I have some Sales Invoices with outstanding amounts
However these are not appearing in the Balance Sheet & Summary page
I noticed this warning, could this be something causing the issue?
Yes, it definitely might be. But you have not provided sufficient information to tell. Did you create those accounts as ordinary accounts? Or are they control accounts? If control accounts, are the customers assigned to them? Did the customers have starting balances?
Also, what are the dates of the sales invoices? The Balance Sheet is dated 30/06/2019. Did those sales invoices exist on the date of the Balance Sheet?
The biggest issue, though, is that your report is on cash basis. In most circumstances, there is no Accounts receivable balance under cash basis accounting. A starting balance is one reason there might be.
Yes it’s cash basis (not accrual), there were no starting balances
P.S. And I’m actually setting up another online trading company, and so I’m going back through the processes of Chart of Accounts all over again.
I’d appreciate any guidance of making a good CoA suitable for online selling (own website; eBay; Amazon Aus; Amazon US; other … including FBA; FBM & Dropship)
You have several problems, based on what you have shown so far. Your chart of accounts is not set up to divide AUD receivables from USD receivables as you apparently think it is, judging from account names:
- Your account, Accounts receivable (AUD), is your built-in Accounts receivable account, renamed. But, unless, you have something improperly hidden under Liabilities, with a name that does not match its purpose, all your receivables from all customers are reported in it. On the balance sheet, all amounts are converted to your base currency. Even if you separated customers into different control accounts, you would see all their receivables in AUD (assuming that is your base currency). That is the only way your books can be balanced.
- Depending on how your customers are defined, all could be reported under other accounts besides the two named as being receivables accounts.
- Your account, Accounts receivable (USD), does not report any kind of receivables. It is a custom control account for bank accounts. I cannot tell if you have any bank accounts assigned to it or not. But it definitely will never show any receivables from any customers. And, unless there are bank accounts assigned to it, it will forever remain empty.
You appear to have similar problems with your accounts payable structure, though I cannot tell with certainty from what you have shown. Why three payable accounts? Which is the built-in Accounts payalbe? Are the others control accounts? Do the others have suppliers assigned to them?
Then, under cash basis accounting, you should expect them to be blank.
You may be right, there may be more than one foundation error.
The following will give more details, let me know if there is any other information needed.
I’ve already gone from hero to zero, yesterday when I uncovered another telling tale issue, whilst going through all the tutorials again for a new business setup, I discovered the ‘Suspense account’, mine is a train wreck with over 18 pages of junk 
much unexpected work to be done there very soon.
OK I guess it’s best to focus on one issue at a time, making sure dual currency accounts are setup right may be a good place to start as this will affect both businesses …
This is what is currently setup …
CoA for Balance sheet
CoA for P&L
Base currency AUD
Customer with both AUD & USD
Supplier with both AUD & USD
There is no hope your records will make sense until Suspense is emptied of every single transaction.
Some of your screen shots will not display. That’s not a Manager issue, though. I can tell you this:
- Accounts receivable (USD) is currently set up to show receivables and will function that way. But it will only include customers who may be assigned to it. You have not shown the full Edit screen of USD-ERA, so I cannot tell. You must select Accounts receivable (USD) as its control account. It does not matter that a customer’s currency is set to USD. It only matters what control account is designated.
- Even if you do that for all your USD customers, the balance sheet will still show Accounts receivable (USD) in AUD. All balance sheet accounts are converted (if necessary) to base currency. I already told you that in the previous post.
- All customers not specifically assigned to Accounts receivable (USD) will be included under Accounts receivable (AUD). That is your default accounts receivable account.
- You have not shown enough information to draw conclusions about suppliers. But all the same basic principles apply.
By this do you mean the information is derived from the customers with USD receivables, but converted to AUD for the Balance Sheet to make sense in the Base Currency?
Because this is exactly what I expected it did also, but I was confused as to which conversion rate it used? a value entered each day you want to look?, the last one entered even if that was a month ago?
And from what source to acquire it from
Customers you have shown are set up correctly.
Suppliers are set up correctly, assuming accounts 20002 and 20003 are defined as control accounts made up of suppliers.
Conversions occur at the last exchange rate entered. Sources have been suggested already.
I think it best to have a separate thread for this topic.
But first I’ll do some research on previous posts & guides
Sales invoices has amounts owing in both AUD & USD
Purchase invoices has NO amounts payable in both AUD & USD
Cash basis
No receivable showing AUD or USD (possibly due to the way Cash Basis works)
No payable showing AUD or USD (correct regardless)
Accrual basis
Has values for receivable showing AUD or USD (but may be incorrect values ( due to Suspense account errors)
No payable showing AUD or USD (correct regardless)
In CoA under the P&L side, there is separate accounts for :
- Purchase goods from overseas (USD)
- Purchase goods locally (AUS)
However there is only one account for sales :
- Sales
Should the Sales be split?
are there any things to be careful of for dual currency?
I think it might be preferable to have AUD & USD Sales split, but I’m willing to listen to advice
All your questions about whether you should split accounts are matters of personal preference. The other comment that I will make is that you are trying to run a business with inventory without using any of the inventory features of Manager. (No Inventory on hand account; no Inventory - cost accounts.) Read the three-part Guide starting here: Manage inventory - Part 1 Introduction | Manager. Most of the accounts you have under the Cost of Goods Sold group would not be considered as reporting cost of goods sold. Some time researching basic accounting principles would be well spent.
Typically no inventory is held or standard products sold.
Products are almost always unique, custom manufactured on a case by case basis.
Good are only purchased from a supplier after receipt of a firm PO from a client.
Goods ship directly from manufacturer to client warehouse
None of your statements by itself is a reason not to treat goods sold as inventory. That is, customary inventory management in Manager can handle customized and standard products, internal manufacturing, just-in-time purchasing, and drop shipping.
While it is possible to accurately account for a business that buys supplies, uses them to manufacture products, and sells the products, all without ever entering anything as inventory, the entire concept of cost of goods sold becomes meaningless. COGS refers to the expense of acquiring inventory that is capitalized as inventory on hand prior to sale and is then converted to an expense when the income of selling the goods is recognized.
When you do things that way, you give up all the reporting features for inventory, ability to use production orders, and many other things. You might also run afoul of local accounting standards.