Hi. I have been enjoying your new approach to accounting software, but have a few questions for you…
In clearing my opening balances, I could not select my General Reserves account which is where this normally happens. Everything posts to Retained Earnings (along with customer credits). Is there some way to specify which equity account is to be used. I can do a journal entry to correct this each month, but have also another, bigger problem.
With standard accounting software, normally the Balance Sheet shows Net Income as a separate line in the Equity section, but Manager puts all the additional profit/loss to Retained Earnings. Retained Earnings for the HOA is normally a fixed amount and the General Reserves fluctuate a bit with all profit/loss appearing on the Net Income line until it is reclassed at the end of the year.
Is there a way around this?