DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Adding existing Income and Expense Accounts


#1

I am trying to use this software for my HS Accounting class. I already have accounts with existing balances that I want to use. I was able to apply opening balances to Balance Sheet accounts but not the Income Statement accounts. How would you do this if you had an existing business that has not closed the accounts prior to starting to use Manager? I added the expenses and revenue as journal entries but it is creating problems with Retained Earnings. I also have a few Accts. Rec & Payable with balances which I had to create Invoices for to bring the accounts up to date but it also had an effect on Retained earnings and causes Suspense Acct. Balance. HELP!


#2

If you haven’t read the Guide topic, do so at this link:

http://www.manager.io/guides/miscellaneous/setting-up-opening-balances/

Then, be sure you have your dates correct. You can set the date you want the business to start in Manager, and your opening balances should be correct as of that date. Then, be sure you’ve customized the Summary for the dates you want displayed. Transactions outside the date range won’t show.

If you have other problems, people on this forum would be glad to help in most cases. But we need specific information about what you’ve done and what you see.

By the way, one of the nice things about Manager is that you don’t need to close income statement accounts, just define the period for which you want to see the Summary or reports.

Anything in the Suspense account means you’ve made an error in your double-entry accounting transactions.