How KITT Accounting Works
The Accounting section of KITT is designed to help you keep on top of the financial side of your portfolio.
(More information about the accounting section here)
KITT's accounting system uses real transactions from your bank accounts, using a secure third-party service called SaltEdge. When you connect a bank to KITT the last two months of transactions for that account are imported into KITT and any future transactions are tracked until you remove that account.
An example of a bank account added to KITT, displayed by selecting Bank Accounts from the Accounting section of the side menu.
KITT's accounting system uses invoices to represent income that you have earned. You can automatically generate invoices from your rental income when you create a tenancy, but other invoices are created manually. When you have a bank connected to KITT, you can created invoices and match the invoices with payments going into your bank account (see Reconciling Transactions).
An example of income invoices added to KITT, displayed by selecting Income & Bills from the Accounting section of the side menu.
KITT's accounting system also uses bills to represent expenses that you have paid. Bills are created manually, and like invoices they can be matched with payments going out of your bank account (see Reconciling Transactions).
Example of expense bills added to KITT, displayed by selecting Bills & Expenses on the Income & Bills page.
The reporting section of KITT is where you can find reports generated by KITT's accounting system, namely Profit/Loss Statements and Balance Sheets. These can be downloaded to your computer or printed off straight away.
The Reporting page menu. Currently only the Profit/Loss Statement and Balance Sheet are available.
This is where you can modify the settings for the KITT accounting system. Make sure you know what you are doing!
The Settings menu for the Accounting section. Currently only Accounts, Starting Balances and End of Year Date settings are available.
(articles explaining these settings coming soon...)