Starting Balances

The Starting Balances feature in Manager.io allows you to easily input the initial balances of your accounts and subsidiary ledgers at the time of transitioning to Manager.io from another accounting system. This ensures accurate tracking of your financial data going forward.

You can access the Starting Balances feature under the Settings tab.

Why Use Starting Balances Instead of Journal Entries?

Many users initially consider using a journal entry to establish opening balances. However, a journal entry can become lengthy and complex. Additionally, starting balances are not limited to accounting debits and credits only. For instance, if the Inventory Items tab is enabled, you may need to record management-related balances such as quantities on hand, quantities to deliver, and quantities to receive, which are not strictly accounting entries.

Entering Starting Balances for Specific Tabs

Manager.io provides separate entry screens for entering starting balances for specialized accounts and account categories. These dedicated screens simplify the process and help ensure accuracy when setting up your records. The following specific screens are available:

Special Accounts

Set up starting balances for your special accounts:

• See detailed guide at Starting Balances — Special Accounts.

Sales Invoices

Establish starting balances for your open sales invoices:

• See detailed guide at Starting Balances — Sales Invoices.

Purchase Invoices

Record opening balances for your outstanding purchase invoices:

• See detailed guide at Starting Balances — Purchase Invoices.

Investments

Enter initial balances for investments:

• See detailed guide at Starting Balances — Investments.

Inventory Items

Specify initial management-based balances such as Quantity on Hand, Quantity to Deliver, and Quantity to Receive:

• See detailed guide at Starting Balances — Inventory Items.

Intangible Assets

Input the initial balances for intangible assets:

• See detailed guide at Starting Balances — Intangible Assets.

Fixed Assets

Record starting balances for fixed assets:

• See detailed guide at Starting Balances — Fixed Assets.

Employees

Configure the starting balances relating to your employees:

• See detailed guide at Starting Balances — Employees.

Capital Accounts

Input beginning balances for capital accounts:

• See detailed guide at Starting Balances — Capital Accounts.

Bank and Cash Accounts

Record opening balances for your bank accounts and cash accounts:

• See detailed guide at Starting Balances — Bank and Cash Accounts.

Balance Sheet Accounts

Set initial balances for custom balance sheet accounts you have set up under Chart of Accounts:

• See detailed guide at Starting Balances — Balance Sheet Accounts.

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By using the Starting Balances screens provided by Manager.io, you can quickly and accurately capture all essential financial data needed for proper ongoing accounting and management purposes.