Bookeeping in Bokio

Bookkeeping in Bokio is both simple and automated so that even those who have no previous experience in bookkeeping can do it themselves. With our accounting templates, you don't have to keep track of accounts, debit, credit or calculate VAT.

Each transaction involves two or more related accounts. When a user creates or updates a record in Bokio, the value of one account increases while an equivalent value decreases in a corresponding account. For example:

When a business makes a sale, its "Cash" account rises by the profit from that sale, while the income account that records sales revenue also increases by this amount.
When a business pays rent, the "Cash" account decreases by the payment amount, while the "Rent or Lease" expense account increases by that same amount.

Here's how to get started:

Sync Bank Transactions: Bokio allows integration with your bank, either with an external connection or the Bokio Företagskonto. Syncing bank transactions simplifies bookkeeping, as data is pre-filled, and automatic suggestions streamline the process, reducing the need for manual adjustments and reconciliation.
Upload Documents: You can upload receipts, invoices, and other documents via the Bokio app, computer, or email to ensure they are linked to the correct transactions. Bokio also provides a "Receipt inbox" for emailing documents directly to your account.
Post Transactions: Bokio’s templates automatically manage transaction details, so you don't have to select accounts or calculate VAT. Automatic suggestions help you book transactions with a click. If no suggestions are available, you can search for templates or create custom rules to automate future recordings.
Match and Check Transactions: Bokio can automatically match payments with existing invoices, and it offers previews and edits to ensure accuracy. Bokio Business Account users benefit from even greater automation, where supplier and customer invoice payments are matched and posted automatically.

For any unrecorded documents, you can book directly from the Uploaded or To Do sections.

Journal entries

In Bokio, journal entries are used to record all financial transactions of a company. Each journal entry consists of multiple items that affect different accounts. An item in a journal entry will either debit or credit an account from the chart of accounts. The sum of debits must always equal the sum of credits to maintain the accounting equation. This ensures that the books are balanced and accurate.

A chart of accounts is a structured list of all the financial accounts a business uses for tracking its transactions. It’s organized into four main categories: Assets, Liabilities, Income, and Costs, which make up the foundation of a company's accounting system. Each account has a unique number that helps identify the type of transaction it represents, with the first digit generally indicating its main category.

In Sweden, many companies use the BAS Chart of Accounts as a standard, which organizes accounts consistently across businesses, making it easier to understand and compare financial records. For example, in the BAS system:

1XXX accounts cover Assets like cash and accounts receivable.
2XXX accounts represent Liabilities and Equity.
3XXX accounts handle Revenue, such as sales.
4XXX to 8XXX cover various types of costs, from materials to personnel and interest costs.

In accounting, debit and credit are terms used to record changes in accounts.

Assets: Increase with Debit, Decrease with Credit
Equity & Liabilities: Increase with Credit, Decrease with Debit
Income: Increase with Credit, Decrease with Debit
Cost (Expenses): Increase with Debit, Decrease with Credit

You should create a journal entry via API on an account that is supported by Bokio. If you try to create a journal entry using an account which is not supported by Bokio (not in its chart of accounts), you will receive an error message. We will support adding custom accounts (apart from the chart of accounts) soon in our APIs.

Uploads

You can upload files to your company in Bokio. Regardless of how you upload your document, it ends up on the Uploaded page. Here you can also see the documentation that has already been posted. All documents that have not yet been recorded are also shown in your To Do list.

On the Uploaded page, you have the option to directly book, add payment, manage as expenditure, etc.

Using the API, you can upload PDF documents or image files to your company in Bokio.