When I add the starting balance to a credit account ( which is in the red at the time of starting the database) (eg -$500)It shows as a positive figure in all the reports (using the example - showing my accounts out by $1,000). How do I fix it?
(Mac computer)
BTW it shows negative whenever I click on the edit 'bank account 'button
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What is BTW? please show us snap shots of the problem
BTW By The Way!
Are you referring to a Liabilities account when you say âcredit accountâ and when say âin the redâ do you mean it has a debit balance, if yes, then for your accounts to be out double that figure then it posted to the wrong side. If assist further, you need to clarify your example.
What has this got to do with it - what shows negative and how does it relate to the bank account??
You need to provide more information, @Phil. What is the specific account involved? As for account types, there are only asset, liability, equity, income, and expense. Two control accounts with credit in their names are Customer credits and Supplier credits. The first is a liability account, while the second is an asset account. Negative starting balances in those two accounts will produce different results. But they also cannot be set up with starting balances. Both require you to enter unpaid invoices from before your Start Date.
Based on some of what you wrote, I suspect you are discussing a bank account, possibly a credit card you have set up as a bank account. Is that right? If so, because bank accounts are asset accounts, you should have entered the amount owed on the credit card on your Start Date as a negative number, because a credit card actually represents a liability account.
On the other hand, if you set up the credit card as a liability account, your starting balance entry should have been positive. But Manager handles credit cards best as bank accounts, because you have the functionality of using uncleared deposits and payments.
Also, which specific reports are you referring to?
In this case, your operating system makes no difference.
Yes, âin the redâ means debit balance.
The Bank account is for a credit card account, which has a debit amount to begin with, therefore the opening balance is a negative figure.
Yet when I open a report (eg starting balances) it states I have that amount in the bank as an asset
Your terminology is reversed, @Phil. Because you have apparently set your credit card up as a bank account in Manager (you didnât actually say that, but implied it), it is an asset account. Asset accounts are increased by debits. So if you owed a balance on the credit card on your Start Date, it had a credit balance. Assuming you entered the figure as a negative number, your Starting Balances report should show it in the credit column. That report does not use positive and negative signs because the entries fall in either the debit or credit column.
When you look at your statement balance under the Bank Accounts tab, you can drill down by clicking on the blue number. You will see everything that contributes to the balance shown. The oldest entry in the list should be your negative starting balance.
Thank you
Should I change the credit card account to a liability account? If so how?
The figures do show as negative for the entries I have put in other than a payment to the account
Also, when I looked up the details in this and other accounts I can only see 10 entries, there is no scroll button to see all the entries and therefore the opening balance. I do see it as a negative number in Summary though
No. You lose all the good functionality that is only available for bank accounts. A possible change has been mentioned that would allow you to recategorize a credit card as a liability account. But for now, leave it as a contra asset account.
When you mention the 10-entry limit, I assume you are referring to what you see when clicking on the View button for a bank account. That is just a recent transaction view. To see all entries, click on the blue Statement Balance figure.
Thank you
Itâs a steep learning curve!!