Hello,
I use manager to do the financial reporting for a small condo building. We have a checking account (operational expenses) and a savings account (reserves). What is the best way to document the transfer of funds between operational and reserve accounts? I want statements to differentiate the amounts in checking and savings, particularly to show how much money is in the reserve account and avoid it being in “one pot” on the statements. Not sure if that makes sense, but my attempt at explaining.
Thanks!
Set both up as bank accounts, but assign them to different control accounts instead of assigning both to the default Cash at bank. (One of those control accounts can be Cash at bank if you rename it.) See Manager Cloud. This has also been discussed many times in the forum. Search before posting.
Movements between the two should be recorded as inter account transfers. See Manager Cloud.