Hello basic newbie advice please. I have simple accounting needs but want to get things right from the start.
I created a cash account to categorise cash expenses and then assign cash spends to the various categories, usually repairs and maintenance, however im using new bank transaction to input these which seems counter intuitive as these do not appear on the bank statement, should i be using journal entries for anything that is not a direct input or output on a bank statement?
thanks in advance
Rich
You should use Cash Transactions for cash received and spent and Bank Transactions for money received and spent from a bank acocunt
thank you, am i right in thinking that this should be attached to a cash account, separate from bank account? My takings as a retail shop are part cash and part auto banked card payments, im struggling with not wanting to over complicate things, do i separate my daily takings into cash and autobanked for the sake of keeping records ?
thanks in advance
it would be better to record transactions as real as possible.
recording cash transactions in cash accounts and bank transactions in bank accounts will have their benefits in the longer run.
I think you should do two transactions at the end of the trading day - receive cash for the cash sales, and receive money in bank for card payments.
If you lodge all the cash payments to the nbank each day, then you could replace the Receive Cash with A Receive Money to the bank account but presumably you keep cash in the till or safe overnight. so the first option would be better.
Read the Guides. All this is explained.
think im going to have to, read a couple of guides but its all so alien to the way i do things at the mo that i will have to slow up and read through them
As accounting programs go, Manager is actually very intuitive. But it is only a tool, and to use any tool you need to understand what it is supposed to accomplish. So if you’re totally new to double-entry accounting, I strongly recommend first spending some time to educate yourself. You might start here: https://www.accountingcoach.com/.