# Financials **URL:** https://community.striven.com/c/how-to/financials/20.md [Latest](https://community.striven.com/latest.md) · [Categories](https://community.striven.com/categories.md) · [Tags](https://community.striven.com/tags.md) --- ## [About the Financials category](https://community.striven.com/t/about-the-financials-category/79)
**Author:** [@shammer](https://community.striven.com/u/shammer)\ **Replies:** 0\ **Last updated:** [October 7, 2021, 1:40pm UTC](https://community.striven.com/t/about-the-financials-category/79 "2021-10-07T13:40:04Z")
--- ## [Advance Deposit Process](https://community.striven.com/t/advance-deposit-process/475)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 1\ **Last updated:** [July 28, 2026, 7:37pm UTC](https://community.striven.com/t/advance-deposit-process/475 "2026-07-28T19:37:07Z")
If you’re looking to record advance deposits in your Striven system, here’s an example of how this can be accomplished. Advance deposits should show on the Balance Sheet as a Liability since they represent money rece… --- ## [Closed Sales vs Invoiced Amounts showing in the Income of the P&L](https://community.striven.com/t/closed-sales-vs-invoiced-amounts-showing-in-the-income-of-the-p-l/3512)
**Author:** [@PSGJTS](https://community.striven.com/u/PSGJTS)\ **Replies:** 1\ **Last updated:** [July 17, 2026, 7:57pm UTC](https://community.striven.com/t/closed-sales-vs-invoiced-amounts-showing-in-the-income-of-the-p-l/3512 "2026-07-17T19:57:40Z")
Hi, We would like to move to Striven for our financials but as we transitioned, I discovered that the Income that shows in the P&L is the cash that has been invoiced and not Closed Sales. In QuickBooks, which is the sy… --- ## [Recategorize Transactions](https://community.striven.com/t/recategorize-transactions/256)
**Author:** [@smbiz](https://community.striven.com/u/smbiz)\ **Replies:** 1\ **Last updated:** [February 12, 2026, 3:04pm UTC](https://community.striven.com/t/recategorize-transactions/256 "2026-02-12T15:04:26Z")
It would be beneficial (and a time saver) to have a feature where you could reclassify certain transactions in a particular general ledger account by simply checking the transactions and indicating what the new general l… --- ## [This is a test - Please ignore](https://community.striven.com/t/this-is-a-test-please-ignore/758)
**Author:** [@willzane42](https://community.striven.com/u/willzane42)\ **Replies:** 0\ **Last updated:** [June 6, 2025, 2:20pm UTC](https://community.striven.com/t/this-is-a-test-please-ignore/758 "2025-06-06T14:20:39Z")
ignore ignore ignore --- ## [COGS Issue not flowing thru financials](https://community.striven.com/t/cogs-issue-not-flowing-thru-financials/744)
**Author:** [@Ckelly](https://community.striven.com/u/Ckelly)\ **Replies:** 2\ **Last updated:** [May 23, 2025, 3:14pm UTC](https://community.striven.com/t/cogs-issue-not-flowing-thru-financials/744 "2025-05-23T15:14:27Z")
COGS Issue Discovered We invoice early to collect deposits. This causes the below issue: If you invoice and you do not have quanity on hand (it is zero or negative) it is causing a $0.00 to move w/regards to COGS in … --- ## [Recording ACH/Wire or Cash Payments in Striven Using the “Check” Option](https://community.striven.com/t/recording-ach-wire-or-cash-payments-in-striven-using-the-check-option/723)
**Author:** [@MichelleB](https://community.striven.com/u/MichelleB)\ **Replies:** 0\ **Last updated:** [March 10, 2025, 4:23pm UTC](https://community.striven.com/t/recording-ach-wire-or-cash-payments-in-striven-using-the-check-option/723 "2025-03-10T16:23:53Z")
In Striven, there are two payment options available for Bills: Check and Credit Card. Many users find themselves needing to record ACH/Wire or Cash payments, and are unsure how to do so. Recording ACH/Wire and Cash payme… --- ## [How do you record debit card purchases and ACH drafts?](https://community.striven.com/t/how-do-you-record-debit-card-purchases-and-ach-drafts/183)
**Author:** [@smbiz](https://community.striven.com/u/smbiz)\ **Replies:** 4\ **Last updated:** [October 29, 2024, 9:01pm UTC](https://community.striven.com/t/how-do-you-record-debit-card-purchases-and-ach-drafts/183 "2024-10-29T21:01:28Z")
I assume you record debit cards and bank drafts as a “Check”. Is there anything on the drawing board that lets you enter these transactions as a debit card or bak draft so you don’t mess up Striven’s check sequence numb… --- ## [Chargeback and Returned Payment Process](https://community.striven.com/t/chargeback-and-returned-payment-process/612)
**Author:** [@Amiaf](https://community.striven.com/u/Amiaf)\ **Replies:** 0\ **Last updated:** [May 6, 2024, 5:37pm UTC](https://community.striven.com/t/chargeback-and-returned-payment-process/612 "2024-05-06T17:37:39Z")
If you have received a chargeback or a returned Payment from a Customer and are unsure of the easiest way to document this, here are two (2) examples of processes that can be utilized to record the payment reversal. W… --- ## [Credit Card Fees from Client Payments](https://community.striven.com/t/credit-card-fees-from-client-payments/540)
**Author:** [@Cheryl](https://community.striven.com/u/Cheryl)\ **Replies:** 5\ **Last updated:** [September 6, 2023, 8:08pm UTC](https://community.striven.com/t/credit-card-fees-from-client-payments/540 "2023-09-06T20:08:34Z")
What is the best way to record the credit card fees from a client paid invoice? Example: Invoice to client in the amount of $500; they pay $500 with a credit card, I receive $490 ($500 - 2% fee = $490). We are currentl… --- ## [Creating City Tax Agencies in Striven](https://community.striven.com/t/creating-city-tax-agencies-in-striven/481)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [March 16, 2023, 3:32pm UTC](https://community.striven.com/t/creating-city-tax-agencies-in-striven/481 "2023-03-16T15:32:54Z")
Not all US States charge a Sales Tax at the State level, but most do. And some even charge sales tax at a City level, which is why Striven provides the ability to create Tax Agencies for Cities to record taxes when It… --- ## [Accounting Migration Guide - Reconciliation](https://community.striven.com/t/accounting-migration-guide-reconciliation/458)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [January 17, 2023, 6:14pm UTC](https://community.striven.com/t/accounting-migration-guide-reconciliation/458 "2023-01-17T18:14:26Z")
When reconciling your accounts for the first time after performing an Accounting Migration to Striven, there are some recommended practices based on two (2) distinct scenarios. These scenarios are reconciling based on… --- ## [Accounting Migration Guide - Post Migration](https://community.striven.com/t/accounting-migration-guide-post-migration/457)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [January 10, 2023, 8:49pm UTC](https://community.striven.com/t/accounting-migration-guide-post-migration/457 "2023-01-10T20:49:00Z")
There are some important steps to follow once your Accounting data has been entered or imported into Striven. It is recommended that you verify your data to ensure the information was migrated accurately. You’re also… --- ## [Accounting Migration Guide - Performing Historical Accounting Migration](https://community.striven.com/t/accounting-migration-guide-performing-historical-accounting-migration/456)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [January 6, 2023, 8:53pm UTC](https://community.striven.com/t/accounting-migration-guide-performing-historical-accounting-migration/456 "2023-01-06T20:53:00Z")
Striven has an amazing tool that makes performing a Historical Accounting Migration a breeze! This is useful when you want to enter your historical summary data by fiscal year instead of one Journal Entry with the Ope… --- ## [Accounting Migration Guide - Retained Earnings & Net Income](https://community.striven.com/t/accounting-migration-guide-retained-earnings-net-income/455)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [December 29, 2022, 9:06pm UTC](https://community.striven.com/t/accounting-migration-guide-retained-earnings-net-income/455 "2022-12-29T21:06:41Z")
The last steps when performing the Opening Balance Migration to Striven include bringing over your Retained Earnings and Net Income before verifying your GL Account balances. In Striven, both Retained Earnings and Ne… --- ## [Accounting Migration Guide - General Ledger Balances](https://community.striven.com/t/accounting-migration-guide-general-ledger-balances/453)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [December 22, 2022, 9:55pm UTC](https://community.striven.com/t/accounting-migration-guide-general-ledger-balances/453 "2022-12-22T21:55:55Z")
When you’ve finished creating your Tax Adjustments and verifying your Sales Tax Payable account balances, you should move on to importing your General Ledger account balances into Striven. This can be accomplished usi… --- ## [Accounting Migration Guide - Tax Adjustments](https://community.striven.com/t/accounting-migration-guide-tax-adjustments/448)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [December 14, 2022, 10:37pm UTC](https://community.striven.com/t/accounting-migration-guide-tax-adjustments/448 "2022-12-14T22:37:11Z")
The next step after importing your Inventory for an Accounting Migration is to create Tax Adjustments using your Tax Liability export. Navigate to the Tax Adjustment page by clicking on Accounting → Tax → Adjust. This… --- ## [Accounting Migration Guide - Importing Inventory](https://community.striven.com/t/accounting-migration-guide-importing-inventory/446)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [December 7, 2022, 6:47pm UTC](https://community.striven.com/t/accounting-migration-guide-importing-inventory/446 "2022-12-07T18:47:45Z")
Once you have imported your Open A/R and Open A/P, you will be ready to proceed with your Accounting Migration by importing your Inventory. To do this, you will need to visit the Inventory Adjustments page in Striven … --- ## [Accounting Migration Guide - Importing Open AP](https://community.striven.com/t/accounting-migration-guide-importing-open-ap/441)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [November 30, 2022, 9:40pm UTC](https://community.striven.com/t/accounting-migration-guide-importing-open-ap/441 "2022-11-30T21:40:21Z")
After you’ve completed importing your AR Aging Details into Striven, as described in this Community Post, you can then begin importing your AP Aging Details. Again, you can use the Generate Sample File option to creat… --- ## [Accounting Migration Guide - Importing Open A/R](https://community.striven.com/t/accounting-migration-guide-importing-open-a-r/440)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [November 22, 2022, 8:37pm UTC](https://community.striven.com/t/accounting-migration-guide-importing-open-a-r/440 "2022-11-22T20:37:39Z")
Once you have all of your accounting information exported from your legacy system as described in this Community Post, you can begin importing your AR Aging Details into Striven. There is a Generate Sample File option… --- ## [Preparing for Migration](https://community.striven.com/t/preparing-for-migration/439)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [November 17, 2022, 9:18pm UTC](https://community.striven.com/t/preparing-for-migration/439 "2022-11-17T21:18:27Z")
There is important data you will need to export from your legacy system as of the Cutover Date to complete your accounting migration to Striven. These necessary financial reports are as follows: A/R Aging Detail A/P… --- ## [Accounting Setup Guide - Tax Setup (Tax Agencies, Tax Liability)](https://community.striven.com/t/accounting-setup-guide-tax-setup-tax-agencies-tax-liability/426)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [October 12, 2022, 9:12pm UTC](https://community.striven.com/t/accounting-setup-guide-tax-setup-tax-agencies-tax-liability/426 "2022-10-12T21:12:45Z")
If your Company charges and pays taxes, it is important to configure the settings in your Striven system on the Tax Setup page. First you will want to set up whether your taxes are owed based on an Accrual basis or a… --- ## [Accounting Setup Guide - Account Activity Report](https://community.striven.com/t/accounting-setup-guide-account-activity-report/421)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 1\ **Last updated:** [October 6, 2022, 9:16pm UTC](https://community.striven.com/t/accounting-setup-guide-account-activity-report/421 "2022-10-06T21:16:07Z")
The Account Activity Report lists all of the transactions that have been entered in Striven for individual GL Accounts. These reports also show a running log of the account’s financial information from the start of yo… --- ## [Printing Checks with Striven](https://community.striven.com/t/printing-checks-with-striven/392)
**Author:** [@brutledge](https://community.striven.com/u/brutledge)\ **Replies:** 0\ **Last updated:** [August 10, 2022, 9:35pm UTC](https://community.striven.com/t/printing-checks-with-striven/392 "2022-08-10T21:35:17Z")
Printing Checks with Striven Printing checks in Striven is easy if you know what steps to take. This guide walks you through where to go and what to click to make sure you are printing checks with Striven in no time! NO… --- ## [Monthly Statements](https://community.striven.com/t/monthly-statements/280)
**Author:** [@Krishy](https://community.striven.com/u/Krishy)\ **Replies:** 0\ **Last updated:** [March 10, 2022, 1:08pm UTC](https://community.striven.com/t/monthly-statements/280 "2022-03-10T13:08:13Z")
Have you ever tried to keep your customers updated on their current account balances and work completed for them? Monthly Statements in Striven can not only provide a Financial Snapshot of their account, it can also prov… --- ## [How do I categorize bill payments as COGS](https://community.striven.com/t/how-do-i-categorize-bill-payments-as-cogs/249)
**Author:** [@ranitab](https://community.striven.com/u/ranitab)\ **Replies:** 1\ **Last updated:** [February 10, 2022, 12:53pm UTC](https://community.striven.com/t/how-do-i-categorize-bill-payments-as-cogs/249 "2022-02-10T12:53:04Z")
All my accounts payable payments are simply categorized as bill payment and I can’t change it. I need them to show up as COGS on my P&L. --- ## [Why is Billable Labor Not Showing Up on my P&L](https://community.striven.com/t/why-is-billable-labor-not-showing-up-on-my-p-l/210)
**Author:** [@jaredmorland](https://community.striven.com/u/jaredmorland)\ **Replies:** 2\ **Last updated:** [January 18, 2022, 2:28pm UTC](https://community.striven.com/t/why-is-billable-labor-not-showing-up-on-my-p-l/210 "2022-01-18T14:28:15Z")
Labor posted as billable to tasks/work orders is not showing up on our P&L. The COGS, Expenses, etc all show up, but not Labor. The time sheets for the employee are submitted and approved. I even generated a payroll f… --- ## [I want to start using Online Banking. How do I link my accounts?](https://community.striven.com/t/i-want-to-start-using-online-banking-how-do-i-link-my-accounts/47)
**Author:** [@MichelleB](https://community.striven.com/u/MichelleB)\ **Replies:** 3\ **Last updated:** [December 13, 2021, 3:40pm UTC](https://community.striven.com/t/i-want-to-start-using-online-banking-how-do-i-link-my-accounts/47 "2021-12-13T15:40:50Z")
I want to start using Online Banking. How do I link my accounts? --- ## [How do I create a Bill after I have Received Items with a "Items Received (Bill Pending)" PO status?](https://community.striven.com/t/how-do-i-create-a-bill-after-i-have-received-items-with-a-items-received-bill-pending-po-status/134)
**Author:** [@TroyS](https://community.striven.com/u/TroyS)\ **Replies:** 1\ **Last updated:** [October 25, 2021, 7:08pm UTC](https://community.striven.com/t/how-do-i-create-a-bill-after-i-have-received-items-with-a-items-received-bill-pending-po-status/134 "2021-10-25T19:08:02Z")
How do I create a Bill after I have Received Items with a “Items Received (Bill Pending)” PO status? --- ## [How do I set up credit holds?](https://community.striven.com/t/how-do-i-set-up-credit-holds/126)
**Author:** [@TroyS](https://community.striven.com/u/TroyS)\ **Replies:** 1\ **Last updated:** [October 25, 2021, 6:57pm UTC](https://community.striven.com/t/how-do-i-set-up-credit-holds/126 "2021-10-25T18:57:13Z")
How do I set up credit holds? [Next page](https://community.striven.com/c/how-to/financials/20.md?page=1)