Thulo SmartBooks – Accounting & Bookkeeping Module
Audience: Admin, Finance, Accountant
Type: Best Practices
Purpose of This Page
This page highlights common mistakes businesses make while using SmartBooks and explains how to avoid them.
Avoiding these mistakes will:
-
Prevent incorrect reports
-
Reduce reconciliation issues
-
Save time for admins and accountants
Setup & Configuration Mistakes
Skipping Mapping Setup
Mistake:
Starting daily transactions without reviewing Mapping Setup.
Why this is a problem:
Amounts post to wrong accounts, causing incorrect reports.
What to do instead:
Always review and confirm mapping before first transaction.
📄 Related: Mapping Setup
Changing Accounting Settings Mid-Year
Mistake:
Changing accounting method or financial year after transactions begin.
Why this is a problem:
Reports may become inconsistent or misleading.
What to do instead:
Lock core settings once daily operations start.
📄 Related: General Accounting Settings
Editing Opening Balances After Use
Mistake:
Changing opening balances after bills or payments are recorded.
Why this is a problem:
Balances no longer reconcile correctly.
What to do instead:
Enter opening balances once only, before daily use.
📄 Related: Opening Balance for Customer and Vendor
Daily Operations Mistakes
Paying Bills Without Approval
Mistake:
Trying to pay a bill that is still in draft.
Why this is a problem:
System blocks payment or creates confusion.
What to do instead:
Always approve bills before payment.
📄 Related: Add new bill and approve
Using Journal Entries Instead of Bills
Mistake:
Recording expenses using journal entries.
Why this is a problem:
Vendor balances and reports become incorrect.
What to do instead:
Use bills for vendor expenses, journals only for adjustments.
📄 Related: Create A Journal Entry
Recording Transfers as Expenses
Mistake:
Recording bank-to-bank transfers as expenses.
Why this is a problem:
Expenses are overstated.
What to do instead:
Use Record a transfer for internal fund movement.
📄 Related: Record a transfer
Banking & Reconciliation Mistakes
Reconciling Without Matching Transactions
Mistake:
Reconciling bank accounts with unmatched transactions.
Why this is a problem:
Balances appear correct temporarily but errors remain hidden.
What to do instead:
Always match transactions before reconciliation.
📄 Related:
-
Match bank transaction
-
Reconcile an account
Importing Duplicate Bank Statements
Mistake:
Importing the same bank statement multiple times.
Why this is a problem:
Duplicate transactions appear.
What to do instead:
Check import history before uploading statements.
Report & Review Mistakes
Trying to “Fix” Reports Directly
Mistake:
Looking for ways to edit report values.
Why this is a problem:
Reports are read-only and reflect underlying data.
What to do instead:
Fix:
-
Mapping
-
Missing transactions
-
Reconciliation
📄 Related: Reports Overview
Ignoring Reconciliation
Mistake:
Relying on reports without reconciling bank accounts.
Why this is a problem:
Reports may not match actual bank balances.
What to do instead:
Reconcile monthly.
Permission & Access Mistakes
Giving Full Access to Everyone
Mistake:
Assigning admin access to all users.
Why this is a problem:
Accidental changes to settings or mapping.
What to do instead:
Use role-based access:
-
Admin
-
Finance
-
Staff
📄 Related: User Management
Nepal-Specific Mistakes
Expecting Automatic Bank Feeds
Mistake:
Waiting for transactions to sync automatically.
Reality:
Nepal banks do not support bank feeds.
Correct approach:
Import bank statements manually.
Expecting SmartBooks to File Taxes
Mistake:
Assuming SmartBooks submits IRD filings.
Reality:
SmartBooks records data only.
Tax filing is handled separately.
When to Ask for Help
Stop and contact Admin or accountant if:
-
Reports look wrong
-
Balances don’t match
-
You’re unsure which option to use
-
You think mapping is incorrect
Do not guess.
Related Guides
-
Getting Started with SmartBooks
-
SmartBooks Admin Guide
-
SmartBooks Finance & Accountant Guide
-
SmartBooks FAQs
End of Common Mistakes Guide