This may sound a noob question for those with accounting experience but I’m in need of a little basic guidance.
Using Cash Method:
I get how Sales & Purchase Invoice Payments post to the P&L & Balance Sheet.
What I want to know is the steps for entering general expenses like:
this is my Chart of accounts: (happy to take constructive advice on this too)
Read the Guide: Manager Cloud.
You just need to decide what you will post to which of your many expense accounts.
I can’t tell. What you have entered is a cash (meaning not credit) payment from ANZ Bank in Australian dollars to VentraIP for 81.80 worth of web hosting services. You posted this to your Website Hosting expense account. There was no purchase invoice involved. As long as the bank, payee, and numbers are correct, and as long as you were making a direct purchase of web hosting services with no intervening transactions, it is correct.
Depends on when the payment is made.
If you received an invoice and made payment at a later date then Purchases Invoices but if you paid at the time then use the Spend Money relating to the payment source via Cash Account, Bank Account or Credit Card Account
Base Currency is set to AUD
Have AUD & USD Accounts.
entering bank charges, TT fees, interest, etc … done one transaction in USD, but noticed it created it’s own AUD figure on the P&L.
Where did it get the exchange rate from?
I entered the USD$11.83 from the bank statement, the AUD$12.78 is something the software did
This is an old transaction (I’m populating data manually from written records)
To set the AUD → USD exchange rate go to “Settings” → “Exchange Rates” and create a new exchange rate with date of transaction(average rate for 30/11/2017 was 0.7575). This will change the amount for Bank Charges in the P&L to A$15.62 and this will be set to this amount. Each time you have a USD transaction enter the rate for the date of the transaction. Also, enter an exchange rate each time you need to produce reports. Every time you enter a new exchange rate the system recalculates the $A equivalent of the USD account and generates a foreign exchange gain or loss to restate the value of “Cash at Bank” and produce foreign exchange gain/loss in the income section o the P&L (gain positive/loss negative)
