Unlike manual accounts or connected accounts, system accounts are created for you as needed, and cannot be renamed or have their starting balances edited. Learn more about Ambrook’s specific system accounts below:
Balance Sheet Accounts
Ambrook Wallet
Ambrook Wallet’s balance is automatically managed for you by Ambrook, accounting for deposits, withdrawals, scheduled payments, check deposits, card transactions, and more.
Accounts Receivable
Accounts Receivable represents how much money you are owed by your customers for open invoices. Its balance is equal to the sum of the all unpaid portions of open invoices. Draft or canceled invoices do not count towards Accounts Receivable.
Undeposited Checks
Undeposited Checks represents the value of checks you’ve received from customers but not yet deposited. Recording inbound checks as invoice payments on Ambrook increases Outstanding Checks, and clearing those checks to posted deposits decreases it.
Expected Invoice Payments
Expected Invoice Payments represents the sum of all invoices that you marked as paid but did not record or match a payment for. Marked-paid invoices no longer count towards Accounts Receivable, and will count towards Expected Invoice Payments until they are matched to payments.
Accounts Payable
Accounts Payable represents how much money you owe vendors for open bills. Its balance is equal to the sum of the all unpaid portions of open bills. Draft or canceled bills do not count towards Accounts Payable.
Outstanding Checks
Outstanding Checks represents the value of checks you’ve written and given to vendors that they have not yet deposited. Recording or printing checks as bill payments on Ambrook increases Outstanding Checks, and clearing those checks to posted transactions decreases it. Mailed checks are processed by Ambrook, and do not count towards Outstanding Checks.
Expected Bill Payments
Expected Bill Payments represents the sum of all bills that you marked as paid but did not record or match a payment for. Marked-paid bills no longer count towards Accounts Payable, and will count towards Expected Bill Payments until they are matched to payments.
“Other” Accounts
Ambrook creates several system accounts to ensure that your balance sheet stays balanced while you make progress towards completing your bookkeeping. When tagging a transaction, bill, or invoice with a transfer or capital expenditure category, Ambrook recommends that you select a balance sheet account where the value is being transferred on your balance sheet. If you choose to skip this step, these transactions will be automatically transferred to a collection of clearing accounts on your balance sheet. If you notice any of these accounts on your balance sheet, you can drill down and view the transactions, bills, or invoices that need to be completed.
There are three categories representing incomplete transfers:
Other Asset Transfers
Other Liability Transfers
Other Equity Transfers
And five accounts representing incomplete capital expenditures:
Other Animals
Other Equipment
Other Fixed Assets
Other Structures
Other Vehicles
Net Income
Net Income is an Equity account that is calculated as the sum of all of your year-to-date incomes minus the sum of all of your year-to-date expenses. At the end of a calendar year, Ambrook automatically transfers your net income into retained earnings.
Retained Earnings
Retained Earnings represents net income from previous calendar years that has been retained by your business. Its value is equal to the sum of previous years’ net income, plus any adjustments made to Retained Earnings in recorded Journal Entries.
Opening Balance Equity
Opening Balance Equity counterbalances the opening balances of any asset, liability, or equity accounts you create on your balance sheet. For example, if you migrate your books to Ambrook with a $1000 opening balance on your bank account asset, and $600 opening balance on a credit card liability, your opening balance equity will equal $400.
Remaining Amount
Remaining Amount is an equity account that represents any discrepancy in your balance sheet’s fundamental accounting equation: Assets = Liabilities + Equity. The presence of a remaining amount suggests that you may have an incomplete entry or incorrectly recorded transaction. If you notice a remaining amount on your account and want help tracking down its source, contact support for help.
Profit & Loss (P&L) Accounts
Uncategorized Income
Any recorded inflow (deposit) transactions that are not assigned a category will count towards Uncategorized Income. Finish tagging your transactions to zero-out this account on your P&L.
Uncategorized Expense
Any recorded inflow (deposit) transactions that are not assigned a category will count towards Uncategorized Expense. Finish tagging your transactions to zero-out this account on your P&L.