New Journal Entry

Hi,

How to create a New Journal Entry and transfer fund between another account created under -> Settings > Chart of Accounts > PAYPAL ACCOUNT

PRIMARY BANK ACCOUNT > PAYPAL ACCOUNT

I am not able to locate Paypal account under - Receipts & Payments , at the same time while trying to create Journal Entry not able to locate - Primary Bank Account

Please help…
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Best Wishes & Regards,
BM - “Dreams They Help You Achieve Reality”

Did you create PayPal as a bank account? After you do, use an inter account transfer.

Hi,

I tried doing that but then when I tried to check report for BANK, I selected

ledger - General Ledger Transactions -> Cash at bank -> It showed me combined transactions of both My Business Bank Account and Paypal

Now I would require individual statements for my Bank / Cash accounts, what should I do ?

__
Best Wishes & Regards,
BM - “Dreams They Help You Achieve Reality”

@vwits, it’s difficult to know what you are talking about because you are not using the terminology of the program.

What report are referring to? And what is “BANK?” There is nothing in the program called “BANK.”

Are you referring to the Reports tab? If so, please call it that. There is nothing in program navigation named “ledger.” If you are trying to look at individual bank balances, go to the Bank Accounts tab, not the Reports tab. Click on the blue balance figures for the bank account in question to drill down and see individual transactions for that account.

Cash at bank is a control account that summarizes all bank accounts for the balance sheet. So if you choose to see the General Ledger Transactions report for that account, you will see all transactions affecting bank accounts.

See above. Drill down and export if you a printed document. Normally, however, a bank account statement comes from the bank, not from your accounting system,.

Finally, please stop adding your personal greetings and tag line to your forum posts. See https://forum.manager.io/faq.

Thank you for your information…I have used many different accounting systems globally and love to evaluate their features. Surely every software has their pros and cons…

1> Tally
2>Busy
3> Adminsoft
4> Wave
5> Brightbook

I am not able to understand what you propose for this software…is it a billing software or is this an accounting software or we can call a real effort to create a billing software with basic accounting features which can minimize accounting efforts of people who don’t have much accounting knowledge…

I can stop greeting people who don’t love been greeted and about tag line that is not for people who don’t dream :slight_smile: Hope you don’t have anything against smileys

Thank you for all your cooperation, support and understanding.

Manager is a double-entry accounting system for small businesses. Some of its features are listed here: https://www.manager.io/features/. The designer tries to minimize the degree of accounting expertise necessary to use it, but complete novices will probably struggle. Some of its modules are not as sophisticated as you might find with more expensive software, but you also have the possibility of unlimited free usage of the fully-featured desktop edition as well as cross-platform compatibility.

The designer tries to minimize the degree of accounting expertise necessary to use it,
[/quote]

I would applause and thank Lubos Hasko and his team for the hard work to provide a free software for small business t’s such a simple yet powerful and modern software. Every big business can buy / hire powerful setup of accounting software and accounting people…it’s great to see that someone / group of people thinking about ‘Small Business’ and helping them with such a nice software to work with.

Every software give anything or other a miss but that does not make it any less useful :slight_smile:

Yes I can understand that but then here you dont have provision to drin / PDF / Email , please check - https://i.imgur.com/Yaf6Bnr.png

Even if an accounting software does not have a thing named only as - Ledger , we all know without Ledger accounting ain’t possible Sir. Please refer to the URL -

However every accounting software has to deal with P/L A/c and balance sheet but with all I had been able to create Journal entries transferring funds in between always. you cannot justify that as it’s a control account it cannot be used in Journal entries.

Again in this case I referred to a Bank Account as BANK, in accounting world we all know what is bank and cash I believe so. Please refer to the URL - https://en.wikipedia.org/wiki/Bank_account

I believe Manager is not lacking any sophistication and equipped with many powerful features but may need a fine tuning for these features which surely is a tough task to do.

Kudos to the team developing the software and the forum users for trying to make it more and more useful than ever with their comments and requests.

Thank you for your understanding…

No, you don’t. You can only do those things with completed transactions and reports. But you can export to a spreadsheet and do whatever you want. I am not sure why you would want to do any of those things with Manager’s bank transaction list instead of with the bank’s statement.

That was not my point. My point was that you were attempting to explain a navigation path in Manager by using terminology that does not exist within the program.

I was not justifying anything. I was explaining why you see transactions from multiple bank accounts when looking at reports for Cash at bank. That is a completely separate issue from trying to transfer money with a journal entry. Regardless of what your experience with other programs has been, you cannot use journal entries in Manager to record transactions involving movement of money into or out of a business. You must use the Receipts & Payments tab. Therefore, Cash at bank does not appear as an account selection option for journal entries.

Every small business may have at least one Primary Bank Account (Current Account)


Steps to transfer funds to another Bank account (Created under Asset) as we directly cant access Cash at bank selection option for journal entries.

1> Add under ‘Bank Accounts’ -> Primary Bank Account (i)

2> Now under Settings -> Chart of Accounts -> Assets -> (Create an account)-Bank Withdrawal A/c

3> Now under Settings -> Chart of Accounts -> (Create an expense account)-Second Bank Account (ii)

4> Go to -> Receipts & Payments Tab -> New Expense -> issue payment to Bank Withdrawal A/c

5> Go to Journal Entries now you can create a new Journal Entry for ‘Bank Withdrawal A/c’ to ‘Second Bank Account (ii)’ as here both will be accessible in Journal Entry.

So this way your funds from ‘Primary Bank Account’ (i) can be transferred to ‘Second Bank Account (ii)’ where you may be thinking of parking some money for any other business investment or emergency.

Both accounts ( Primary Bank Account (i) & Second Bank Account (ii) ) will also be shown under -> Assets in your Dashboard

Now how to list individual statements for both Bank accounts created by you is as below
Go to -> Reports -> General Ledger Transactions -> New Report -> Select the date -> select the account ( both accounts will be found here ‘Primary Bank Account (i)’ as Cash at bank ) and the (’ Second Bank Account (ii)’ as 'Second Bank Account (ii) ')

Now Print / PDF / Email your statement, jingle mingle and say cheers :slight_smile:


Thank you @Tut for writing in :smile:

Not necessarily. Lots of businesses operate only on cash. And whether you have bank or cash accounts, you cannot record movement of money into or out of the business with a journal entry in Manager. I told you that before.

Everything about your process is wrong. A bank account cannot be an expense account, and creating a bank account only for withdrawals is completely illogical. If you want an individual bank account to show on the balance sheet, create a unique custom control account for it. See https://www.manager.io/guides/9256. Name the custom control account the same thing as the bank account.

Create the accounts correctly and you will be able to transfer funds with an inter account transfer. See https://www.manager.io/guides/9650.

You have this wrong, I request read in full for better understanding please.

Also I never mentioned it’s a ‘Bank account’ , rather A Bank Withdrawal A/c with focues on withdrawal of funds from bank.

I used the word ‘MAY’ so it’s not necessary that everyone is operating with a ‘BANK’

That would rather be a limitation than a feature…

Whats illogical to many is logical to others, at least in this case it does not defy any accounting logic :slight_smile:

Thank for your topic. It helped me to register successfully.