What is the correct way to set up your bank accounts.
It you have the Bank Account Tab showing you enter he details including the opening balance.
So my question is do you have to add it to chart of accounts as well?
No , You cant add bank name in chart of account
Just click at Bank Accounts button then click at new bank account then create new account
Maybe I was not clear enough.
Assume I’m setting up accounts for the first time in Manager
I have a bank balance at the beginning of the period amounting to $ 1,000.00 (“cheque account”)
Now if I go to Chart of Accounts I can ADD this cheque account as an Asset and gives me the opportunity to enter the opening balance as stated above.
However, to IMPORT TRANSACTIONS I have to ADD the Bank Accounts TAB.
So once I do activate THIS FEATURE (via the tick box for “Bank Accounts” via customise) I ADD the same bank account again and it asks for an opening balance.
This does not make sense. What am I doing wrong?
Firstly, all bank accounts need to operate through the Bank Accounts TAB.
So you need to delete the bank account created under Chart of Accounts as it can’t be posted to.
In deleting the account you will probably need to zero the opening balance and update first, then delete.
All bank accounts and credit cards function via the Bank Account TAB (Control Account) which itself has a default Chart of Account - Cash at Bank, unless its been renamed.
Thank You
However, it now appears you can’t allocate a bank account to post to between bank accounts…when you transfer money from one bank account to another. The example is on the basis of imported transactions.
I also have found the find function only allows for two digits. Is that right?
Categorizing transfers between bank accounts is a bit more complicated when importing bank statements.
What I currently suggest is to create an account called Inter Account Transfers or something similar and categorize all bank transfers to this account. This account should always come to zero balance since deposits and withdrawals posted to this account will contra eachother.
Not sure what you mean for “two digits”
Thank you for your answer
The two digits … what I mean …is if you look at a list of transactions and you want to find an amount …lets say $63.21. If you hit control F…it will only allow you to enter two digits that is 63 not 63.21 to find that amount.
Can you try entering 63.21 to search box in top-right corner when searching for transaction?
Thanks
I have installed the desktop version in Windows and Ubuntu but see no Bank Account button - what am I missing?
You must enable the Bank Accounts tab. Click Customize under the left navigation pane, click on any tabs you want to enable, and click Update.
I have installed the desktop version in Windows see no Bank Account button, Tried enablingthe Bank Accounts tab. → Customize under the left navigation pane, I was not able to locate bank accounts.
what am I missing?
It has been renamed Cash Accounts to better reflect usage of that tab.
Read this Guide: Set up a cash account | Manager. For a bank account, be sure to check the box indicating the account is maintained at a financial institution. Otherwise, Manager will treat it like a petty cash fund or cash till.