I have been using Manager desktop and I have now moved to the cloud version. This is because I was using Manager mainly for invoices and stock management, while now I want to use it on a bigger scale.
I have invoices, purchases invoices and a lot more from 2017, but a lot of the other accounts is imcomplete. Therefore I would like to start afresh for 2018 as during the last two months we have been very methodical in adding all the info from our accounting. In particular I would like to know whether by setting the starting date to December 31st 2017 I would lose all the info from 2017, especially the avarage cost of items which were purchased in 2017 and are still in stock.
I would like to set all starting balances of our bank and cash accounts to 31st of December and basically kind of restart from afresh, but I am worried the hard work done on purchase invoices (items’ avarage cost) would be lost.
I encourage you to just try it and see the effects. You can delete the start date if you don’t like the results. None of your entered data will change. Only calculated data will change.
Personally, though, I would not blend a business following good accounting practices with the records of one you were knowingly using in an incomplete fashion. That just raises the possibility of errors in the future if someone changes the start date without understanding what was done previously.
To answer your main question, no, you won’t actually lose the transactions. But yes, they will be ignored. And your average costs will change.
The company started in 2016. We didn’t use Manager in 2016, if not for some payables and receivables to be used as of 1 of January 2017. And what we have from 2017 is maily sales invoices and purchase invoices. Our accountant uses Quickbooks but now I want all of us to use Manager.
Therefore, what if I export all I have now in Manager to a new database, set the starting date as of 1st of January 2018, delete (or ignore) all transactions up to 31st of December 2017, and set all accounts (bank accounts, receivable, payables, avarage item costs, etc.) to their starting balances as of 1st of Janaury 2018 based on the accountant’s work for our 2017 profit and loss and balance sheet?
Big work, but would that allow me to start afresh knowing that what I have in Manager is an accurate picture of my accounting for 2018, so that then from 2018 onward we can only rely on Manager?