I am trying to use “Find and recode” and I have a lot of payments I need to assign to “Owner’s equity” account. It is not available in “Find and recode”.
I have to “Edit” each payment individually to select “Owner’s equity” account and save.
Owners Equity account is used to record the amount the owner has invested in the company
It would not normally be used for payments
What are you actually trying to do?
The explanation for your problem depends on how you created the Owner’s equity account. If this is a renamed Retained earnings account, you will not be able to. You cannot recode to automatically created, built-in accounts, because they are linked to hard-coded processes in the program. If the account is one you created yourself, you would be able to.
I have renamed “Retained earnings” to “Owner’s equity” as suggested in this guide. Simplify equity accounting for sole traders / proprietors | Manager
I am a sole trader. I have hundreds of transactions in my accounting that have nothing to do with the business and I need to filter them out. So far I have been manually selecting “Owner’s equity” account for each such payment. How can I automate this or at least do in batch?
Open a business only bank account?
What do you mean by “in my accounting?” If you entered transactions into Manager that are not business transactions, you can use Bulk Delete in the Receipts or Payments tabs. If you are mixing personal and business expenditures in the same bank account, you should not import your statement. You might better handle payments as expense claims. Without knowing more, it is difficult to suggest a path forward.
But @Joe91’s advice is good regardless. It is extremely difficult to keep good accounting records when you use a bank account for mixed purposes.
If you cannot, for some reason, separate your accounts, one alternative is to record all receipts and payments in a fictional cash account (really just your own pocket). That way, you do not have to reconcile anything. The problem is you cannot verify anything either. I once ran a sole proprietorship that way long ago. The experience taught me never to try it again.
I don’t have dedicated business bank account. It is expensive and has much worse conditions than my other personal accounts. I have all of my bank account statements imported from last 6 years. If I delete non-business transactions, everything will get out of sync.
I do quite a few transactions every day. Entering all of those manually as expenses would take forever. Instead I work based on imported bank statements. Using “Find and recode” I can quickly assign payment to corresponding accounts. Problem is that I have to click on every single payment → Edit → Select “Owner’s Equity” account. I find this working perfectly except not being able to assign several payments to “Owner’s Equity” account. I don’t really understand how is it a problem assigning several payment compared to doing it one by one.
I think your only option is to create personal income and expense accounts and post personal transactions to them. Then use journal entries and payments as required to draw your money. The point is to avoid posting payments to your equity account.
Would it not work to setup Capital Account under Customise then under settings setup Capital Sub Accounts e.g Drawings for money taken from the bank account for personal use and Capital Introduced for money put into the bank account but not business related like products or service sales.
These accounts are then available in Find and Recode, if I’m not mistaken.
I am afraid you are mistaken, @Paul_Andersen. Like many other balance sheet accounts, capital accounts are tied into many hard-coded features. Therefore, they are not available in Find & Recode.
Thanks @Tut then it may be better to setup ‘personal transaction accounts’ within the P & L below the Net Operating Profit/Loss line under a title Non Business / Non Operational … Just a thought
Yes, that’s what I was referring to in post #8 above, although placement in the structure of the chart is irrelevant except for convenience.
I know some are going to jump up and down and say this is not right but I have a few clients that do the same give me all their data so I opened a 999 account under equity and coded all the drawings to that not tax etc then I just journal them out to capital accounts - Drawings at the end .
That works too.