Hi team!
on my bank account the amounts have switched columns:
ie.
payment received customer x 100 jumped to debit column
and
payment sent to supplier y 200 jumped to credit column
what could have caused this?
I haven’t upgraded version 17.1.57 while this “business” was set up on the machine. I’m using windows 10.
I have had imported the bank statement and all values were shown correctly in the debit and credit columns and over night they swapped.
In your Manager Cash Accounts tab Bank Account, payments received from the Customer should be debits and payments sent to the supplier should be credits - why do you think this wrong.
Receipts
Dr Bank (increased funds)
Cr Income / Accts Receivable
Payments
Cr Bank (reduced funds)
Dr Expenses / Accts Payable
If you are looking at your Bank’s bank statement - then debits / credits are reversed.
I meant a bank cash account - not my manager accounts.
The cash account (“maintained by a bank or financial institute”) is the one that switched.
If I go back through my backups until 2 days ago, I find my transactions in the correct columns and not it’s completely switched after a reconciliation.
say a customer pays my invoice and transfers money into my cash account maintained by a financial institute. that is a credit (increasing the balance)
if I pay a bill from my account (ie to a supplier) that is a debit (reducing the balance)
Then you need to ask the Bank (or financial institution) why they have switched the debits/credits.
That is correct with regards to the bookkeeping within the financial institution.
But for your bookkeeping in Manager the Debits & Credits are reversed.
Financial Institution - bookkeeping
Receipt from a customer
Dr - Asset - Cash on Hand (as they have received more money)
Cr - Liability - Pram Doctor account (as they owe that money to you)
Pram Doctor - bookkeeping
Receipt from a customer
Dr - Bank account (as you have more money with the bank)
Cr - Accts Receivable (as the customer owes you less money)