Hello, wondering if the free version of Manager is GAAP compliant ? I need to create a balance sheet, income statement and statement of cash flows for a Very small/simple business. Thanks in advance !
The program can work with a variety of accounting standards. What will matter is how you use it; if you set up your chart of accounts and enter your transactions according to your local GAAP, the presentation of your reports will likely be compliant. But the program will not do it automatically since it has no way to know what your accounting standards are.
You can familiarize yourself with Manager by reading the guides here: Guides | Manager (if you haven’t already), to evaluate whether you can make it work for your purposes.
(As an aside, if you are in the US, the statement of cash flows generated by Manager may require some manual adjustments, regardless)
Why would that be? I want to ensure the program generates correct financial statements right out of the box.
That is mainly due to the way it handles bank accounts grouped in a Liability control account. I am still on version 21.3.40, so if this has changed recently, I would stand corrected.
If a user did not have that situation, everything would be fine.
My view is that control accounts under Liabilities group representing bank accounts should be shown under Financing Activities heading. But that hasn’t been implemented yet, is this what you mean?
Correct.
There could also be circumstances where a user has credit cards they use for expenses that would be more appropriate to be presented under Operating Activities, changes in working capital (as a form of Accounts Payable).
But until implementation, as long as the user knows about it, the adjustment is straightforward. Overall the statement of cash flows report works very well (even better than some more expensive platforms I have seen); I just wanted to give @GAAP a heads up they may need to double check it, depending on their setup.
OK, then we are on the same page. It won’t take long before Manager supports control accounts for bank accounts to be placed anywhere on cash flow statement.
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