What is the correct journal entry for partnership accounting in Manager? I am aware usually it would be:
Cash at Bank ~
Capital A ~
(Beginning Capital)
How would it be done in the manager system?
Thank you!
First, you must create capital accounts for all the partners. See the Guide at Guides | Manager.
Next, Receive Money in whichever account the contributed capital goes into. Do this under the Bank Accounts tab. Presently, you cannot receive or spend money via a journal entry. Assign the receipt to Capital accounts and the appropriate partner’s subaccount. This is the equivalent of debiting the receiving bank account and crediting the partner’s capital account.