Version 24.7.25.1755
The bank account in the balance sheet only shows the opening balance (from the original previous years trial balance).
The bank account under cash and cash equivalents show the transaction balance but not the opening balance.
What have I missed please?
You need to show the full screens
And explain what is a bank account -it isn’t clear what you showing
Thanks, sorry.
The Bendigo Capital Account under Other Current Assets shows a balance of 0.40 which comes from the initial journal (opening balances).
The same account in the Bank or Cash Accounts list shows zero.
The CBA Trading Account under Other Current Assets shows a balance of $1552.53 which is the opening balance but does not reflect any transactions.
The same account under Other Current Assets shows a balance of negative $1170.91 which is the balance of all transactions but not including the opening balance.
What you have missed is that Manager is a perpetual accounting system. In such system inventory is continuously updated as purchases and sales occur, and these changes are immediately reflected in the balance sheet under assets. It thus records sales and purchase invoices amounts straight into P&L without having yet been paid into or from a Bank & Cash account.
Therefore figures may differ significantly between what is listed in the balance sheet compared to what you see in the Bank and Cash account overview.
It looks to me as if the accounts listed under Current Assets have not been created properly
All bank and cash accounts are summarised under the headind Cash and Cash Equivalents
You need to delete the accounts under Current Assets and use the accounts listed in theBank and Cash accounts instead
Thanks Eko,
I uploaded the bank transactions and have completely applied them to their relevant expense and capital accounts. I have no outstanding unallocated receipts or payments.
The balance of the bank accounts in the bank and cash accounts list are correct according to the transactions but not the bank account balances because they do not include the opening balances.
Likewise the bank accounts in the balance sheet reflect only the opening balances.
I understand the concept of a perpetual system (which is why I like it).
This is not the issue. Please tell us if you issued any invoices (purchase and/or sales). These would affect the P&L bit not the bank accounts. Also take note of @Joe91 about how you created the bank and cash accounts and I assume the related control accounts.
Also show how you established through edit screens (screenshots please) the starting balances.
The problem is that you created bank accounts using the Bank and Cash tab and also created ordinary accounts, which you called Bank accounts, in your Chart of Accounts
Look at the name of the accounts
Ordinary balance sheet account - Bendigo Capital Account
Proper Bank Account - Bendigo Bank Capital Account
All the other explanations you got here are not relevant to your situation
Thanks mate, good catch.
What I was trying to do was follow the instructions to show the bank accounts separately in the balance sheet. Obviously I didn’t succeed.
Another bit I missed was to select cash and equivalents when posting a journal as that allowed me to select the appropriate bank account (kudos to the designers).
The missing bit is that when allocating expenses after downloading bank transactions, I cannot choose cash and equivalents as it does not appear in the accounts list; unlike when processing a journal. We have a lot of payments into loan accounts and this would be VERY helpful.
Thanks and be well.
You need to use Control Accounts for each bank and cash accounts in settings and then assign each bank and cash account to the one they belong to, see screenshot:
Control account for Test Bank created under Settings:
Assigning Bank account to the Control account under Bank and Cash accounts Tab:
Thanks Eko, you’re a gem. Exactly what I needed.
