Hi Thanks for the quick reply.
I have 1 personal banking account where all my bills, income, take aways etc all go through.
I use Manager just to track the acting ins and outs. (essentially so I know what additional personal income I’ve had over the year for my tax return)
In a nutshell, an entry goes like this:
Money Billed 1 £value
Agency Commission -1 £value
New Expense: Mileage
This then gives me an expense of the commission. I never actually get that money, they take it before I receive it, but it’s tax deductable so counts as an expense.
I then have the Clearing Account comprised of Mileage (and maybe research books, admin fees, clothing etc)
This is all paid out of my pocket and, in theory, the “business” now owes me from the income.
But as it’s all the same account I just have the all the income money when it comes.
Rather than, for example, filing a claim and getting the company bank account to pay me that money into my personal account as you would with a limited company or in Sage etc
Does that make sense?
On the COA I put “mileage” under Motor Vehicle Expenses, as I just use my own car so that’s fuel is the only vehicle expense I have.
The whole Manager gives me the figures I need to see what I have earnt, what needs tax etc. It’s just telling the Manager software when the money in the Clearing Account is no longer in “the business” but that expense has been “paid” to me.
Month to month I’m not fussed. But at the end of the year I need some way for Manager to say “all this in the clearing account has been paid to the employee and the figure should show zero”
I hope that makes sense This is the entire COA, as I say, it’s very basic