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Getting Started with Books

This guide walks you through setting up Books for the first time, from initial configuration to creating your first invoice and recording your first payment.

Open the waffle menu (grid icon) in the top-left corner of any One Stack product and select Books. Books opens at the dashboard, which shows key financial metrics at a glance.

Initial Setup Checklist​

When you first open Books, the Setup Checklist guides you through configuration. Navigate to Settings > Setup or follow the prompts on your dashboard.

1. Configure Your Organization​

Set your organization's financial basics:

  • Fiscal year start month — Most MSPs use January (calendar year), but you can set any month
  • Default currency — USD, CAD, GBP, EUR, or any supported currency
  • Accounting basis — Accrual (revenue recognized when earned) or cash (when received)
💡Most MSPs should use accrual basis accounting. It gives a more accurate picture of your financial health by recognizing revenue when services are delivered, not just when payment arrives.

If your MSP operates under one company, Books creates a default entity automatically. For MSPs with multiple legal entities (e.g., a holding company and an operating company), add additional entities under Settings > Entities.

Each entity gets its own chart of accounts, GL, and financial statements.

3. Review Your Chart of Accounts​

Books comes with a pre-configured chart of accounts optimized for MSP businesses. Review it at Chart of Accounts in the sidebar.

Key default accounts include:

AccountTypePurpose
1000 - CashAssetOperating bank account
1100 - Accounts ReceivableAssetMoney owed by clients
1200 - Undeposited FundsAssetPayments received but not yet deposited
2000 - Accounts PayableLiabilityMoney owed to vendors
4000 - Service RevenueRevenueManaged services income
4100 - Project RevenueRevenueOne-time project income
5000 - Cost of Goods SoldCOGSDirect costs of service delivery
6000 - Operating ExpensesExpenseGeneral business expenses
6100 - Payroll ExpenseExpenseEmployee compensation

See Chart of Accounts for the full list and customization options.

4. Configure Tax Settings​

Set up your sales tax rates under Taxes > Tax Rates:

  1. Add your tax jurisdictions (state, county, city)
  2. Set the rate for each jurisdiction
  3. Assign a tax agency for filing
  4. Mark any tax-exempt clients

See Tax Settings for details on multi-jurisdiction, HST/GST, and VAT configuration.

5. Connect Your Stripe Account​

To accept online payments on invoices:

  1. Go to Settings > Integrations
  2. Click Connect Stripe
  3. Complete the Stripe onboarding flow
  4. Books automatically creates webhook endpoints for payment events
ℹ️Stripe integration enables two features: collecting payments on invoices you send, and automatically posting GL entries when payments are processed.

6. Connect PSA (Optional)​

If you use The One PSA, connect it to automatically sync billable time:

  1. Go to Settings > Integrations > PSA
  2. Enable the integration
  3. Configure GL mappings — which PSA service categories map to which GL accounts
  4. Run a test sync to verify

See PSA Integration for the full setup guide.

Creating Your First Invoice​

  1. Navigate to Accounts Receivable > Invoices
  2. Click New Invoice
  3. Select a customer (or create one inline)
  4. Add line items — choose from service, product, or custom line items
  5. Set payment terms (Net 30 is the default)
  6. Review tax calculations
  7. Click Save as Draft to review, or Send to email it to the client
💡Invoices sent via email are delivered through Relay. Make sure your Relay integration is configured for reliable delivery.

Recording Your First Payment​

When a client pays an invoice:

  1. Navigate to Accounts Receivable > Payments
  2. Click Record Payment
  3. Select the customer
  4. Choose the payment method (check, ACH, wire, credit card, cash, or Stripe)
  5. Enter the amount and select which invoice(s) to apply it to
  6. Click Save

Books automatically posts the GL entries: debiting your bank account (or undeposited funds) and crediting accounts receivable.

ℹ️If you connected Stripe, payments made online are recorded automatically — no manual entry needed.

Understanding the General Ledger​

Every financial transaction in Books creates a journal entry — a balanced set of debits and credits. This is the foundation of double-entry accounting.

Key concepts:

  • Debits increase asset and expense accounts; decrease liability, equity, and revenue accounts
  • Credits do the opposite
  • Every journal entry must balance — total debits equal total credits
  • Books enforces this at the data layer, so your books are always in balance

Most GL entries are created automatically when you create invoices, record payments, or sync from PSA. You can also create manual journal entries for adjustments.

Next Steps​