Accounts Payable

Hi

Well I feel its time to ask for help. I’m at my wits end trying to solve how to correctly apply Accounts Payable at end of financial year. This is what I have done. Created a purchase invoice dated prior to the end of the financial year, then in the NEW financial year have veiwed the invoce and created the New Payment. then when the invoice has been physically paid via the bank account have imported the bank account (which includes other payments and deposits unrelated to the previous year), then deleted the payment for the accounts payable amount, so as I can reconcile the bank account. But am unsure whether this is the correct way to handle things.
I am using accrual basis and version 20.5.11 of Manager.

Many thanks
Grandpa

you do not have to do anything to your Accounts payable at the end of financial year. Manager is a perpetual accounting software. even if the invoice was pending in the previous financial year, you can enter the payment for it anytime you pay your supplier.

the starting balances of the previous financial year are entered as invoices only when you are migrating to Manager software from another program. this need not be done for every financial year. please read the guide https://www.manager.io/guides/7470

Hi

I did read this link, but to be sure I’m doing it correctly, I take it I only need to “pay” the invoice via the bank account and NOT the “New Payment” option thats available when viewing the invoice. Sorry Im so “thick”

Cheers
Grandpa

i think you meant the Receipts & Payments tab instead of Bank Accounts.
the New Payment option available when you view the invoice is only a shortcut to the payment form in the Receipts & Payments tab with most of the details prefilled.

Either way to access the payment transaction form is acceptable

You do one or the other - not both
Either create the New Payment or import the bank account.
The imported transaction gets allocated to the Accounts Payable as it substitutes for the New Payment.

Hi Guys

Many thanks. Most helpful.

Cheers
Grandpa