Okay my brain is fried. I’m trying to get my reports for the account accuarate and I am getting confused about how to exactly do my settings and entries in Manager. I love the program and have read so many things in the guides and forums that now I have confused myself. I’ll try to line it out simply to get the best responses to my problems.
My husband and I have an LLC and it is just me and him no employees
We have no inventory the business is designing fire sprinkler systems in CAD with only one customer that is another family LLC that does the installation of the sprinkler systems. We registered and started the business 10/5/17.
Prior to starting the business going back to 11/5/15 we had to purchase fire sprinkler books for training, computer supplies, some office supplies. We used our personal funds up until the business start up 10/5/17 and then received a loan to get a new computer and the CAD and design programs needed to do the design work.
- I have the loan entered and it is reporting correctly on my year end reports showing payments correctly etc.
- am pretty sure I have my “Chart of Accounts” set up correctly
- What should the start date be under “Settings” to get the start up expenses paid from personal monies to show up correctly under the different expenses accounts and to show our contribution in capital accounts correctly?
- Should I just use starting balance under each of our capital accounts to indicate what we spent between 11/5/15 and 10/5/17?
- Should I do an expense claim for all the purchases prior to 10/5/17 to designate those expenses to the correct expense accounts or just put the start balance showing what we contributed and not have those items listed under an expense account (i.e. computer supplies- books, resources and job aids)
- Next would I do a journal entry if I did do a journal entry. This part confuses me because when I did and expense claim and then a journal entry it recorded the items in capital accounts twice.
- Also the set period on the summary pages confuses me in relation to the start date entered under settings.
I have changed these things around so many times as I read the guides and forums I have now confused myself. I know this all sounds dumb and is probably easier than I am making it. I don’t want to have to start over from scratch as we have done quite a few jobs and the thought of starting over is a bit overwhelming for me. I know once I get this all set up correctly it will be easy that is why I picked manager to begin with but trying to get stuff ready for my tax accountant has really thrown me off.
Thanks for reading through this and hopefully not rolling your eyes. I appreciate any guidance.