I am the sole trader, I use my own account to transfer the money into my business account, so I create new Loan account under the liability, then I was going to do the Journal Entries, Debit Cash at bank and Credit Loan account, but in the Journal Entries, didn’t have Cash at bank I can choose, could anyone give me a help? Thank you.
Spend, Receive, and Transfer were removed from the
Journal Entries tab several months ago. You must make those transactions from a cash or bank account. Any prior journal entries of that type were saved, but automatically recategorized so they appear under the cash/bank account involved.
I used sales invoice against loan account, then received money, but it went to cash account not cash at bank, so I can’t do bank reconciliation, please ask what can I do then? thank you.
First question: Why did you create a loan account? As a sole trader, putting your own money into a business is usually a capital contribution. So you would Receive Money in a business bank or cash account, allocating the transaction either to an owner’s equity account or a capital account, depending on exactly how you have organized your chart of accounts. The only reason to create a loan account would be that you actually intend to repay the amount systematically as though it was a bank loan. Ordinarily, you would regard such a contribution as a capital investment in your business. When you eventually take money out, that would be classified as an owner’s draw, not a loan repayment.
Also, no personal account should be included in Manager chart of accounts. Only company accounts are included. While money might come from or go to a personal account, those are contributions and draws, not transfers between company accounts.
A sales invoice is for sale to a customer who does not pay instantly. It creates an account receivable. You must first create a customer, then the sales invoice. There should never be involvement of any loan account. The line items on a sales invoice should allocate the revenue to one or more income accounts.
In Manager, the
Bank Accounts tab is for money held at a financial institution. The
Cash Accounts tab is for money held physically at the company. See the applicable Guides at http://www.manager.io/guides/bank-accounts and http://www.manager.io/guides/cash-accounts. Within those tabs, you can create as many separate accounts as needed and give them whatever names make sense. Do this under Settings > Chart of Accounts.
If your transaction ended up in the wrong place, that means you selected an account different from what you thought. To resolve this problem, click on the account balances in blue in the
Summary and look in the listing for the erroneous transaction to edit.