Manager Setup for transition from Quickbooks

1

Hi All, I’m new to Manager & this Forum so please forgive me if the questions and unclear.
I need to transition my five years of Quickbooks accounting records to Manager. I have created the business in Manager and created Bank & Cash Accounts. Imported the supplier list and Fixed Assets with a batch Create and now I’m trying to setup the Chart of Accounts, Tax Codes and Equity accounts.

Has anyone else moved there accounting from Quickbooks to Manager?
How can I set my Equity accounts so that there is a separate account for Capital Introduced and one for Capital Withdrawn.

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2

I do not believe that is how it is done in Manager.
There should be an equity account for each party which has equity in the business.
The same account will be uses when that party adds or withdraws equity from the business.
Although capital sub accounts possibly with a custom report may achieve what you want.

See this section of the guides
Capital Accounts: Set up and use capital accounts | Use capital subaccounts

3

I am the only party with equity in the business.
I would like to have a quick view of what capital I have put into the business so that I can withdraw that capital when the business is making an income.

4

This is not a question about Manager software - it’s a question for your accountant

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See https://www.manager.io/guides/6971

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or if you are sole trader and dont want to have capital accounts make an account and put it under equity in balance sheetand all your personal stuff goes to it

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Thank you for all the responses. Wornout’s suggestion achieved what I wanted to achieve.
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The program would have done that for you automatically if you had created a capital account as @Patch suggested. You would also then have the benefit of built-in capital reports.

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Hi Tut, I tried the Capital account but didn’t get the result I was after, maybe I missed something.
Can you please explain how to use the Capital Account to achieve what I have shown above?

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You won’t get exactly the same presentation. But you will get the same information in the Capital Account Summary.

When you shift accounting systems, you need to accept their differences. If you like your former system’s features so much, you should go back to it.

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If you tried the Capital account funtion then if you for example had created a Capital account called “Owner Equity” and you would have created a Receipt (Funds contributed), a Payment (Drawings) and another Payment (Share of profit) then you would be able to generate a Report (Capital Account Summary) that would contain the following information.

Screenshot 2023-09-01 at 15.43.16
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If you “like” the terminology used by @Wornout then you can change this in Settings → Capital Subaccounts (I edited the Share of profit to Drawings and Deleted it, and renamed the other 2)

Screenshot 2023-09-01 at 16.00.12

You can then generate a report as below.

Screenshot 2023-09-01 at 16.01.01
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Manager Capital accounts function is as @Tut explained better than the workaround and produces the required reports. Note that the Summary screen is never as good as the reports!

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Thanks eko, your instructive feedback it is much appreciated. I now have my business setup as shown above.

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@Ankit_Sharma, I have edited your post to remove commercial content which goes against the rules of the forum.

If you wish to provide users with services related to Manager, you can register as an Accountant or as a Reseller.

If you don’t provide related services, you can still advertize your business in your forum profile but not in a public topic.

16

To set up separate Equity accounts for “Capital Introduced” and “Capital Withdrawn” in Manager:

  1. Navigate to “Settings” > “Chart of Accounts.”
  2. Create new accounts for each purpose, e.g., “Capital Introduced” and “Capital Withdrawn.”
  3. Map QuickBooks Equity accounts to these new accounts.
  4. Adjust opening balances if needed under “Settings” > “Starting Balances.”
  5. Configure tax codes in “Settings” > “Tax Codes” based on your requirements.
    Grace,