Re-reading the topic, I will say the Current Assets represent assets belonging to the business that can easily and quickly be turned in to cash - this includes Bank and Cash in Hand, Inventory (which can easily be sold for cash), monies owed which can be called in eg monies owed by customers, investments that can be sold or realised quickly eg shares in listed companies
In other words - it is not just stock
@Joe91. Thanks.
!added Bank Deposit A/C"
What other images would you like to see?
Does this help?
Now, it seems, I cannot delete the incorrect Bank A/Cs.
Also attempting to import a CSV bank statement I get “Missing date column” and “invalid”
I’ve check date format in Preferences matches date format in csv. The other columns I can edit as required once I can import.
OK, removed “Bank Deposit A/C” and defaulted “Bank Current A/C” to “Cash at bank”.
“Cash at bank” appears by default under Current Assets. When attempting to add ££s to Statement Balance, it will not allow.
What do you mean by “attempting to add ££s to Statement Balance” - please detail the steps you take to do this. There is no transaction Add ££s to Statement Balance
You need to say which tabs, button and form you are using to do this, so that we can understand what you trying to achieve and how you are going about it
Settings → Starting Balances → Current Assets → Cash at bank → Debit → Statement Balance
Pending deposits and Pending withdrawals seem not explained in the guides.
I set up a dummy company to test deposits & withdrawals.
Since both require a quantity and either “Sales” or “Interest received” do not relate directly to a starting bank balance(s).
Yes, both transactions, “cash at bank” and “cash on hand” show values in Assets and Equity they still appear to be pending transfers.
I presume you used the Edit button to enter the actual starting balance. You also need to set the starting date as you are taking on balances from a previous accounting system
The Pending deposits and pending withdrawals are from those Receipts and Payments entries where you have indicated the status are “Pending” rather than “Cleared” when entering the receipt or payment
Also you said you used
Settings → Starting Balances → Current Assets → Cash at bank → Debit → Statement Balance
although this is not correct - at least in my version of Manager 19.2.84. I have
Settings → Starting Balances → Current Assets → Cash at bank → Edit → enter starting balance
The guide Enter Starting Balances is very clear on how to enter starting balances including starting bank balances - the last section details the use of the Pending entries
Oops! Yes Edit allows me to enter a starting balance.
Added another bank account (Deposit) and “Edited” a new total amount as per your tips. Great!
It becomes clearer. Slowly. Thanks again, @Joe91
Next problem. Entering Starting Balances.
I have from Settings->Chart of Accounts added Trade Creditors
Same scenario if I add Trade Creditors under “Less Liabilities”.
The guide referred to above has full instructions on setting starting balances for Trade Creditors and Customers ie unpaid invoices at the start date
If you read the guide Set Starting balances completely all of your question are answered there. This would be a more efficient way of operating rather than posting questions here one by one.
If after reading the guide, you still have a question, then by all means ask for help here but otherwise you are just wasting people’s time
In fully accepting your chastisement @Joe91 you may first appreciate I’m an electronics engineer not, like yourself, a book keeper.
Re_reading your link, (which fails by the way), I see only that I must enter starting balances for individual creditors & debtors. I do not have individual detail for creditors and debtors available only totals for Trade Creditors, Sales, VAT Creditors, etc.
So are you saying I cannot proceed on this basis and must enter detail rather than totals to proceed further?
If you still feel I am wasting your time and refrain from responding then i must needs find an alternative solution.
You can enter a generic amount for outstanding debtor and creditor amount using a customer and supplier account setup specifically for this purpose
However, how will you then know when you receive a payment from a customer if it is for an outstanding amount and similarly for payments to suppliers.
Are you saying you don’t know who owes you money and to whom you owe money? That doesn’t seem credible
You really need to get a list of the outstanding debtors and creditors balances by customer and supplier. You can then enter one “invoice” for each customer/supplier with the amount owed by/to each even if you don’t have details of the individual invoices
Sorry about the error in the links - here they are
Set Starting Balances
Set Starting balances for Customers
Set Starting Balances for Suppliers
@Fopetesl, you also created your Trade Creditors as an expense account. This is wrong. It should have been a balance sheet account. And, in fact, you most likely should not have created it at all. Trade creditors are suppliers (in Manager’s terminology), and their balances appear as subsidiary ledgers under Accounts payable. But that account will not appear until you enable the Suppliers tab. Again, all that is explained in the Guides.
Actually @Tut I didn’t, it was created in a Test Company so I can learn without trashing my ‘main’ company.
But thank you for the explanation.
I’m trying to follow @Joe91 suggestions by hacking out Supplier & Sales detail out of TAS Books.
My VAT quarter ended 31 Dec, last. Do I need to worry about a VAT debit of £335 on the trial balance sheet of 31/12/2018? I’m assuming that the VAT gets reconciled as I enter the Supplier & Sales detail.
As far as I am aware I am clear with VAT liability until end of June, next.
Yes, entering invoices prior to the start date will post the VAT to the appropriate account. Make sure you use the built-in VAT codes for your jurisdiction
Depending on your location the VAT treatments in Manager are good or very good - the UK VAT worksheet is available but if you are in Ireland you have to use the Tax Summary to get the entries you need to report VAT
Now I’ve dropped a clanger somewhere but cannot find it.
If I create a supplier, in this case my landlord, and raise an invoice in Test_Business I have a drop down in Account listing all the accounts I have created under Less Expenses, e.g. Rent, Electricity, Telephone, etc.
In ‘main’ business all I get is STOCK, WORK IN PROGRESS & TRADE DEBTORS.
Both businesses have very similar Accounts listed including the initial default Rents, etc.
The only, repeat, only way to get a clear answer to this kind of question is to post an image of the edit transaction where you create/edit the account
Text saying this and that do not convey enough information to understand the problem and propose a solution. Particularly if you do not have accounting knowledge, please show images of the edit transactions
Your Chart of Account is probably hiding an error but unless we can see edit screens, we can only guess at what it might be
That does not matter one bit. All business created within Manager are 100% independent of one another, sharing only global preferences like language and number formats.
