You are an experienced user - Yes I’m somewhat experienced, despite some of the comments above assuming I’m a lazy beginner, but like everyone else here that doesn’t mean I know everything! I still ask for assistance on what I don’t know! and help others who need a hand up on what I know!
More experienced than me it appears - TBH, I have no intentions of comparing my skills with anyone else, this is not meant to be a contest, it’s a support forum to improve the product and it’s users, that is all.
I cannot provide you with any more assistance than that already given - cheers, appreciate your efforts thus far!
What is holding you back - If you want my honest opinion, a bunch of good people, many possessing obviously strong accounting skills/experience, who seem to know exactly how to solve my specific issue, but for whatever reason, have fallen way short of providing enough detailed guidance to help me out (even if in their own minds, they may feel they have done so).
Help given included: to read the guides (I have done this), to have a try (I have done this too), ask and accountant (read above), I’ve also tried on FB, Google, YouTube (there is little to no content on using Manager in these mediums, but there’s heaps on all it’s major competitors).
I’m sure either a step by step guide or about 5-10 minutes on a zoom call and this would be done and dusted, but instead 3 days later still spinning wheels … peace - out.
But you still haven’t provided us with exactly what is holding you back - why are you “still spinning wheels”?
Everything that you asked has been answered above already.
As I’ve said before, I can generally navigate my way around Manager, I have fair understanding of a regular trading business with Bank accounts, Sales & Purchases, payment & receipts & Payroll … however this experience doesn’t include the following features:
Fixed Asset, like a Property
Depreciation of a Fixed Asset / Property
Mortgage Bank Loan (liability) for an Asset / Property
Special Accounts
Control Accounts
I think this image below best illustrates what I’m attempting to track:
Firstly I’m trying to setup the CoA, Credit Card & Mortgages & Properties and possibly the property agents if necessary? (I’m open to any advice).
The purpose for this whole exercise is historically my last two Tax Agents have missed numerous claimable expenses, like insurance, bank fees, utilities, repairs … this, despite being given meticulous hardcopy records and a meeting at doc handover.
Keep in mind one Property is residential, the other is commercial
Updated image
Note Division may be required to separate the Properties
Property #1 was established 2011 (Commercial serviced apartment - single unit - tenant Hotel Chain)
Property #2 was established 2015 (Private Residential - tenant - private individual)
To get started with rental property, do you need to go back to the beginning to the “Businesses” tab and “Add Business” for rental properties, or is there a better way that I’ve missed?
If the rental property is owned by an existing business it would be better to account for it using either divisions or projects. If you are accounting for the rental property on its own then setting up a new business for it would be the best approach.
Hi @lubos it’s been a long time since I’ve posted in here, I must be using Manager for almost a decade by now to do the books for a small home-based business. I’ve recommended using Marenger to many startups.
I’m currently setting up new accounts to track a couple of personal investment properties.
It’s not a business per-se.
My personal bank account is used for all transactions (so will have both personal income/spending & investment property transactions), however there may be some consideration for a Credit Card which I believe is also used for some transactions.
I’ve noticed a few enhancements in Manager, I’ve read the guides, made a few test model accounts, but still have some questions (as I’m many things, but not an accountant).
First would be: if there is one bank personal bank account and say two investment properties (each having a mortgage), would there be any sense in creating Divisions (as the guide suggests this only works where each Division has its own bank account)?
* i.e. Is creating 3 Divisions (Personal/Property#1/Property#2) with one bank account a Yes or No?
What are the pro’s and con’s of using Fixed Asset or Investments for personal Investment Properties
I may have some more questions later, but these ones are confusing me for now
There is no merit to start the same topic almost 3 years later. I therefore moved your new topic to this similar topic. @Tony already in March 2022 explained the merit of Divisions.
Please point out which guide and where. There is no requirement for separate bank accounts. Each Division can use the same single business bank account or a separate one for each depending on what these Divisions represent. As you use a single bank it is fine to assign each Division to that bank.
That is an accounting and not a Manager application question.
Indeed misread, this is about sub-accounts. While one bank account can be used for multiple Divisions, Manager does not provide a way to display the allocation of transactions to each Division. In such cases, separate bank accounts may need to be created to ensure proper tracking.
Also, it appears that only one Division is assigned to a Bank account, unless you say this is a Sub Account ???
For clarity, my questions are centred on how to best separate the three groups of transactions (Personal and 2 x investment properties) to make it easier to isolate the properties for TAX deduction on personal income, which have always shared the same personal bank account (which is typical for personal investments).
Maybe Division is the wrong way to go about it … open to suggestions.
