How the books work
The rules behind double-entry accounting in AxisIQ: balanced entries, no edits, reversals, account kinds and one currency per entry.
Accounting in AxisIQ follows a few strict rules. They keep the books trustworthy because nobody can quietly change history.
Every entry balances
An entry has two or more lines. Each line posts to one account, as either a debit or a credit, never both. The total of the debits must equal the total of the credits, and the total must be more than zero. AxisIQ uses exact decimal arithmetic, so there are no rounding drifts.
If an entry does not balance, it is not posted. The dialog says "not balanced" and the entry is refused with a message such as "entry is unbalanced: debits … ≠ credits …".
Entries cannot be edited
Once posted, an entry is permanent. You cannot change it or delete it. To correct a mistake you post a reversal: a mirror entry on the same date with every debit and credit swapped, labelled "Reversal of …". The original stays in the journal, marked Reversed. An entry can be reversed once. See Post and reverse entries.
Account kinds decide the reports
Each account has a Kind: asset, liability, equity, revenue (shown as Income) or expense.
- Assets and expenses normally grow with debits.
- Liabilities, equity and income normally grow with credits.
- Reports show balances in their natural sign, so a liability or income balance reads as a positive number.
- The ledger shows the raw balance as debits minus credits.
An account with no readable kind is shown as Not classified. Its postings stay in the books but are left out of income, expense and balance sheet totals until it has a kind. Reports warn you when this happens.
One currency per entry
Every entry is in one currency, and all its lines share it. By default it is your workspace's default currency. You can pick another when you post.
Every figure on the overview, ledger, chart of accounts and reports reads one currency at a time. AxisIQ never adds amounts in different currencies together. When your books hold more than one currency, a Currency selector appears next to the filters. The choice is kept in the page address, so it follows you between sections.
Note: Workspaces that have not taken the newest features keep their ledger in the default currency only. In that case the currency list in Post journal entry is disabled with the hint "Upgrade the workspace in Settings to post other currencies." See Workspace.
Nothing posts automatically
Invoices and payments are records. They do not create journal entries. An entry can carry a source label (shown as a badge such as From invoice), but that is information only.