The Accounting Module is the financial backbone of RentalBux. Everything that flows in from your invoices, bills, bank reconciliation, and journal entries is organised here into the reports you (and HMRC) need. You don't need to be an accountant to use it — but this guide will help you understand what each part does and when to use it.
What the Accounting Module contains
Sub-module | What it does |
|---|---|
Journal | Records manual double-entry accounting entries. Used for adjustments that don't come from invoices or bills. |
General Ledger | A complete list of every financial transaction, organised by account. The master record of your books. |
Trial Balance | Checks that total debits equal total credits. A quick verification that your books are mathematically correct. |
Income Statement | Shows your income, expenses, and net profit or loss for any period you choose. |
Balance Sheet | Shows your financial position at a specific date — what you own (assets) versus what you owe (liabilities). |
Chart of Accounts | The structured list of all financial accounts in your system. Pre-configured for landlords and sole traders. |
How the module works in practice
Most of the time, you won't need to open the Accounting Modules directly during day-to-day use. Here's how data flows into it automatically:
When you create a rent invoice, it's automatically recorded as a credit to your rental income account and a debit to accounts receivable.
When you record a bill (e.g. a repair), it's automatically recorded as a debit to the relevant expense account.
When you reconcile a bank transaction to an invoice, the payment is recorded against the invoice and the bank account balance updates.
This is double-entry bookkeeping happening automatically behind the scenes. You interact with invoices and bills; the Accounting Module handles the ledger entries.
When you would use the Accounting Module directly
To record an opening balance when first setting up RentalBux (if you have existing assets or liabilities to bring in)
To make a journal adjustment — for example, a depreciation entry or a year-end accrual your accountant has requested
To generate and export your Income Statement or Balance Sheet for your accountant
To review the General Ledger when checking a specific account or transaction
To run a Trial Balance before submitting your MTD quarterly update, as a sanity check
Entering your opening balance
If you're switching to RentalBux from a spreadsheet or another system, you'll need to enter an opening balance. This records your starting financial position, so your reports are accurate from day one.
Chart of Accounts — your financial category structure
The Chart of Accounts is the list of all income and expense categories used in your RentalBux account. It's pre-configured for UK landlords and sole traders, aligned with HMRC's categories for Making Tax Digital(MTD). You don't need to set it up from scratch.
The accounts are organised in a hierarchy:
Assets — what you own (bank accounts, property at cost, equipment)
Liabilities — what you owe (mortgage balances, outstanding bills)
Equity — your net worth (assets minus liabilities)
Income — rent received, service charges, other property income
Expenses — repairs, insurance, agent fees, mortgage interest, professional fees, and more
You can add custom accounts or deactivate ones you don't need. Any account you create will be available for use in journal entries and expense categorisation. However, only accounts that map to HMRC's approved categories will flow into your MTD submissions.