Migrating a business into Manager from another accounting program. I have set a start date in Manager. Per the manual:
“For accounts with an Edit button next to their names in the chart of accounts, click the button. If they are ordinary accounts and a start date has been set, a Starting balance field will be available:”
I am in the chart of accounts. I have clicked on several of the accounts edit buttons, but there is no starting balance field shown in any of them. These include telephone, legal fees, printing, etc. I only have these options:
All P&L accounts you can not add starting balance, you can only add starting balance for most of B.statement accounts.
If you need to record a starting balance for P&L accounts you can record the transactions like invoices and bills that give you the right balance.
If you read the guide in your link you will find that in the first lines.
Continue reading the guide you will do it by yourself.
Ok. So, how do I enter the YTD expenses and income from my old software to Manager. As it stands now, I will have to enter only new income and expenses from the Manager start date, resulting in having to refer to my YTD data in my old software and add it to manager’s going forward [start date]. I will then have to refer to, and add the sums of, 2 different P&Ls to get a YTD or end of year [2021] P&L.
Surely there is a way to do a mid-fiscal [calendar - in my case] year migration without having to manually enter all YTD income and expenses to get a composite accounting of my business?
Usually you would have to combine a P & L for each half-year to get a full year P & L
You could set the start date as the start of the financial year and then create a journal entry to cover the first period, posting the period total to the appropriate accounts.
This will be a bit messy as you can not include cash or bank accounts but you could enter a receipt and/or payment transaction to make them match up.
You create a Journal Entry posting the required YTD balances into their respective accounts with the balancing value (YTD profit or loss) to the Retained Earnings account.
What date did you put on the Journal ?
If your Start Date is Jul 1, then your Journal needs to be Jul 1 not Jun 30. Also your Summary tab > Edit > Set Period would be Jul 1