Hi All: I’m moving from a different accounting software to Manager for a new(er) business. I’ve decided I will start in Manager as of the beginning of this year, so I will be entering historical data for the past 5 months. Unfortunately, I cannot find any accurate information on how to enter starting/opening balances for all accounts in Manager. I have found a lot of info, but it’s all outdated/inaccurate, and does not work with the latest version (24.6.4.1621). Can anyone help with this process?
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To enter starting balances simply enter transactions establishing those starting balances.
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I can see how I would do that in a bank account, but what about other accounts such as assets & liabilities. There used to be a way to easily entering opening balances.
Typically it would be one journal entry that would debit and credit those accounts.
Well, not really. Things can get complicated. For customer starting balances, you need to enter unpaid sales invoices separately anyway. If you don’t then once invoices get paid, then your figures on cash-basis won’t be accurate. But even if you don’t use cash-basis reporting, it’s still nice to be able to issue customer their statement with list of unpaid invoices from day 1 of using Manager.
For inventory items, there are like 8 different qty balances tracked for each inventory item. So you need to enter individual orders that haven’t been shipped yet.
Yes - for many accounts, one field Starting Balance is sufficient but even that has proven to be problematic. Many users were going back to these fields continuously and use them to adjust present-time figures to what they wanted them to be without realizing they are affecting their historical balances too.
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Moving from older Quickbooks to Manager.io DESKTOP. CASH BASIS accounting.
Single-owner LLC S-Corp Financial Futures trading business.
No Invoices, Inventory, AR/AP, payroll, etc.
Only Bank & Broker accounts, Income & Expense accounts, Owner Expense Reimbursement Liability account which is transferred to Additional Paid-In Capital quarterly.
Equity accounts follow US S-Corporation Tax Reporting on IRS Form 1120-S.
Please advise how to set up Equity Account Opening Balances.
Current QuickBooks works fine with (a) Initial Capital Contributed, (b) Additional Paid-In Capital, (c) Distributions (these are from IRS Form 1120-S).
I have added (d) Past Retained Earnings and (e) Opening Balances but they are not used in QuickkBooks and not sure if they are needed.
I intend to enter small number of transactions from 2024-01-01 to 2024-06-14 and then match to QuickBooks. Thank you for your help!
Moving from older QuickBooks to Manager.io DESKTOP. Cash Basis Accounting.
Opening Balances questions.
QuickBooks Year-End Balance Sheet:
If you have existing Trial Balance or Balance Sheet I would suggest you journalise your take on. It worked for me.
Can you please help me with this? I need to set starting balance for bank accounts. Would I assign that transaction (a receipt?) to Owner’s equity account? Or leave it in the suspense account?
You can simple creat journal entry for opening balances. There shouldn’t be anything in suspense account.
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This single change of removing individual item starting balance has really caused trouble to so many. I think this is the most discussed change. Developer may be knowing the best uses but so far no user has come up explaining its benefits to him/her.
I’m don’t see an ability to designate a bank account in the journal entry.
I created a receipt in the bank account on 12/31, the year before my books in manager will start. I just don’t know what account to categorize it under.
EDIT: I found it in the journal entry. Selected cash & cash equivalents, then the sub accounts (bank and credit cards) show up.
So should I delete my receipt and use a journal entry instead?
I feel like this topic should be prioritized and documented. There is a lot of old documentation and posts in this forum about it, but all are outdated and no longer accurate.
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I agree. I read all the old documentation before realizing it was outdated, which sent me here.
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Which version of Manager are you using? The ability to select a bank account with journal entries is a recent development.
You must clear the suspense account see https://www2.manager.io/guides/7106 More specifically:
Any balance in Suspense signals a problem. Never attempt to clear the Suspense account with a journal entry. That only hides problems and usually makes both your Balance Sheet and Profit and Loss Statement inaccurate. Problems that caused transactions to post to Suspense must be identified and corrected.
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Thank you. I am on an up to date version. I edited that post because I was able to find how to select a bank account