End Of Year

Great Software guys, keep up the good work! I use the desktop version.

Being my first year complete year of using manager without losing any data, :grinning: I needed to close the year. I have set the period under Summary Tab to be Jan 1st 2017 - Dec 31st 2017 which is my fiscal year. I chose Accounting Method to be ‘Cash Basis’.

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Also, under settings I have set my Lock Date to be Dec 31st 2017

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The problem is that when I did this, I noticed on the summary page there is this message:

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So I wonder;

(a) Did i mess up somewhere and Is this just a reminder/warning on the summary page that will always be there from now on?

(b) If its just a warning is there any way of removing it so it does show on the summary page?

Thanks so much!!

you should also set the summary period for the next financial year.

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Great! Thanks!

Be sure to read this Guide, if you haven’t: https://guides.manager.io/7470.

@Tut

Hello sir. We provide a service. Help me with this: At the close of the financial year, what happens to invoices that;

(a) have been fully paid in the current year but their expenses will be realized or entered in the next financial year?

and,

(b) Invoices that haven’t been fully paid in the current year, will be paid in the next year, but some of their expenses have already been entered in the current financial year.

How then do I make sure that my profit and loss for each year is accurate? I’d hate to have a situation where:

(1) The program indicates huge expenses in early 2019 and less sales -but forgets the sales invoices were paid partly or in full in late 2018 making my 2019 seem hugely unprofitable

or

(2) The program indicates less expenses in early 2019 and more sales -but forgets some expenses were keyed in late 2018 making my 2018 seem hugely profitable.

I’ve thought of changing the invoice dates of unpaid invoices to read next year, and some expenses pertaining to them as well, but what about partly paid invoices?

Manager is a professional accounting application that has all the possibilities to produce a proper balance and profit and loss report.
Your personal problem is that you lack accounting knowledge to achieve what you want.
What I can advice is that either you attend a course in proper financial accounting or hire someone that has the knowledge to prepare/adjust your accounts.
I think it is beyond the scope of this forum to provide accounting knowledge but maybe our moderators think different about this.

All the adjustment writings of the end of the period must be done through journal entries. But you need to know accounting principles…

@Kelvin, your concerns are all related to the difference between accrual-basis and cash-basis accounting. See this Guide for rudimentary information. However, the Guide focuses on how to select one or the other in Manager, not all the ramifications of either one.

@Hennie and @Davide are correct; you cannot achieve what you want with Manager (a tool) until you understand what the tool is supposed to do. That learning process is definitely beyond the scope of this forum. I will go only so far as to say there are plenty of free resources available online where you can learn a lot. You might starting with https://www.accountingcoach.com/.