DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Bank Account Balance


#1

I’m new to accounting, setup Manager to run small Sporting club instead of using book ledger
Unable to work out why the bank balance doesn’t show correct amount
I’m using Sales invoices and expense claims which have the correct totals but the bank balance seems to be the total income plus the starting balance
I hope it makes sense
Help would be much appreciated as this program looks great for what we need

regards
Jim


#2

Hi Jim. Unless you have paid for expenses from the bank account, you would expect the balance to be the starting balance plus income, no?

I’m wondering if your unexpected results are a misunderstanding of ‘expense claims’. The Expense Claims module is only for those expenses which you have paid from a non-business account (like a personal credit card for example). Basically you’re making a personal investment in the business each time you pay for something from personal funds, but your business bank account balance remains unchanged.

If you’re paying for expenses from your business bank account, don’t use Expense Claims. Use the ‘Spend money’ button instead, which can be found when viewing a purchase invoice or when viewing your bank account’s transactions (which you get to by clicking on ‘Bank Accounts’ and then clicking on the account balance).

http://guides.manager.io/businesses/expense-claims


#3

Same problem here, My bank shows over $200000 (i Wish) Can’t work out how to get it to $0 as I can’t delete it…

I ignore the bank as I only need the Income and expenses for the accountant…


#4

Jim

  • Sales Invoices create receivables, so no monies would go into your bank account until you ‘Receive Money’ from the customer;

  • Expense Claims are to reimburse your employees (or club members) for expenses incurred on behalf of your busniess or club, so the expense claim would charge the expense account and create a liability to the expense claim payer recording that you owe the payer money. Nothing will come out of your bank account until you actually ‘Spend Money’ to pay those open expense claims.

  • Do you have Accounts Receivable, Do you have Expense Claims payable, do you have anything in suspense? Have you been entering Receive Money or Spend money transactions to/from your bank account? Sales Invoices and expense claims (as Kal explained) alone have nothing to do with you with spending or receiving cash.


#5

Thanks Kal and Alasdair
I understand a bit more now and have started using Spend Money as per your suggestion but it’s going to be a bit time consuming as I had 93 expense items now I’ve to delete them and recreate them using Spend Money

Are you able to tell me if I’m using the correct method ie. using Sales Invoices as money incoming to the club for a small amount of items that we sell eg. we sell practice tickets canteen items and a few other items

Again thanks for all your help


#6

If these are cash sales ‘receive money’ is fine. If these are ‘on account’ sales that the customer pays later then I’d use an invoice at the time of sale followed by receive money when you get paid (the line on the receive money would against receivables at that time)


#7

Thanks Alasdair I thought that might be the case