Starting balance — Bank or Cash Account — Edit

When you start using Manager.io for your financial management, it's important to set up the correct starting balances for your bank and cash accounts. This ensures that your records in Manager.io accurately reflect your actual financial position. This guide will help you set up starting balances for your bank or cash accounts.

Accessing the Starting Balance Form

1. Navigate to the Bank and Cash Accounts tab on the left side of the Manager.io interface.
2. Ensure you have created the necessary bank or cash accounts. If not, create them by clicking on the New Bank Account or New Cash Account button.
3. Find the bank or cash account for which you want to set the starting balance.
4. Click on the Edit button next to the account name to open the starting balance form.

Filling in the Starting Balance Form

The form includes the following fields:

Bank or Cash Account

This field shows the bank or cash account you are editing. Confirm that you have selected the correct account created under the Bank and Cash Accounts tab.

Starting Balance

• Enter the starting balance as per your bank statement. This is the balance of your bank or cash account at the date you are starting to use Manager.io.
• Exclude any pending deposits or withdrawals. Pending transactions are those that have been initiated but not yet cleared by your bank. They should not be included in the starting balance because they have not yet affected your actual account balance.

Recording Pending Transactions

Pending transactions should be recorded separately to ensure your accounts are accurate once these transactions are cleared.

Pending Deposits

• Do not include pending deposits in the starting balance.
• Record pending deposits separately under the Receipts tab:
  1. Navigate to the Receipts tab.
  2. Click on New Receipt.
  3. Enter the details of the pending deposit.
  4. Save the receipt.

Pending Withdrawals

• Do not include pending withdrawals in the starting balance.
• Record pending withdrawals separately under the Payments tab:
  1. Navigate to the Payments tab.
  2. Click on New Payment.
  3. Enter the details of the pending withdrawal.
  4. Save the payment.

By recording pending transactions separately, you can mark them as cleared in Manager.io once they are processed by your bank. This keeps your financial records accurate and up-to-date.

Saving the Starting Balance

After entering the starting balance:

1. Review the information to ensure accuracy.
2. Click on the Update button to save the starting balance for the account.

Your bank or cash account is now set up with the correct starting balance. Remember to regularly reconcile your accounts to maintain accurate financial records.

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By following these steps, you can ensure that your bank and cash accounts in Manager.io accurately reflect your actual financial situation from the start, providing a solid foundation for your financial management activities.