The Bank and Cash Accounts tab in Manager.io displays your business's bank and cash accounts. It serves as the central hub for managing all financial transactions that enter or exit these accounts.
If you do not see the Bank and Cash Accounts tab, you need to enable it. See Customize Tabs for more information.
To add a new bank or cash account, click on the New Bank or Cash Account button.
See Create or edit bank and cash accounts for more information.
When you create your first bank or cash account, two essential accounts are added to your Chart of Accounts:
See Chart of Accounts for more information.
If you have created a bank account that has existing balances, you can set starting balances under Settings, then Starting Balances. See Enter starting balances for bank and cash accounts for more information.
By default, all bank or cash accounts are created as subaccounts of the Cash and cash equivalents control account. This means that on financial statements, such as the Balance Sheet, you will not see balances of individual bank accounts but the total balance of all your bank accounts under the single label Cash and cash equivalents.
If you wish to group your bank or cash accounts differently (e.g., credit cards, bank loans, term deposits), you can create multiple control accounts and assign each bank account to its control account. This is useful for showing bank loans and credit cards, which are typically liabilities, under their own label in the Liabilities section of your financial statements.
If you'd like to show each bank account directly on your financial statements, you need to create a custom control account for each bank account. See Control Accounts for Bank and Cash Accounts for more information.
Importing bank statements saves time by avoiding manual data entry. To import your bank statements, click the Import Bank Statement button located in the bottom-right corner.
See Import a bank statement for more information.
You can also connect your bank account to a Bank Feed Provider, which allows you to retrieve transactions directly without importing. See Connect to Bank Feed Provider for more information.
The Bank and Cash Accounts tab features the following columns:
Shows the optional Code field associated with a bank or cash account.
Displays the Name field for a bank or cash account.
Shows the control account in which a particular bank or cash account is reported on the balance sheet. By default, bank and cash accounts are categorized under Cash and cash equivalents. For increased flexibility, you have the option to establish custom control accounts. See Control Accounts for Bank and Cash Accounts for more information.
If you're utilizing Divisions, this column displays the division to which the bank or cash account is assigned. See Divisions for more information.
The Uncategorized Receipts column displays the total number of receipts linked to this bank account that haven't been assigned a credit account. This is common when importing a bank statement. By clicking on the displayed number, you'll be directed to the Uncategorized Receipts page, where you can categorize receipts in large groups by applying Receipt Rules.
The Uncategorized Payments column shows the count of payments made through this bank account that lack an assigned debit account. This typically occurs during a bank statement import. Clicking on the number redirects you to the Uncategorized Payments screen, where you can categorize the payments all at once using Payment Rules.
The Cleared Balance column displays the sum of all payments, receipts, and inter account transfers recorded in this bank account and marked as Cleared.
The Pending Deposits column shows the sum of all receipts and inter account transfers recorded for this bank account that are flagged as Pending.
The Pending Withdrawals column displays the sum of all payments or inter account transfers recorded in this bank account that have been designated as Pending.
The Actual Balance column shows the sum of all payments, receipts, and inter account transfers recorded for this bank account. Essentially, it represents the Cleared Balance with Pending Deposits added and Pending Withdrawals subtracted.
The Last Bank Reconciliation column displays the date of the most recent bank reconciliation for this bank account. This helps ensure that your reconciliation efforts are up to date.
Use the Edit Columns button in the bottom-right corner to configure which columns should be visible to better fit your business requirements. See Edit Columns for more information.
By following this guide, you can effectively manage your bank and cash accounts in Manager.io, ensuring accurate financial records and streamlined transaction processing.