Guys I need help of key-in these figures within Manager. The procedure has changed from what I remembered. I’m dumbfounded of key in previous fye 2017 net profit (loss) amount into 2018, retained earning account as starting balance.
Can guide me through? so far I set the starting date at 1/1/2018 and created journal entries of all revenue and expenses which will be transfer the balance into retained earnings. but… it doesn’t reflect the opening balance at 1/1/2018.
The document was given to me by client’s auditor. working trial balance.
I have spent at least 3 days reading the guides with trial and error, but non were covered the pnl as starting balance.
The amount should be key-in is in Final Column. No issue in debit credit balance in spreadsheet. but in manager system doesn’t show in summary balance sheet as it should be.
The working trial balance does not include pnl balance overall. You will get short balance of 6,451.70 when double entry balancing. for bs.
Manager is a perpetual accounting system. Why are you starting a new Manager business each year?
But to answer your questions; Manager starting balance system has been updated, so trying to do it from memory is a bad idea. I suggest starting with the guide.
Starting Balances: Set start date | Enter starting balances
The summary of which keying in Retained profit starting balance is no longer required, Manager now puts the residual of all other starting balances there instead of the prior starting balance special account. There is a report to look at a summary of all starting balances.
@Patch no. The client’s using my service to start bookkeeping for 2018, Auditor gave me 2017 trial balance for me to key in for opening balance. So am not starting new manager file business each year.
Bad Idea or not. rarely updated the software to latest. once I do, the releases informing about updated balance system was miss out by the time I decided to update it.
I figured that key in based on trial balance figures will not work with manager “updated” starting balance system. that is what I concluded.
@patch if you would in your spare time. try key in with trial balance information. I’m curious whether is possible on your side. I have stated 3 days in a row with reading guides and doing trial and errors.
I’m looking for a way to key-in of what information I have right now. and I’m stuck with previous year (2017) pnl can’t be key-in and be reflected properly as starting balance in opening balance 2018.
@acecombat2, you seem to have an incorrect understanding of starting balances in Manager. They involve duplicating the balance sheet of the prior accounting system. They have nothing to do with the profit and loss statement. Likewise, journal entries are unnecessary.
I regret to tell you that your three days have been wasted, because there is no way to do what you are trying to do. You should instead be reconstructing the year-end balance sheet from the prior accounting system. You can do that if the specific format of the trial balance includes all balance sheet account balances for year-end.