I have started a new business in Manager but somewhere I have done something in correctly as all my credits are debit and my losses are credit
What have I done wrong? HELP!!
What do you mean all my debits are credits?
Compared to what?
How did you enter your income?
It looks like you entered payments as receipts and receipts as payments
Have you read the guides?
I have entered any income through payments and any receipts through expense claims.
This is all new as I am not an accountant, and followed everything as best as possible. My business is very simple with receiving income from customers and just adding it into the bank, but it still comes out to be a loss.
I am not sure how else to explain this.
If you receive income from a customer, it is a receipt not a payment.
If you are paying your customers then you will certainly be making a loss
Expense claims are used to record payments made by third parties (employees, owners) on behalf of the business. There is no money involved in recording an expense claim.
Please read the Guides carefully as they clearly explain how to record income and expenses
thank you, I will go back and relook at that information and I will let you know how I go.
All sorted, I now understand a bit better. Thankfully I had only a few items to change around in the program. Thanks for your help @Joe91