Welcome to FreshBooks’ Accountant Hub! As an accounting professional or as a FreshBooks Certified Accounting Partner, we know your first priority is getting your clients’ FreshBooks accounts up and running quickly, so we’ve prepared this guide that shows you exactly what you need to know and do.
Accountant Hub - New Client Checklist
When it comes to setting up your clients’ FreshBooks accounts, each client may have different needs and utilize different parts of their FreshBooks account. Use the below checklist to give your clients the best possible experience with their FreshBooks accounts:
- In your Accountant Hub account, ensure you’ve created a client
- Decide which order you’d like to work with the client in, depending on which features need to be set up and who has permission to set up the feature:
- Set up the account first and then invite the owner
- Invite the owner first and then set up the account together
- Use the below information to set up the client’s account as you see fit
- If the FreshBooks account is being paid for by the owner and not by your firm, ensure the owner selects a plan before their trial expires to ensure no disruption to their business.
Set up the FreshBooks account using any or all of the below resources, depending on your client’s needs:
Chart of Accounts
As an accountant, you can manage the Chart of Accounts (CoA). The chart of accounts in FreshBooks is organized by the United States industry standard, Generally Accepted Accounting Principles (GAAP), and is sorted by Account Type and Account Sub-Type first, with parent accounts and sub accounts underneath.
- Review the default Chart of Accounts
- Understand how Petty Cash is used as a clearing account
- Create and manage custom accounts
- Learn more about Advanced Accounting, which lets owners manage their CoA and create manual journal entries once activated
Journal Entries
Manual journal entries can be created by yourself and by owners with Advanced Accounting activated to help record transactions like depreciation, fixed assets, and loans.
- Create and manage manual journal entries
- View all manual journal entries with the Journal Entry report
- Review how common transactions are recorded as journal entries
Bank Reconciliation
Bank Reconciliation (Bank Rec) allows you or the owner of the FreshBooks account to match any bank transactions to any FreshBooks Entries so that the cash balance on the Balance Sheet matches the actual bank account balance. Bank rec is an ongoing process with transactions updated automatically through a bank connection, rather than reconciling statement periods. This can be done anytime, or on a daily, weekly, or monthly basis.
Setting up a bank connection requires access to the bank’s online login credentials which may need to be completed by the owner of the FreshBooks account first. Once set up, you or the owner of the FreshBooks account can begin reconciling transactions as they come in.
- Understand how Petty Cash is used as a clearing account
- Review the Bank Reconciliation checklist with your client
- Help your client set up an opening balance and if needed, how to match transactions
- If needed, import older transactions or missing transactions with a CSV file
- Once bank rec is up and running:
- Add, edit or delete transactions as needed
- Understand how to reconcile complex transactions, including invoice refunds, online payment deposits and fees, payroll and more
Payments and Expenses
Online Payments
Online payments can be set up by FreshBooks owners, as online payment providers require owners to complete a Know Your Customer (KYC) form. This form collects personal, business, and banking information to process payments online. All available payment processors are listed in How do I manage my online payments settings?
- Understand how to add, edit, or delete manual payments
- Review how to refund online or manual payments
Expenses and Bills
With Bank Reconciliation, bank/credit card transactions (also known as money-out transactions) are automatically imported into the Expenses section of the FreshBooks account, while all other money-in transactions are only visible in the Bank Rec widget for reconciliation. Expenses can also be created manually outside of bank rec, and bills can also be recorded to track accounts payable.
- Review expense categories with your clients so they know how to accurately categorize their expenses
- Learn how FreshBooks owners can rebill expenses back to their clients
- Understand how to manage expenses, including duplicate expenses
- Review bills and vendors to track accounts payable
- Learn how owners can scan expense and bill receipts and match to existing expenses and bills
Useful Resources
- Understand what types of data can be imported into FreshBooks
- Learn how to invite other accountants and team members to the owner’s FreshBooks account
- Review how all the reports work
- Familiarize yourself with managing invoices
- Learn how items can be assigned to specific Income Accounts
- Send your clients the getting started guide in FreshBooks