I am a freelancer, and all I wish to do is edit the ‘Income’ section (including my UK tax rate) and ‘Less expenses’ for travel deductions.
Every time I fill out the ‘receive money’ section, it goes straight to ‘Assets’ under summary rather than ‘Income’:
I can see my ‘freelance account’ here but just cannot edit the earnings for it:
when you receive money, you should select the proper account under the accounts column.
i recommend you read the guides first to understand things and maybe create a test business to familiarize everything. Guides | Manager
Manager is a double-entry accounting system, so a deposit will go into two accounts: Your banking account and another account that you choose.
Suspense located under the Equity section of the Summary screen. You need to edit the transaction and choose the Freelance Account.
From your bank account, click on Spend Money, fill out the fields being sure to choose an expense account.
Thanks @dcVest, perfect thank you.
@sharpdrivetek I was going through the guide step by step but I couldn’t seem to figure why I can’t select the account that I created under the ‘chart of accounts’ as I assumed this would all be under one account.
I am now able to use it for the purpose I want it for. If any of you could shed light on why I need two accounts, it would be appreciated as it’s not mentioned in the guide.
As mentioned, Manager is a double-entry accounting system, although the mechanics of the double entry are largely hidden from the user. Double-entry means that every transaction involves two accounts. The system was developed a long time ago as a means of error control. You can read more about it here: What does double entry mean? | AccountingCoach
Manager makes it easy for people who know nothing about the double-entry system to make entries that are correct. Still if you are going to do a lot of your own bookkeeping, it is a good idea to familiarize yourself with the basics of double-entry. You will save yourself errors and better understand your Profit and Loss statement and Balance sheet, and how the two interact.
Great,
I will have a read of this.
Thanks.