How i enter my old (Opening Balance) in manager io??
i try journal entry but it is not correct, is there other way to register all my income and expense ??
Set a starting date:
https://www.manager.io/guides/9783
Enter starting balances:
https://www.manager.io/guides/15718
Hello, Thank you for reply,
This guide regarding only Balance Sheet -
My problem is how to set an income & Expense opening Balance?
Do you wnat to upload transactions of the current period or you want to set cumulated incomes and expenses from t(0) of your business, ie copy the closing data from P&L in Manger?
The second one is impossible.
The first one has to be done by setting starting date, for example, at 1/1/2020, adding starting balance and by inserting all the transcations in Manager from 1/1/2020 till today.
So, there is no way to import or add opening balance for the current YA or the previous YA.
It is too many transaction to add!!
Our company start business Since 2007 & now we are moving to manager io accounting system, all the previous Income & Expenses with effective on retained earning will gone !?? How Come?
You can and must only enter the cumulated retained earing since it’s the only voice that goes to BS which is the only document that goes through each fiscal period. That’s how Manager is designed.
What about the income & Expenses for the current YA, if i can not enter all the transactions (It is above 950 transaction)
Start using Manger at the beginning of a financial year / enter income and expensed back to the start of a financial year. (Alternatively start at another period boundary but you will need to combine the result of both this year financial reports).
Income and expense for that and subsequent years will then be calculated by Manager. Income and expense is available in your old accounting system for prior years.
Asset on the balance sheet side of Manager have starting balances, entered from the old accounting system into Manager.
Make a big cumulative Journal Entry between each voice of the P&L and the total Retained Earnings.
If it’s for the the first day of your of your financial year you don’t. However, if its for a date during the financial year then use this process. Let say your financial year is Jan 1 to Dec 31 and you want to start using Manager from Aug 1, therefore you are taking up the BS and P&L starting balances as of Jul 31.
First you take up the BS Jul 31 closing balances using the standard Starting Balances process, using the Start date Jul 31. Verify that they have been entered correctly.
Next, via a Journal Entry dated Jul 31 you enter the P&L account balances as of Jul 31 with the income accounts entered as credits and the expense accounts entered as debits. To balance the Journal Entry post the balancing value to the Retained Earning account. This value would represent your YTD earnings.
This Journal Entry doesn’t affect the BS Starting Balance Retained Earnings value as it is self cancelling within the Retained Earning account.
You could take up a similar Journal Entry (dated Jul 31) representing each year but this wont allow year on year reporting. If you want year on year reporting then you have to do more fancy footwork with regards to the Starting Date, Balance Sheet values and the Journal Entry dates.
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Thank you, i try it, and its work, thats what i need