In short, your bookkeeping records will always be accurate. Whenever you make such a correction, a corresponding transaction will be created.
To make it easy to correct mistakes, various options are provided throughout the interface to make a correction. Any transaction you make in Checkout is made final the moment it is performed.
Please note that you cannot change the cost matching system after you have created your store database.Ĭheckout’s bookkeeping system provides a solid starting point to account for your business in a GAAP (Generally Accepted Accounting Principles) compliant way. Discussing the benefits of one method over the other falls beyond the scope of this manual, but it is something your accountant will gladly assist you with. When you create your store database you can select whether Checkout should use an Average Cost or a FIFO cost matching system to track your stock related transactions. Checkout follows an accrual based double entry accounting model internally to do so. Each purchase order, invoice, payment or stock correction made in your store creates a journal entry in Checkout which can later be imported to an accounting application.
