How to i transfer between accounts cause the inter transfer without using inter transfer
The clue is in the name - Inter Account Transfers - this is the only way to transfer money between two cash or bank accounts
Why do you want to do it any other way?
I want to transfer when im entering the bank transactions cause with inter transfer you cant allocate to the respective purpose as to why the transfer happened
for example my client has a savings which he normally transfer cash to the main account to buy stock how do i process that
will these go to the purchase account ?
You explanation is still not clear - what do you mean by “entering bank transactions”
The only bank transactions allowed in Manager are Receipts or Payments which record the movement of money into or out of bank/cash accounts from/to outside the business
Movements of money inside the business are just inter account transfers
What do you mean by “purchase account”? There is no such thing in Manager
Okay i understand purchase account is for the normal receipt the clients bring to me. Don’t you enter bank transaction on manager ?
You need to explain more about what you are trying to achieve
You say “normal receipt the clients bring to you” - sorry, but I do not understand what you mean by this
Perhaps explain a bit more about the business you are trying to do the accounting for - is it for you and your business, a business the client owns or something else
I Started doing bookkeeping for a business that is a restaurant based in a hospital their main income comes from the hospital; they have two accounts main business and a pure saving account what the owner does when he receives money for service provided he takes 40% of income and transfers it to the pure save later on in the month he transfers some amount for stock and so forth so what I have done every transfer he did i placed it under an account called shareholders loan but i want to correct it
I am assuming that the owner is the main or only shareholder of the business.
You should have two bank accounts - one for the business account and one for the savings account. I am assuming that the savings account belongs to the business and not to the owner.
If the owner then withdraws money from this account to purchase shares, I am assuming that the shares are his and do not belong to the business. So he has withdrawn funds from the business so this would be recorded as a payment to the owner which reduces his capital account
If you could post the chart of accounts you are using I could comment with some better advice
which i post a report
on the 28/09/2019 he transferred money from pure save to main account to purchase stop all these transaction a created a shareholder loan account where i have placed them
OK, that’s clearer now.
I am not sure that Shareholder’s Loan is the correct title for the account - it will depend on the type of business structure that is used - sole trader, limited company, private company, etc
Presumably the owner injected some capital into the business when it started - Any money taken out of the company to purchase shares in the owner’s name will be record using a Payment from the savings account and posted to the owner’s capital account.
It possible that the owner has also loaned money to the company but that is a different from his investing in the company.
This topic has been discussed in the forum before for example see here Still not sure if I set up Drawings properly
@joe, I think you are partially misunderstanding @Angela_Tjitombo. When she referred to taking money out of the savings account for stock, I think she was referring to buying supplies. (This could be either inventory items or just operating supplies.) So I believe all the discussion of shares and shareholder loans may be off track.
@Angela_Tjitombo, let’s go back to your original post. You asked about transferring between accounts. As @Joe91 told you already, this can only be done in Manager with inter account transfers. Read the Guide: https://www.manager.io/guides/9650. The purpose of the transfer does not matter, but can be recorded in the
Description field. No information on liability, income, or expense accounts is necessary, because an inter account transfer just moves money from one “pocket” to another.
When your client purchases supplies for the restaurant, you can enter a purchase invoice if the purchase is on credit. See https://www.manager.io/guides/7189. Or you can just record the payment. See https://www.manager.io/guides/7821. (If you use a purchase invoice, you will enter a payment later to pay off the Accounts payable subaccount for that supplier.)
I also notice a receipt transaction in your last screen shot on 28/9/2019 for “stock.” The only reason you would ever have a receipt for stock is if you are selling stock to someone else.