I’m new to this and trying to create a simple Test P&L Statement. After editing existing groups, and adding New Groups in the Chart of Accounts, all Groups were included in the summary (a good thing), but when I tried to input Journal Entries for these groups there is no pull down menu option to select the newly added groups (a bad thing). Any advice will be greatly appreciated. Thanks in advance
You cannot post any transaction to a group. You must allocate them to accounts, which in turn can be within groups. Have you created accounts? If so, can you post a screen shot of a journal entry screen with the account dropdown box in its open position? Also, can you post a screen shot of the chart of accounts for this test business?
Yes, I already created an account before editing and adding the new groups.
You have put a new group inside another group - that’s why they are not appearing
When you create a new group the Group data field should be left blank.
However, shouldn’t - land tax, legal fees etc - be created as new accounts, not new groups
You also have no balance sheet accounts whatsoever. And you’re using a journal entry to apparently offset agent fees (an expense account) against rental income. Not only is it unbalanced, but it makes no sense whatsoever from the standpoint of double-entry accounting.
Manager is a tool for double-entry accounting. You won’t be able to use it until you know what it’s supposed to do. And you’ll never be able to use it only to record income and expenses without also having balance sheet accounts. I recommend starting with http://www.accountingcoach.com. Then start reading the Manager Guides. Create a test business and try things out. Then you’ll be ready to ask specific questions on the forum.
I suspect that they are taking up a Real Estates monthly rental statement and that’s why its incomplete as the next required Journal account was a “missing” new group - hence their problem.
If they are getting paid the nett rent - why use a Journal instead of a Cash Account Receive Money
Indirectly, that was my point. Of course, in Manager, you cannot record a cash receipt with a journal entry. But there is no cash account to begin with. The chart of accounts is quite deficient and needs to be reconstructed before any recordkeeping can begin.