@lubos, the new scheme (Version 15.4.95) for creating starting balances as an account is being set up is magnificent. Unobtrusive if you don’t need to use it, intuitive if you do.
It’s affect on Fixed Assets is so dramatic, it makes me want to rush out to buy something! The entire workflow around Fixed Assets is now so much simpler. The streamlining of the corresponding Fixed Asset Summary will be greatly appreciated.
I suggest you close down a lot of previous forum topics that have just become obsolete.
Congratulations on another immense improvement to an already wonderful application!!
Sorry ! but i am unable to understand this mechanism. In case of balance due , how can i enter so many previous invoices ? there should be only one figure like before . what if i want negative [available credit] ?
In Case i put sales and purchase invoices for customers and suppliers respectively . How to select “Starting Balance Equity” in account tab in sales invoice, similarly in purchase invoice ?
Due to your update my ssytem is showing negative starting balance equity value along with wrong customer supplier balances. How to nil this starting balance equity ?
@hasan, did you enter negative customer/supplier credits as starting balances? I’m sorry but I can’t support this. Even though the software allowed for this previously, the guides specifically stated that starting balances for accounts receivable and accounts payable must be entered as individual invoices dated before start date.
This is because most businesses need profit & loss statement or tax reports on cash-basis. If you take a shortcut by entering negative credit amount instead of entering that invoice, Manager has no way of determining what taxes have been applied on that starting balance, what income accounts should be affected etc. In other words, your cash-basis reports will be wrong. So I can’t support a workaround which will eventually hurt users.
Not to mention, if you enter these invoices individually, you can start issuing customers their statements right away. That’s one more benefit of not doing a workaround.
So what to do if you have a lot of unpaid invoices which should be entered to establish starting balance? You should always consider to enter them all. I will soon give ability to import invoices from spreadsheet too which could help somewhat. If you really really want to avoid entering all invoices, one acceptable workaround would be to enter one invoice per customer/supplier which should represent total of their unpaid invoices.
@Tut, thanks. However keep in mind, when it comes to fixed assets (or all accounts for that matter), it’s only for establishing starting balances as at start date. Once you purchase an asset past start date, then starting balances are not going to help. The purchase transaction of an asset (payment, invoice, expense claim etc.) must be then allocated to the Fixed assets account directly like before.
The new check box option for starting balances is great.
I have set the starting balance for tax payable (GST payable in our case), but can’t seem to set the starting balance for Payroll Liabilites (PAYG withholding payable in our case). I have tried Reports > starting balances but it’s not there. There is no check box for starting balance for Payroll Liabilities when editing in Chart of Accounts. Can anyone put me on the right path?
I do realize new assets won’t use the new scheme. I just remember how cumbersome the process used to be, and I’m jealous of new users. Still, the related improvements to the Fixed Asset Summary will benefit everyone.
I agree with you that we should not workaround. The idea of entering one invoice per customer/supplier is acceptable for me. Now guide me how i can select Starting Balance Equity as account while entering the sales invoice/purchase invoice ?
When entering sales invoice or purchase invoice, use proper income or expense accounts. Manager will use this information when invoices are paid and reports prepared on cash-basis.
