DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

How do I keep track of loans and finance without using double entry system


#1

Hi there. Hope you can assist me. I do not speak “accounting” and especially not “double entry”. Despite this, I am enjoying your program and finding it relatively easy to navigate. However, is there any way of entering vehicle finance and bond instalments without using Journal entries? (We have financed 2 new vehicles and a new premises). I am not a bookkeeper but use your program to keep tabs on debtors, creditors, invoicing etc etc and leave the complicated stuff up to our accountant. Suggestions please. Thanks muchly.


#2

Whether you know it or not, you are using double-entry accounting, because that is ALL Manager will do. Before you can use this tool, you absolutely must have some basic understanding of double-entry accounting. Check out accountingcoach.com.

The fact that you believe you are using Manager probably means things are ending up in the wrong place, so you are probably misinterpreting what the program produces.


#3

Actually, I am trying to interpreted your question Using journal entries (i could not find any other way to input that transaction, other than journal entries) as

Debet- Fixed Assets 100
Credit- Account Payable 100

But i don’t understand that there are no Fixed Assets and Account Payable in Balance Sheet


#4

These accounts will appear when they have a balance. Otherwise, they do not. But they are both control accounts with subaccounts for specific assets or suppliers. The fixed assets and suppliers must be created first. Then, transactions must be allocated to the appropriate subaccounts by purchasing and/or depreciating the fixed assets or entering purchase invoices from the suppliers. If you don’t understand these accounts, read about them in the Guides.