I need help about Bank Account balance. I just started using this program and find a weird problem.
I was transferring my data to Manager and input the beginning balance of my bank accounts.
Currently I use 2 bank accounts. Lets say those are Bank A with $100 in it and Bank B with $50 in it.
The problem is when I generate a Balance Sheet report for beginning balance, the Cash in bank showed that amount in Bank B is calculated twice.
It showed as:
Cash in Bank A = $150 (the number is sum of Bank A and B)
Cash in Bank B = $50
So, my beginning balance is $200 instead of $150.
Any suggestions for fixing this problem?
can you post a screenshot of your Starting Balances under Settings?
To get help with your question, please post screen images of the entries and starting balances. I t is hard to give an answer without seeing the transactions involved.
Two questions for you, @Divinia:
How did you add your bank accounts? Your statement that balances showed under Cash in Bank X suggests you created them outside the Bank Accounts tab. If they are created properly, they will show under Cash at Bank as subsidiary ledgers (unless you took the fairly unusual step of putting each in its own custom control account, which most beginning users would not). See this Guide: Manager Cloud.
Where and how did you enter your beginning balances? They should be entered under Starting Balances. See the Guide: Manager Cloud.
I already set the start date and click update but I didn’t see any options for starting balance
Starting balances are under Settings. read this guide https://guides.manager.io/15718
I already set the date to 1 Jan 2017 and nothing changes. No such “Starting Balance” Menu under Settings.
what version of Manager are you using? i think you will have to update Manager first.
I have update Manager. Now it show the starting balance.
Here are the SS
The amount should be 447,623,777
On the report
Any suggestions how to fix this? Did I miss something?
Note that Bank A is the automated Cash at Bank account on my Chart of accounts. I can’t set the beginning balance on Chart of accounts for Bank A, but I can set it on Bank Accounts menu.
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all you needed to do was create two bank accounts in the Bank Accounts tab and set their starting balances under settings.
why do you want to complicate things yourself?
Your software is not up to date, or else you are using two different versions of Manager. I can tell this because your bank account entry screens show the checkbox for starting balance. This does not show on current version of the program. The starting balance can only be entered under Settings => Starting Balances.
Defining standard accounts as bank accounts will deprive you of all Manager’s bank account functionality. You have been furnished links to the Guides on how to do things properly. Read them. If you will noted not expect other forum members to resolve your problems.
I already create 2 bank accounts in the Bank Accounts Tab
I use the v18.1 at that time when I set those up. And just like I said, there are no such Starting Balance menu when I go to Settings. So, I input the beginning balance on the COA.
I deleted my Bank B Starting Balance and now the balance sheet showed the right amount but it didn’t separate my 2 bank accounts. Is there any options to show both of my bank accounts amount?
in version 18.1 the starting balances had to be set in the Bank Accounts tab itself and not in your COA.
read the guides on setting up your chart of accounts and how to set a control account.
moreover if you are not familiar with something, create a test business and check things before doing the same on your business file.
Sorry for my mistatement about that COA, I input that starting balance on Bank Accounts tab, just like what you said. (It showed on my SS too)
So, with this configuration, that Cash at Bank automatic accounts only show the sum of all my bank accounts? There are no configuration to show detailed number of each bank accounts on balance sheet report? Are there any options so I can show them on report?
Your various bank account balances will be visible by clicking the Bank Accounts tab. Or, on the Balance Sheet, you can drill down by clicking the Cash at bank balance. Or, as I said before, you can create custom control accounts for all your individual bank accounts. Then they will show on the balance sheet.
However, your demonstrated unfamiliarity with the program leads me to suggest you not do that yet. Get to know the program first. You can always move the bank accounts to custom control accounts later. Assigning bank accounts to individual control accounts is a relatively sophisticated step. And yes, I already sent you the link to the appropriate Guide.
Thanks for your support! I try to understand more on how to configure this, especially on that control accounts.
That control accounts are killer features. Thank you so much for your info! You are right, this is a sophisticated step.