For my business, I need three cash accounts. Two are bank accounts (savings and checking) and the third is simply cash on hand. Only one account representing both bank accounts displays on the chart of accounts, though, labeled ‘cash in bank.’ The same thing happens in the summary. I need both of these accounts to be separate and to act like they are separate, instead of displaying together. This is especially important for my balance sheet. The checking and savings account refuse to display separately. Is this even possible?
To add separate cash and bank accounts, click on the Cash Accounts tab (if you are on the latest edition) under the Summary tab and then “Add Account”
If you are on an earlier edition the tab would be Cash at Bank for the bank accounts and for the Cash on Hand go to Customise under Settings and click on Cash on Hand, then you can click that tab and “Add Account”
But it is strongly suggested that you up date your Manager edition first as all Cash & Bank accounts have been combined.
To assist - read the Guides and Release notes which heading appear at the top
It is usually the case, @horsegentler, that balance sheets do not list individual bank accounts separately. Some businesses have many, and knowing which exact account cash is in is not germane to understanding the position of the business. Typically, cash and cash equivalents (anything that can be directly converted into liquid funds) are lumped together on the balance sheet under cash.
Recent updates of Manager have moved more in that direction even than they were previously, by not distinguishing between cash at bank and cash on hand.
If you really insist on having individual accounts show on the balance sheet, you will need to create custom control accounts. This capability was only recently added.
Thank you so much. I realize it’s not conventional, but the information is important to me. I like to know what is where and when. I guess Lubos is one step ahead of me with the update. I updated my version, and it works flawlessly!
And thank you, Brucanna, for your version specific help!