I have created a capital account from customize for partners and wanted to add sub accounts details like funding etc but unable to find it -under"edit". It gives option of only paid in advance or to pay.
Under settings there is only sub accounts with default options but can’t link to capital accounts. Pls help
First, all you did under Customize was enable the
Capital Accounts tab. You did not create any capital accounts. Those must be created by clicking the New Capital Account button and entering the member’s/partner’s name and any starting balance as of the day you began using Manager. (Use that feature only if you had a previous accounting system you are carrying over.) Those are also the only two things that can be edited. Read this Guide:
Capital subaccounts are created under
Settings. I don’t know what you mean by “it gives option of only paid in advance or to pay.” What are you referring to?
The default subaccount options are automatically linked to capital accounts. They are duplicated for each new capital account created. You can rename them by editing. You can delete them. You can add others.
After creating new business, i went to customise and enabled capital
Under new accounts created two different accounts with names. I put a
staring date and added some amount. That account has edit option which
gives only two options ie to pay or paid in advance.
Then under settings - calital subaccounts there is deafult oprions of
funding, drawing etc.
Here is my problem how to enter partners funding …
When is this funding being paid - before the start date or after the start date.
Lets say the partners agree to put in 2000 each to start the business. You create Capital accounts as you describe above and tick starting balance - then you have two options - is the 2000 to pay, not yet in bank account or is the 2000 paid in advance, already in bank account.
If the partners after the start of the business put in extra funds - then use Cash Accounts tab - Receive Money and the Account is Capital Accounts + (Partners Name) + Contributed Funds
Note the fields Partner Name and Capital sub-accounts only appear after selecting Account = Capital Accounts
Thank you so much. This clarified all.