I found the ‘Cleared Date’ box and it seems to only be available for bank accounts. Is that correct? Please disregard the rest of this post. thank you
I am a new user of Manager.io and am considering migrating from QuickBooks Desktop. My use is only for my purely personal financial records and I have downloaded and am using the free 1 user desktop version. I have been using Manager for about a month and have 2022 up to date and have everything in balance. I have a question:
I upload bank and credit card transactions into Manager. Especially with my bank checking transactions, I will enter the transaction when it is made in order to maintain a current cash balance. Invariably, the transaction will clear the bank account a few days later. I have read the Guide on Tracking Pending and Clearing Transactions and neither my Payment or Receipts screen has the option for entering “Cleared Date”. All of my imported transactions appear as ‘Cleared’ and not “Pending’. This truly complicates reconciling balances as Manager thinks all transactions are cleared. Is there a setting I am missing?
You are correct. Clearance dates apply only to bank accounts. Cash and bank accounts used to be treated differently in Manager, but now, the only difference is whether or not they can be cleared.
As for your comments about importing transactions, you should not use bank statement imports if you are going to enter transactions manually. You will end up with duplicate transactions.
Thank you - Also, is there a best practice for entering cash bank account transactions? As between manually entering or uploading from the bank? To track actual cash net of pending transactions it would seem to require manually entering transactions as they occur and then changing to ‘cleared’ as they clear at the bank? As for importing the transactions, will Manager find and skip duplicate transactions? In either event the bank cleared transactions need to be coded as ‘cleared’ in order to facilitate reconciling the account? thanks again
Your question is not clear. There is no such thing in Manager as a “cash bank account transaction.” There are receipts and payments. Any receipt or payment can be transacted in a cash account or a bank account. And, for example, you can deposit cash or cheques into a bank account. You can cash a cheque and deposit the money into a cash account. You can import a bank statement to enter receipts and payments. But you cannot import a statement for a cash account because there are none.
Yes, many users do that.
Possibly, but it is doubtful you would be able to manually enter exactly the same information your bank ultimately furnished in a statement. You are unlikely to write in the lexicon of a bank statement format standard. You will probably end up with duplicate transactions. The import process is never foolproof.
Yes. The entire point of a reconciliation is to analyze the effect of pending transactions on available bank balance. By definition, any transaction in an imported statement will be cleared (or else the bank could not have put it into the statement). Any you enter manually must be manually cleared. But you really should not be mixing entry methods. The potential for mistakes is high. And why enter manually if you plan to import? That’s just twice the work.