Business workspaces, fiscal years, and owner's draws
Keep a business on its own books, with its own chart of accounts and fiscal year, and record what you take out or put in as equity, never as income or spending.
One business, one workspace
A business is its own workspace: one legal entity, with its own accounts, members, and ledger, kept apart from your personal money. Start one from the workspace menu with New workspace, then Business, or turn an existing workspace into one under Settings → Workspace → Kind and business details. To see a business and your personal workspace side by side, see all your workspaces together.
Roles, invitations, and expense approvals work as in any shared workspace.
Business details
The legal name, the entity type (sole proprietorship, corporation, partnership, or other), the jurisdiction, and a tax or business number. The name, jurisdiction, and number are encrypted. Owners, admins, managers, and accountants change them; everyone else sees them.
Chart of accounts
A new business can start from the small-business chart of accounts instead of the personal categories: sales, cost of goods sold, payroll, rent, software, professional fees, utilities, advertising, travel, insurance, and more, with owner's draws and contributions as equity and sales tax payable as a liability. Rename, move, or archive any of them like other categories.
Fiscal year
Pick the month and day it starts, under Settings → Workspace → Kind and business details. A fiscal year is named after the year it starts in, so with 1 July, FY 2026 runs from 1 July 2026 to 30 June 2027.
- Reports offer This fiscal year and Last fiscal year as periods.
- The balance sheet shows earlier years' income less expenses as retained earnings, and this fiscal year's on its own line.
- Nothing is posted to close a year. It's how the reports read the same ledger, so changing the start date never rewrites anything.
Owner's draws and contributions
Money you take out of the business, or put into it, is your equity: it's never the business's income or spending. On the business's Ledger page, under its accounts, open Record owner's draw, pick the amount, the date, and the account, and switch Direction to Contribution for money you put in.
In your personal workspace, the same money arrives in, or leaves, one of your own accounts: record it there the way you usually would. The consolidated view finds the two sides and leaves the pair out of its totals, so it counts once.