I am a total new beginner. I want to input my new purchase of goods. should I go to Purchase invoice to o it. I have already build a list of inventory items. Can the list of inventory items be sync to purchase invoice items as most of them will be same items.
Also, when I go to purchase invoice item, I cannot find the correct expenses to allocate to it. I suppose the expenses name should be cost of good sold right? Thank you.
Inventory items are those you purchase to stock and later resell. To buy them on a purchase order select the inventory account on the Purchase Invoice line and a new box will appear to the right of the account to choose the inventory item you are purchasing.
‘Purchase items’ (set up on using the settings tab) on the other hand are really just ‘aliases’ for account numbers, you use these to buy goods or services that you consume to an expense account. I.e you do not stock them for resale. These you pick in the first item column on the Purchase invoice.
So, nothing to sync, your inventory items are already there, but you need to pick the inventory account before you can select them on your purchase invoice.
Thank you for your quick response. Does that mean that PO is for inventory items for resale and Puchase Invoice is for the general expenses like bank charges, office expenses etc and not goods for sales.
I tried to go to PO and I still cannot find the inventory acct on the PO line.
My step to go to PO is to click on the left hand bar of all setting items and clicked Purchase Order, then I see New PO and click. I go to item and even I have set a few inventory items (5) already, no matches found on the PO. Why.
Purchase orders is for ordering from suppliers. Purchase invoice is when you receive an invoice from supplier.
What @alasdair said is that purchase invoice items are for non-inventory items (e.g. services) but you don’t need to use purchase invoice items at all. It’s just a shortcut so you don’t have to type the whole description, price, select account, tax code etc. when creating new order to supplier or entering invoice from supplier in Manager.
Thanks. I now successfully created PO and found the inventory items in PO to create my FIRST PO and then changed the PO to PI. Bravo!!!
So if I receive bank charges and have travelling expenses to record, do I also create them in PO?
As my supplier are from New Zealand and I am selling my goods in Hong Kong.
How can I do the exchange from the Payment of my supplier and convert to HKD equalivant please.
Thank you.
Use only purchase invoices for credit purchases where you receive an invoice from supplier which you will pay later. Bank charges is not a credit purchase, you would record it directly under Bank accounts tab as Spend money transaction.
Anyway, have a look at guides on accounts payable at Guides | Manager
@nzsheep, since you said you were totally new to accounting, I recommend you read all the Manager Guides at the link below. Some won’t apply to your situation, but they will help you determine which features of Manager you need to enable.
For general understanding of double-entry accounting, starting with the simplest concepts, I always recommend accountingcoach.com. A couple hours browsing will help you understand what Manager is doing. Most small businesses can actually get by with very simple accounting practices.
Thank you all.
I have successfully done the followings:
Questions:
Why my balance sheet look like this:
P/L acct: net profit 0.08
Balance Sheet
Asset
Account Receivable HKD563
Cash at bank HKD100,000.08
Cash on Hand (HKD576.6)
Total Asset HKD99,986.48
Labilities
Account payable 576.72
Net Asset HKD99,409.76
Equity
Capital HKD100,000.00
Opening Balance (HKD13.72)
Retained Earning HKD0.08
Suspense (HKD576.60)
Total Equity 99,409.76
Am I missing some postings? Is that I need to do separate Journal entries on each of the sales an purchase items please?
Where is the Inventory on hand value please. Where can I see my inventory numbers.
I have updated the exchange rate but seems that there is still discrepancies.
Sorry for my stupid questions even after reading the accountingcoach.
Thank you.
From your posting, it appears that you have neither enabled the Inventory Items tab nor created inventory items. Be sure to read the Guides at:
http://www.manager.io/guides/inventory/
Also, the presence of HKD 576.60 in Suspense indicates an unbalanced entry. This means your payment in that amount was not matched with the same quantity in another account. Remember, in double-entry accounting, debits and credits must equal one another for all transactions.
I suggest you stop making entries in Manager until you fully understand these first transactions and believe Manager is giving you the numbers you expect. Otherwise, you can easily end up with a very difficult mess to sort out. Fixing these transactions will help you understand both Manager and double-entry accounting. Working with your own situation is often more helpful than reading examples.
Best of luck.
From nice posting. the presence of HKD 576.60 in Suspense indicates an unbalanced entry. This means your payment in that amount was not matched with the same quantity in another account. Remember, in double-entry accounting, A couple hours browsing will help you understand what Manager is doing. Most small businesses can actually get by with very simple accounting practices.
How can I do the exchange from the Payment of my supplier and convert to HKD equalivant please.
Thank you.