I’m having trouble with the diary. I am trying to book sales income from the sale of fish. Here in Iceland, you go to sea and catch fish. The fish is then placed on the weight and placed on auction. so you get paid the week after. But there is a deduction for ice and landing and so on. so here is the question. how do you book this?
Fish sale total 5000$
Ice fee 100$
fishing fee 500$
reception fee 200$
sales fee 200$
4000$ are then put in your Bank account.
How do you put this in manager?
@zecolleman Asking the same questions with different topics is not cool man. When you ask a question on this forum you have to be patient as you wait for experts on this application to come to your help.
I know I don’t have any bookkeeping knowledge. But this is where I am stuck and if I could find this out I could use Manager in stead of excel that I have been using.
First Create Relevant Account by set the chart of accounts (COA) via settings. Add Expenses and Income Account.
In your case.
Income - Sale of Fish
Expense - Ice Fee
Fishing Fee
Reception Fee
Sales Fee
Then go to Bank/Cash Accounts module tab, create new bank/cash accounts.
After created the said bank/cash accounts.
Then go to Receipts and Payment module tab,
create: -
New Receipt to record Sales of Fish transaction,
New Payment to record Cost of Sales of Fish Transaction.
(Be sure to select your Bank/Cash Account when creating the entry)
Within New Receipt to record Sales of Fish Transaction,
Select relevant income account - ‘Sale of Fish’ Income account and define the amount of 4000$. Then select ‘create’ below to record the transaction. after you define the correct date that is…
Within New Payment to record Cost of Sales of Fish Transaction
Select relevant expense account - ‘Ice Fee’, ‘Fishing Fee’, ‘reception fee’, and ‘sales fee’ Expense account and define the amount of 100$, 500$, 200$, and 200$ respectively. Then select ‘create’ below to record the transaction. after you define the correct date that is…
Check Summary module Tab to see the effect… Edit the Summary settings to accordingly, like accounting method and Show balances for specified period.
Enter a Receive Payment transaction of $ 4,000 with 5 lines
Line 1 enter Fish sales + $ 5,000
Line 2 enter Ice Fee - $100
Line 3 enter Fishing Fee -$500
Line 4 enter Reception fee - $200
Line 5 enter Sales fee - $200
Update
This assumes that the payment of the expenses is not a separate transaction but is netted off the sales and paid into your cash/bank account as $ 4,000
You will have to set up the 5 account first, of course
This is an important statement, @zecolleman. Double-entry accounting is not necessarily simple. And Manager is a sophisticated tool. Like any tool, you need to know what it is designed to do before you can use it. Randomly making entries by trial and error will probably get you into big trouble, maybe even legal trouble. So take some time to educate yourself about double-entry accounting before trying to use Manager for live business purposes. I recommend spending some time here to start: https://www.accountingcoach.com/.
thanks:relaxed: