I figuring things out by reading the guides and so on. still have some quesitons:
1-
I have set up a credit card as bank account in manger which at the moment I started using Manager, i had a balance of 5000, the guide says i have to enter the balance as negative, so i enter -5000, i have downloaded my bank activities and i am trying to create a payment rule for it. however, when i do it the balance of the card stays the same -5000 and in the liabilities tab shows the payment (-308) I made as a Negative.what i am doing wrong here?
2- My business we do services, so i went to create the name of the services as a non inventory item as suggested, however i am not clear if i should leave in blank WHEN PURCHASED? advice plz. thanks
Any balance in Suspense signals a problem. Never attempt to clear the Suspense account with a journal entry. That only hides problems and usually makes both your Balance Sheet and Profit and Loss Statement inaccurate. Problems that caused transactions to post to Suspensemust be identified and corrected.
As for 2, in case you purchase services then you should just create an Expense account in the Chart of Account such as “Service expenses” and assign this to WHEN PURCHASED.
What Guide, and in what context? There are hundreds of Guides. If you are trying to enter a starting balance, you would only do this if you are migrating from a prior accounting system. A negative asset is the equivalent of a liability, and they do not appear by magic in the records of a business. A credit card account records a liability of the business only if the business purchase something. The credit recorded must then be balanced by a debit to some expense account.
It sounds to me like you are mixing use of a pre-existing card with business transactions for a new business. That is extremely problematic for too many reasons to list.
Your incorrect attempt to record paying off part of your credit card balance (as described by @Joe91) effectively told the program that you incurred more debt on the credit card by paying it.
You’ve heard this advice before, but it bears repeating. You simply cannot use a double-entry accounting system (the tool) without understanding what the tool is supposed to accomplish. You must educate yourself on the fundamentals of accounting first. Without meaning to be harsh, I would observe that many of the things you have reported (in other threads) trying to do are equivalent to trying to drive a nail with the handle of a hammer instead of the head. The quote I opened this response with is an example. You said, “…the guide says i have to enter the balance as negative….” Until you understand why a balance should be negative (if indeed it should be under the circumstances), you should not enter anything.
I am trying to learn the sofware, i used quickbooks before for my basic accounting and YES i have no much experience in the accounting field, but i am learning with you guys.
Thanks for your reply
What we are trying to say is that this is not an accounting learning platform. I advise that you go through https://www.accountingcoach.com/ and experiment with a test business, use the guides and search the forum but refrain from posting until you have a much better understanding of the accounting basics.
First thing first, thank you for the links, it will help, but I honestly don’t share your opinion.
I have a basic understanding of accounting but I am also aware that I need to learn more, accounting principles are the foundation but there is always a learning curve with the software IMHO. hopefully, one day I can get better at it, but as for now, I will continue seeking and hoping to get help as it has been to this date from the forum support of the software that I gladly bought and liked a lot.
Coming back to the point of the CC, i have mentioned what the manager.io guides suggested when setting up in CC for the very fist time when you already have/owed a balance. What I am not clear yet, is the way of properly assigning a payment downloaded from a bank statement towards the balance of the CC, but you guys suggested that the way of paying credit cards is by doing account transfers, so i am asking how to properly do that when downloading a bank statement with a payment rule and with the help of this forums i now know that I need to use clearing accounts. that’s all.
Please accept my apologies if I sound angry.
Handling inter account transfers with imports is covered in the Guides. You must use a clearing account.
@eko was right. The forum supports use of the program, not accounting education. When you abuse that principle, you gain a reputation, and otherwise helpful members will shut you out and ignore your questions. Unfortunately, you have started down that path. Ignore the warning signs at your peril.
