Hi, and first than anything thanks for creating this amazing software!.
After looking for a while for a accounting software that allowed me to create a customized chart of accounts from zero I found Manager and everything is right what I needed.
The only problem I found so far is how to manage interests.
I’m about to get my accounting degree, so I have the technical knowledge but the problem is that I don’t know if the registering methods used in other countries (I’m from Argentina) is the same as the one we use.
For example if you sell something and you document the debt of the client (30 days) with a promisory note:
What you have described is a credit sale with 30 days net terms. All you need to do is raise a sales invoice for 10000 for the customer, specifying a due date 30 days in the future. This creates an account receivable. When the customer pays, enter a cash receipt, posting it to Accounts receivable and the customer’s subaccount. See these Guides: https://guides.manager.io/7178 https://guides.manager.io/7820
In general, a promissory note implies you have lent someone money, which is not a sale. That is a conversion of a cash asset to the promissory note asset, done in Manager with a bank or cash transaction. However, you could create a promissory note as the source of funds to satisfy the sales invoice, then enter payments against the promissory note, posting part to the principle of the note and part to Interest earned.
But as you described things, the promissory note should not be for 10000, but only 9500, because the 500 was intended as interest. So you have mixed numbers from the standard approach of a sales invoice and a promissory note.
In effect, all your first transaction does is divide the income from a 10000 sale into two different income accounts. Your second transaction just moves the so-called interest from the second income account to a third. If you really want to do that, use a journal entry. But it seems pointless on a 30-day net sale.
I only used the promisory note as an example, because is the equivalent of a “pagaré” which is used to instrument a debt in my country.
So far, as I see it, the registration method is different in my country. Anyways, the software is still usefull for me since I just need it to do some informal accounting.