Bank accounts, credit cards, balance sheet

1

I’m about a day into learning Manager.

My current understanding is that

  1. credit cards should be set up as “Bank and Cash Accounts”, but with a negative balance; and
  2. bank and cash accounts are always collapsed into a/the control account on the balance sheet.

Is it possible to set up a credit card as a liability account?

(I tried that, but when I pay a purchase invoice I can only choose Bank and Cash Accounts.)

Is it possible to always show bank and cash accounts on the balance sheet?

By way of background: My wife is an independent bookkeeper. She’s retiring, but she keeps the books for some non-profits on a volunteer basis. She doesn’t want to keep paying Intuit for QuickBooks Desktop. (QuickBooks Online would cost even more.) Manager is the best of the options we’ve looked at so far, but every year she has to pass the numbers by an accountant at tax time. Showing a credit card as a negative asset — and, even worse, combining all bank accounts and credit cards into a single line item — would be very much going against the grain of expectation.

2

Sorry, I was (eventually) able to answer my own question. :slight_smile:

I realized that there as a Control Accounts option in Settings, and that in Control Accounts I could create a liability bank and cash control account, and then create a credit card under that control account.

I also realized that, worst case, I could create control accounts that were one-to-one to bank and credit card accounts if we really, really needed to see individual accounts on the balance sheet.