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What's Changing in Accounting?

What to expect as we enhance SmartRec’s accounting features.

Samantha Postlethwaite avatar
Written by Samantha Postlethwaite
Updated over 2 weeks ago

Through 2025 and 2026, we’re reshaping SmartRec’s accounting tools to give you more control, clarity, and flexibility—from how you manage ledger accounts to how you recognize revenue. These updates will make your accounting experience more intuitive, customizable, and aligned with the way you work.

Why are we making these changes?

Accounting practices and revenue recognition aren’t one-size-fits-all. While SmartRec supports both cash and accrual methods, organizations differ in how they practice each method, and some need more flexibility in how and where revenue is recognized across their accounts.

To support this need for customization, we're reworking SmartRec's accounting solution to let organizations have more control in their accounting setup.

What’s changed so far?

We’re starting with the foundation: ledger code management.

We'll update this article to keep you informed as more improvements roll out!

👋 Old

😍 New

Journal entries were only available for accrual accounting.

SmartRec’s accounting solution now lets organizations view journal entries on a cash-basis, recognizing revenue when payment is received.

Cash-basis journal entries also include credit tracking, ensuring revenue is adjusted from the original revenue account to the revenue account of the item the credits are applied to.


- Click here to check it out! -

cash accounting journal entries available in the Reports tab

Organizations could only create custom revenue ledger accounts.

The Assignments spreadsheet gives your organization control over where financial activity is tracked in the general ledger.

  • Create custom ledger accounts to follow accounts receivable, discounts, deferred discounts, and deferred revenue.

  • Map your ledger accounts so that when an item is sold, SmartRec posts transactions to the assigned accounts when creating journal entries, based on the item's revenue account.

example of ledger assignments

The ledger codes subtab did not allow you to search for ledger codes, &

archived ledger codes were listed at the bottom of the page.

We've redesigned the ledger code subtab as a first step toward smarter ledger account configuration and management.

  • Chart of accounts is a standard term in accounting.

  • Filter for active or archived ledger accounts with a click.

  • Use the search bar to find accounts - no more scrolling.

  • Choose your accounting type in the Settings subtab

-Click here to check it out!-

🍬 Ledger account imports are also in the works. Stay tuned!

FAQ

1. How does the new Chart of accounts differ from the old ledger code subtab? When will the change occur?

Several updates have been made to the Accounting and finance > Ledger codes subtab. While the terminology and layout have changed, all existing functionality remains—and future updates will give you even more control!

The new Chart of accounts will roll out to all organizations

during the last two weeks of August 2025.

👇 Here's a list of the initial updates to the Chart of accounts 👇


I)The Accounting and finance > Ledger codes subtab changes to Accounting and finance > General ledger setup.
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II) Previously, your organization's accounting type and ledger codes were displayed on the same page. Now, you’ll find the Chart of accounts (i.e., your list of ledger accounts) in the  Accounting and Finance > General ledger setup subtab.


III) The accounting type settings have moved to the Settings  subtab.
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IV) We've updated the page design when creating a new ledger account.
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V) You can now use the search bar to search for ledger accounts, and a filter to toggle between active and archived ledger accounts.

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