate with Xero or QuickBooks Online accounting systems. If you are using Xero as your accounting system, some Financials modules features will not be available. 


NOTE: Financial Reports are not covered in this KB module – go to the Reporting module for more information. 



Accounts and Chart of Accounts

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The chart of accounts is the list of all accounts your organisation has available to record your transactions. Having the right chart of accounts is important for classifying your transactions correctly, keeping your accounts accurate and generating meaningful reports to help you run your business better.


DEAR provides a default Chart of Accounts, but you can import a chart from your accounting system, or your own custom chart. Make sure to consult with your accountant or bookkeeper before adding or editing any accounts. 


NOTE: If you are using Xero or QBO, accounts are created in your accounting system and then synchronised with DEAR, where they appear in read-only form. See our guides for QuickBooks Online or Xero if you are using them as your accounting system.


Learn more about Accounts and Chart of Accounts


Bank Accounts

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Add bank accounts and credit cards to be used as payment accounts in DEAR. 


NOTE: If you are using Xero or QBO as your accounting system, bank accounts should be created in Xero/QBO, then synced over to DEAR. See Xero - Adding bank accounts or credit card accounts or QuickBooks - Online Banking Overview for more information about adding bank accounts to your accounting systems. 


Learn more about Bank Accounts


Managing Opening Balances

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Opening balances refer to the assets and liabilities your organisation has when you start using DEAR to manage your inventory. If you are currently using Xero or QuickBooks Online, which you will be integrating with DEAR, then you will need to enter balances from the Xero/QBO system. If you are using DEAR without these accounting systems, you will need to enter balances from your existing accounting records. This is what we call conversion balances or opening balances. Entering opening balances only takes place once, during DEAR setup.


Learn more about Managing Opening Balances


Bank Reconciliation

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After account transactions from your bank have been imported into DEAR, you need to reconcile them to make sure that the transactions from your bank statement and the transactions in DEAR match.


NOTE: If you are using Xero as your accounting system, this function will not be available in DEAR. You can manage your bank reconciliation actions through your accounting system. If you are using QuickBooks online, you can reconcile bank transactions within QBO or DEAR. 


Learn more about Bank Reconciliation


Receipts and Expenses Claims

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Users can enter receipts for any spending they have incurred on behalf of the business and submit these receipts as an Expense Claim. Authorised users can view and approve Expense Claims using this feature.  


NOTE: If you are using Xero as your accounting system, this function will not be available in DEAR. You can manage your receipts and expense claims through your accounting system. 


Learn more about Receipts and Expenses Claims.


Fixed Assets

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The term fixed assets generally refers to the long-term assets, tangible assets used in a business that are classified as property, plant and equipment. DEAR Inventory allows you to add new fixed assets to your inventory, register/unregister fixed assets and calculate depreciation for fixed assets. 


Learn more about Fixed Assets


Money Tasks (Spend Money, Receive Money, Transfer Money)

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These functions allow you to quickly input into DEAR the money entering and leaving your bank accounts. You will have to reconcile your bank statements with each transaction in DEAR. 


Learn more about Money Tasks


Journals

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Manual journals can be used for any transaction the accountant wishes to post directly to the General Ledger.


Learn more about Journals

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