which account opening balance should I create/copy after moving from the old accounting software to the new one? I recently moved from old accounting software to this one. I have created the opening balance of the customer and the suppliers and also the inventory items. apart from that what account opening balance should I create?
Note:- I am in the middle of the fiscal year (yet to close).
My 2nd query is, I just created the opening balances of suppliers by creating a receipt
description- an opening balance
account:- account payable
suppliers:- xyz company
amount- xxxxxx
is this a correct way to create the opening balance of suppliers?
Since you are migrating from another system, every balance sheet account that has a closing balance in your old system should have a matching starting balance in Manager.
No. You need to enter purchase orders equivalent to the Accounts payable balance. Read the Guides:
And what about the prior balance of accounts under income and expenses accounts such as rent, salary, sales etc till this date from my current staring fiscal year dated 2023-7-16
To start from the middle of the financial year, we can use Journal Entries for All Accounts to Temporary Accounts, except for Cash and Bank, we must use Payment or Receipt to Temporary Accounts
Temporary accounts fall under which chart of accounts? Are temporary accounts as same as suspense accounts which the manager app system self-generates?
Suspense account is how Manager flags user data entries. It is an error state. While transactions are in the suspense account the reports and balances Manager generates maybe inaccurate. Most other programs would prevent you saving such transactions at all, Manager allows your to defer (briefly) their correction / completion. See the relevant guide Clear transactions in Suspense account
Temporary accounts can be anywhere on the balance sheet, because in the end the temporary account will be zero.
Enter all accounts and closing balances in the Journal Entries, then enter the difference between Debit and Credit in the Temporary Account.
You are not finding basic accounting in Manager easy. Using Manager to accommodate a difficult software task will cause you much more pain in the long run.
A much better question is: what is the cleanest / simplest way of dealing with this situation?
The answer to which has already been given by @Tut :- do it at a recognised financial period boundary as income & expense accounts are reported for specific periods so do not have a balance and don’t need a starting balance.
Options to achieve that
Use the remaining time before the start of the next period to familiarise yourself with Manager so when the time comes you can transition easily. Keep using your old accounting system in the interim.
Re enter the data from the start of the last period into Manager. Bank imports (and maybe batch create/update) can aid in this process.
A further problem with temporary accounts is that, once an account has been used in Manager, it can never be deleted without first deleting every transaction that references it. So your chart of accounts would always be cluttered with these unused accounts.
We can make the Temporary account inactive so it doesn’t appear in our reports or summary.
It’s not a good way, but sometimes cases like this happen. when the company is forced to change software and we don’t want to re-enter existing transactions into the new software.
Making account inactive will not make it disappear from reports or summary
You can make all accounts with a zero balance disappear, so then it will not be shown but all other zero balance accounts will disappear too, which may not be desirable ay all
