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30 sats \ 11 replies \ @freetx 17 Feb \ parent \ on: Accounting Software Rec? tech
For income / expenses it will be fine.
We setup our required custom Chart of Accounts categories (under Settings -> Chart of Accounts). This is special Income and Expense categories we use. (Things like License Fee Income, Development Expenses, Internet Hosting Expenses, etc)
Then just setup your Customers and Suppliers and then when you generate Invoices it goes against a specific Customer (the line items on the Invoice relate to the specific Income categories we setup in Chart of Accounts).
Likewise for Expenses they go against your Suppliers and again with line items that correspond to the custom Accounts you setup.
We have an accountant. We just print out the year end reports and he enters all figures into his software that generates our tax forms.
Would you be able to help me with setting things up? I want to make sure that I don't miss anything and there's a few things in the program that I just dont understand!
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Since I’m starting fresh in a program, I need to set an initial balance. I’m looking at my past bank statements and considering using the one ending on December 25, 2024, as my starting point.
Is it best to import all transactions first, or is there something else I should consider? Also, when should I do the reconciliation - after importing everything?
Additionally, how should I categorize transactions when money comes into the account from an external source and is then transferred to another external account?
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Yes use your end of year bank balance as your starting number for 2025
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Import all 2025 transactions? Yes probably best and then you can recon to end of Jan 2025 bank statement. Typically bank recons are done against the bank statements so normally can only do once month is ended. You won't need any pre-2025 transaction....
money comes into the account from an external source and is then transferred to another external account?
Is it an income for the business? and the outgoing is what? Expenses? Your personal payment?
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Thank you very much.
Do you recon after each month? Do you need to import your statement into manager at the end of every month, or do you just manually input the transactions as they come? Is there a way to automate that process?
The money that comes into manager from an external source would be, for example; sending money from a retirement account into manager, and then those funds sent to an exchange to purchase btc
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The simplest way to handle recons is
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Simply don't enter Receipts or Payments until you receive your bank statement (or until they show up in your online transaction list in your bank account). You can still enter Invoices or Purchase Invoices for pending incoming or pending outgoing movements....just don't do the Receipt or Payment until you have confirmed its moved in/out of your bank account.
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On the main Summary page (front page) of manager, there is a "Edit" button. This allows you to set the effective date. So you can set the date for instance to Jan 31, 2025 and then see what your bank balance should be up until that point and compare against your Jan bank statement to make sure you didn't miss anything
Manager does have a "Bank Reconciliation" module (New modules are activated from the "Customize" button at bottom of main Summary page). But I've never used the bank recon module....I only have 20 or so transactions per month so its just as easy to do recon things manually by setting the "Edit" button to the month I'm recon-ing.
The money that comes into manager from an external source would be, for example; sending money from a retirement account into manager, and then those funds sent to an exchange to purchase btc
You should probably just setup those as additional bank accounts. Then you can use "Interaccount Transfer" module to move from one to another. It doesn't make sense to handle those as Receipts or Payments since its just another one of your accounts....the equivalent of moving money from your left pocket to your right....
Manager does have an Investment module, but I've never used it, but it may be helpful for you in that case.