Hi. I recently downloaded Manager.io version 23.4.25.809. I need to set up my business account from the start of this year so I added the 2022 closing credit balance of a customer of mine as “available credit” when adding the customer so for example, we had 11000 from them at the end of the year yet to be used so I added that as available credit. I then made an invoice for January 2nd and created a receipt of the same date to show it as paid. But the “Available Credit” of 11000 is not updated and it is still showing as “overpaid” in the “Customers” tab. How can I solve this issue?
The customer gives us payments in advance. So for example, we received the payment in December but the date of invoice was January and so that credit is deducted from the available credit given by the customer. I think it would be better if I set up an advanced payments account? And using that I can make all the payments shown?
That was your mistake. If they had a starting balance credit, it would be automatically applied to the sales invoice. You did not need to enter a receipt, because there was no receipt on January 2nd.
You should not expect it to be updated. That was the starting balance when you began using Manager and always will be.
Okay, this makes sense. The question now is how do I apply a balance at the end of December for this customer, think of it like a closing balance. And then have this balance updated with in the system with every invoice/payment. How do I go about setting up such a functionality?
I expect you are not yet well acquainted with the programme.
Advice: create a test administration where you can try things out to your heart’s content, and read the guides, especially the one recommended by @Syed_Salman_Ali .
You will then find that the initial balance entered will obviously not change, but the balance with the customer in question will always be correct. (Opening balance + outstanding invoices - credit notes - payments).