Python Accounting is the world's most comprehensive Double Entry Bookkeeping python library. Unlike other similar libraries, Python Accounting focuses on the generation of Financial Reports compatible with both IFRS and GAAP standards.
The library is designed to be fully customizable, supports multiple Entities (Companies), Account Categorization, Transaction assignment, Opening Balances and Taxation. Transactions are also protected against tampering via direct database changes ensuring the integrity of the Ledger. Apart from the standard set of Financial Reports, the Library also provides convenient Receivable (Client) and Payabale (Supplier) such as Account Statements and Schedules, as well as an Aging Schedule for all outstanding balances grouped by configurable time periods (Current, 31 - 90 days, 91 - 180 days etc).
This library is a community initiative of microbooks.io.
You can use pip to install. The library requires python 3.9+.
pip install python-accounting
Full documemntation for the library can be found on readthedocs.
To use the Library, we first need to configure it.
from python_accounting import config
from python_accounting.models import Base
from sqlalchemy import create_engine
database = config.database
engine = create_engine(database["url"])
Base.metadata.create_all(engine) # run migrations to create tables
Now we can create the reporting Entity and its reporting Currency.
from python_accounting.database.session import get_session
from python_accounting.models import Entity, Currency
with get_session(engine) as session:
entity = Entity(name="Example Company")
session.add(entity)
session.commit() # This automatically sets up a Reporting Period for the Entity
currency = Currency(name="US Dollars", code="USD", entity_id=entity.id)
session.add(currency)
session.commit()
Next we'll setup the chart of Accounts.
from python_accounting.models import Account
tax_account = Account(
name="Tax Account",
account_type=Account.AccountType.CONTROL,
currency_id=currency.id,
entity_id=entity.id,
)
bank_account = Account(
name="Bank Account",
account_type=Account.AccountType.BANK,
currency_id=currency.id,
entity_id=entity.id,
)
revenue_account = Account(
name="Revenue Account",
account_type=Account.AccountType.OPERATING_REVENUE,
currency_id=currency.id,
entity_id=entity.id,
)
client_account = Account(
name="Client Account",
account_type=Account.AccountType.RECEIVABLE,
currency_id=currency.id,
entity_id=entity.id,
)
supplier_account = Account(
name="Supplier Account",
account_type=Account.AccountType.PAYABLE,
currency_id=currency.id,
entity_id=entity.id,
)
opex_account = Account(
name="Opex Account",
account_type=Account.AccountType.OPERATING_EXPENSE,
currency_id=currency.id,
entity_id=entity.id,
)
expense_account = Account(
name="Expense Account",
account_type=Account.AccountType.DIRECT_EXPENSE,
currency_id=currency.id,
entity_id=entity.id,
)
asset_account = Account(
name="Asset Account",
account_type=Account.AccountType.NON_CURRENT_ASSET,
currency_id=currency.id,
entity_id=entity.id,
)
session.add_all([
tax_account,
bank_account,
revenue_account,
client_account,
supplier_account,
opex_account,
expense_account,
asset_account
])
session.commit()
Before we can start creating Transactions, we need some Taxes.
from python_accounting.models import Tax
output_tax = Tax(
name="Output Vat",
code="OTPT",
account_id=tax_account.id, # This account was created earlier
rate=20,
entity_id=entity.id,
)
input_tax = Tax(
name="Input Vat",
code="INPT",
account_id=tax_account.id,
rate=10,
entity_id=entity.id,
)
session.add_all([output_tax, input_tax])
session.commit()
With the Accounts and Taxes in place, we can now prepare some Transactions.
from datetime import datetime
from python_accounting.transactions import CashSale
cash_sale = CashSale(
narration="Cash Sale Transaction",
transaction_date=datetime.now(),
account_id=bank_account.id,
entity_id=entity.id,
)
session.add(cash_sale)
session.flush() # Intermediate save does not record the transaction in the Ledger
So far the Transaction has only one side of the double entry, so we create a Line Item for the other side:
from python_accounting.models import LineItem
cash_sale_line_item = LineItem(
narration="Cash Sale line item",
account_id=revenue_account.id,
amount=100,
tax_id=output_tax.id,
entity_id=entity.id,
)
session.add(cash_sale_line_item)
session.flush()
cash_sale.line_items.add(cash_sale_line_item)
session.add(cash_sale)
cash_sale.post(session) # This posts the Transaction to the Ledger
Now the rest of the Transactions.
from python_accounting.transactions import (
CashSale,
ClientInvoice,
CashPurchase,
SupplierBill,
ClientReceipt,
)
client_invoice = ClientInvoice(
narration="Client Invoice Transaction",
transaction_date=datetime.now(),
account_id=client_account.id,
entity_id=entity.id,
)
session.add(client_invoice)
session.flush()
client_invoice_line_item = LineItem(
narration="Client Invoice line item",
account_id=revenue_account.id,
amount=50,
quantity=3,
tax_id=output_tax.id,
entity_id=entity.id,
)
session.add(client_invoice_line_item)
session.flush()
client_invoice.line_items.add(client_invoice_line_item)
session.add(client_invoice)
client_invoice.post(session)
cash_purchase = CashPurchase(
narration="Cash Purchase Transaction",
transaction_date=datetime.now(),
account_id=bank_account.id,
entity_id=entity.id,
)
session.add(cash_purchase)
session.flush()
cash_purchase_line_item = LineItem(
narration="Cash Purchase line item",
account_id=opex_account.id,
amount=25,
quantity=4,
tax_id=output_tax.id,
entity_id=entity.id,
)
session.add(cash_purchase_line_item)
session.flush()
cash_purchase.line_items.add(cash_purchase_line_item)
session.add(cash_purchase)
cash_purchase.post(session)
supplier_bill = SupplierBill(
narration="Credit Purchase Transaction",
transaction_date=datetime.now(),
account_id=supplier_account.id,
entity_id=entity.id,
)
session.add(supplier_bill)
session.flush()
supplier_bill_line_item = LineItem(
narration="Credit Purchase line item",
account_id=asset_account.id,
amount=25,
quantity=4,
tax_id=output_tax.id,
entity_id=entity.id,
)
session.add(supplier_bill_line_item)
session.flush()
supplier_bill.line_items.add(supplier_bill_line_item)
session.add(supplier_bill)
supplier_bill.post(session)
journal_entry = JournalEntry(
narration="Journal Entry Transaction",
transaction_date=datetime.now(),
account_id=bank_account.id,
entity_id=entity.id,
)
session.add(journal_entry)
session.flush()
journal_entry_line_item = LineItem(
narration="Journal Entry line item",
account_id=expense_account.id,
amount=30,
entity_id=entity.id,
)
session.add(journal_entry_line_item)
session.flush()
journal_entry.line_items.add(journal_entry_line_item)
session.add(journal_entry)
journal_entry.post(session)
client_receipt = ClientReceipt(
narration="Client Receipt Transaction",
transaction_date=datetime.now(),
account_id=client_account.id,
entity_id=entity.id,
)
session.add(client_receipt)
session.flush()
client_receipt_line_item = LineItem(
narration="Client Receipt line item",
account_id=bank_account.id,
amount=50,
quantity=1,
entity_id=entity.id,
)
session.add(client_receipt_line_item)
session.flush()
client_receipt.line_items.add(client_receipt_line_item)
session.add(client_receipt)
client_receipt.post(session)
We can assign the Receipt to partially clear the Invoice above:
from python_accounting.models import Assignment
print(client_invoice.cleared(session)) # 0: The Invoice has not been cleared at all
print(client_receipt.balance(session)) # 60: The Receipt has not been assigned
assignment = Assignment(
assignment_date=datetime.now(),
transaction_id=client_receipt.id,
assigned_id=client_invoice.id,
assigned_type=client_invoice.__class__.__name__,
entity_id=entity.id,
amount=15,
)
session.add(assignment)
session.commit()
print(client_invoice.cleared(session)) # 15
print(client_receipt.balance(session)) # 45
We are now ready to generate some reports, starting with the Income Statement (Profit and Loss).
from python_accounting.reports import IncomeStatement
income_statement = IncomeStatement(session)
print(income_statement)
Example Company
Income Statement
For the period: 01, Jan 2024 to 23, Feb 2024
Operating Revenues
Operating Revenue 250.0000 (100 cash sales + 150 credit sales)
Operating Expenses
Operating Expense 100.0000 (cash purchase)
_______________
Gross Profit 150.0000
Non Operating Revenues
Non Operating Revenue 0.0000
_______________
Total Revenue 150.0000
Non Operating Expenses
Direct Expense 30.0000
_______________
Total Expenses 30.0000
_______________
Net Profit 120.0000
===============
The Balance Sheet.
from python_accounting.reports import BalanceSheet
balance_sheet = BalanceSheet(session)
print(balance_sheet)
Example Company
Balance Sheet
For the period: 01, Jan 2024 to 23, Feb 2024
Assets
Non Current Asset 100.0000 (asset purchase)
Bank 30.0000 (120 cash sale - 110 cash purchase + 50
client receipt - 30 journal entry)
Receivable 130.0000 (150 credit sale + 30 Tax - 50 client receipt)
_______________
Total Assets 260.0000
Liabilities
Control 30.0000 (Taxes: 20 cash sale + 30 credit sale - 10 cash
purchase - 10 credit purchase)
Payable 110.0000 (100 credit purchase + 10 Tax)
_______________
Total Liabilities 140.0000
_______________
Net Assets 120.0000
===============
Equity
Income Statement 120.0000
_______________
Total Equity 120.0000
===============
And finally The Cashflow Statement.
from python_accounting.reports import CashflowStatement
cashflow_statememt = CashflowStatement(session)
print(cashflow_statememt)
Test Entity
Cashflow Statement
For the period: 01, Jan 2024 to 23, Feb 2024
Operating Cash Flow
Net Profit 120.0000
Receivables -130.0000
Payables 110.0000
Taxation 30.0000
_______________
Total Operating Cash Flow 130.0000
Investment Cash Flow
Non Current Assets -100.0000 (Asset Purchase)
_______________
Total Investment Cash Flow -100.0000
Financing Cash Flow
Equity 0.0000
_______________
Total Financing Cash Flow 0.0000
Net Cash Flow
Beginning Cash Balance 0.0000
Net Cash Flow 30.0000
_______________
Ending Cash Balance 30.0000
===============
_______________
Cashbook Balance 30.0000
===============
Please see CHANGELOG for more information about recent changes.
Please see CONTRIBUTING for more information about how to get involved.
This software is distributed for free under the MIT License. Please see LICENCE for more information.
FAQs
The world's most comprehensive python Double Entry Accounting Library
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