Journal entries for bank transactions

Hi All

It appears that you can’t do a journal entry that includes an entry to a bank account.

Is that right?

e.g. Received rent on a property to a particular bank account.

That is right. See the Guide on how to receive money.

Sorry but which Guide are you referring to?

https://guides.manager.io/

Under ‘Bank Transactions’

Thank you.

look guys I need an example of how to do this.
I created a cash account and still I cannot journalise to this acct (like I could not do with a bank account)
Really to me this makes no sense that you can’t journalise to a bank acct in the first place.

what cash transaction are you trying to make with a journal entry?
users can help you better if you can explain what you are trying to do.

have you read the guides on how to receive and spend money in your bank or cash accounts? there is almost never a situation where journal entry is required in Manager.

Ok

Imagine you have downloaded transactions from the bank which included money coming in for $ 500.00 which is rent money received.
However the full story is as follows:

Rent Received 600.00 Cr
Management Fees (Agent) 20.00 Dr
Utility Expense 80.00 Dr
Bank Account 500.00 Dr

I can amend the entry and it will allocate as above.

However - do as a journal entry you can’t achieve it as it will not allow you to post to “Bank”.
Also, therefore I cannot clone either.
Does this help now?

Also, I can’t achieve it using a “Cash Account”.

@Pete, give up on trying to enter bank transactions or cash transactions with journal entries. You cannot do it in Manager, no matter how hard you try. The fact that you are persisting shows you have not read the relevant Guides.

I don’t know what you are referring to with this comment. You can clone bank or cash transactions. And while it won’t help with entering either via a journal entry, you can also clone journal entries unless your software is very far out of date.

Pete, Bank Accounts and Cash Accounts tab are made to use the module system. Journal can’t access it.

you have the choice follow the system by understand the whole guides and experiment it step by step. or just use journal entry tab and create your own Chart of account. traditional way.

The Manager modular system is suppose to reduce the usage of Journal Tab.

acecombat2

well what I’m asking is basic stuff.
So it means I can’t do it.
That’s it.
I was a trying to save time by not having to do an amended entry via download transactions every time - but it look s like I have no choice.
Thanks anyway.

1 Like

what you need is three accounts in your chart of accounts.
one under the income group for Rent.
two under the expense group for Management Fees and Utility Expense.
read the relevant guides on adding accounts to your chart of accounts.

now make a receive money transaction in your bank account.
in the first line select the Rent account and allocate 600.
in the second and third line select the other two expense accounts and allocate their respective amounts as a negative value.

sharpdrivetek

I know all that and have done that to date …the issue is you can’t do journal entries using a bank account and that means you cant clone either.

The process you metioned it what I already did thru …download transactions.
In that mode it already knows what is left goes to bank account.

then i am not sure what your problem is exactly.
you are just insisting to use journal entries instead of an easily available method already present in Manager.

as for having bank accounts to be shown in journal entries, this is never needed in Manager. because all necessary entries is already possible through the relevant bank or cash account tabs.

As I already told you, that is not true. You can clone any bank or cash transaction. If that feature is not available in your version, update your software. It has been there for a couple years.

There is no reason to import another bank statement to amend an entry. Just edit the one you already have.

Tut

What I want can’t be done.
You can’t post to a Bank Account.
Thanks anyway.

I feel your pain Pete…apparently if it’s not in the guides it doesn’t happen in real life

Let me explain it another way.
Your bank account in Manager is a replica of your bank account at the Bank.
The bank account at the Bank only has transactions involving your money going in and out of it.
Therefore your bank account within Manager can only show those exact same transactions.

If you could Journalise transactions into your Manager bank account then how would your bank account at the Bank know about these Journal transactions as no movement of money would have occurred.

If your Bank doesn’t know about your Journals, then how can you reconcile between the two.

If I have a transaction downloaded into my Bank Account and I receive Rent Payments via my Estate Agent the amount shown will be the net about e.g. lets say 500.00.. This figure would represent Rents received from a tenant less expenses on property.... Lets say the rent was 1,000.00 and the expenses were 500.00 leaving 500.00 which I received.

So what I want to do is capture the rent received 1,000.00 and the expenses of 500.00.
If I go to edit the downloaded transaction I can enter that info.
and the software knows the Dr entry to Bank is $ 500.00 as it is already there…in effect by doing this you have done a journal entry.

So what I was asking is that I want to do the entry as a journal…but there you can’t as the software does let you do an entry to debit bank for $ 500.00. In consequence you cant clone either to save time.

If I could I would use the clone to do the entry each month - because in Australia rents received from agents is usually done monthly. it could do the journal entry I would delete the transaction from the download entry ($ 500.00) and that would be replaced by the journal entry to bank.

I have said enough on this issue.
I just want to make it clear this is done all the time in the accounting world