Hi Everyone
For some inexplicable reason I’ve just noticed for all my cash accounts the column headers have switched. My debits are being shown under the credit column and vice versa.
Anyone else having this problem??
Further info:
Happens if I drill from Summary to Cash at Bank, then click on an account balance- shows debits and credits mislabelled.
I think you are confused by how your bank typically presents transactions. They “credit” your account for a deposit and “debit” it for a withdrawal. But that terminology is from their perspective. Manager looks from your perspective. A bank account, being an asset account, is a debit account. That means it is increased by debits and reduced by credits. So outgoing withdrawals are credits and incoming deposits are debits. For more discussion on this, see the section on debits and credits in this Guide: Design a chart of accounts | Manager.
Now, having said all that, it is worth asking what version of the software you are using? It’s always possible that a regression bug appears at some update, but I can assure you the current version (17.10.45) works correctly.
Thanks for your detailed reply which has made my non-accountant’s brain hurt! I’m a bear with a small brain. I will follow the link. Never fully understood the journal entry- played until it looked right! I’m using the very latest version- 45.
Thanks for your help.