Starting balance for fixed assets

1

I am struggling with Assets. Probably because i know nothing of accounting. The Manager program is mostly very easy to understand and basic day to day operations seem easy enough. I have created a test business to test all the different functions that i would be using. I cannot however for the life of me figure out how to add existing assets to manager. I mean I can easily add a new fixed asset and make new payment. I just cannot find a way to add “old” asset and add the acquisition cost without having to make a new payment entry. This https://www2.manager.io/guides/15718 is not helping me either as my add fixed asset tab/page does not have starting balance options below the description box. The fixed asset help page also does not indicate adding old assets at all. Can someone please help me with this, Thank you in advance

3

Try to make a Journal Entry

4

Thank you, I have with trial and error managed to get it right, I think. Journal entry for to add asset, at cost and then depreciation entry for accumulated depreciation.

5

I am struggling with this same issue and hope maybe you can be more specific in how you got it to work.
My Journal Entry is “out of balance” when I have fixed asset at cost as DEBIT and accumulated depreciation as CREDIT .
I wish there was an example with the new version.
Thanks if you can help
NormaLee
Fort Bragg, CA

6

You are loading Opening Balances for a new business (new to Manager anyway) … correct?

The your journal entry is Debit Fixed Assets, Credit Accumulated Depreciation and Credit Retained Earnings

7

Thank you
Yes … entering data for existing company into manager - for a small non-profit that previous bookkeeper did all on paper and I am not an accountant. That makes sense.
truly appreciate help from the forum

8

Hello Jaykay, I could also not work this out. how did you do that? Can you let me know your steps? Thankyou

9

Since Manager.io handles fixed assets dynamically (linking the asset registry directly to the balance sheet), entering a “new” asset usually expects a corresponding cash or credit transaction. When migrating historical data, we bypass this by using Journal Entries paired with a clearing account—often called an Opening Balances Equity or Historical Balances account.

Step 1: Create the Asset Identifiers
Before making any journal entries, you need to create the asset records in the software so the system knows where to assign the values.

  1. Go to the Fixed Assets tab in Manager.io.
  2. Click New Fixed Asset.
  3. Enter the asset’s name, description, and code, but leave the acquisition cost or starting values blank if the system prompts for a direct transaction.
  4. Save the asset. (Manager.io will now have an internal record for this asset, but its balance sheet value will be 0).

Step 2: Set Up Your Historical Balance Account
To keep your double-entry accounting in balance, the historical values need a counter-account.

  • If you haven’t set one up yet, go to your Settings > Chart of Accounts.
  • Create an Equity account named Opening Balances Equity (or Historical Balances).

Step 3: The Journal Entry
Now, you will use a Journal Entry to breathe life into those asset accounts. You will need three figures for each asset from your paper books:

  1. Original Cost** (Historical Cost)
  2. Accumulated Depreciation** (up to the day before your electronic start date)
  3. Book Value (Original Cost minus Accumulated Depreciation)

Go to Journal Entries > New Journal Entry and structure it like this:

The Accounting Logic

  • Debit the Fixed Asset account for its Original Cost.
  • Credit the Accumulated Depreciation account for the Historic Depreciation.
  • Credit / Debit the Opening Balances Equity account for the difference (the Net Book Value).

What it looks like in Manager.io:

Fixed Assets, at cost Debit 50,000
Fixed assets, accumulated depreciation Credit 20,000
Opening Balances Equity Credit 30,000

Make separate entries for you different asset types.

10

Hello @JayKay,

It looks like you are still running a very old version of Manager.

Starting balances process have been streamlined and made easier since.

Now we get to enter most of the starting balances from Settings > Starting Balances like we used to.

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You see the form contains starting Starting blance > Acquisition cost and Starting blance > Accumulated depreciation in one single form per asset, so you need to:

  1. Create asset in Fixed Assets tab
  2. Create starting balance from the Settings

You can also Batch Create your fixed asset starting balances for faster entry.