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help with cash flow manager

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Old 20-04-10
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Default help with cash flow manager

hi all. ive only recently started being a bookkeeper. and i normally use myob, and am used to that program, but am doing the books as a favour for a friend of mine who uses cash flow manager.

recently she paid for a business trip on her personal credit card and not on the business credit card, silly i know! so my question is how should i enter this? would i put it through as a cash purchase?

this program confuses me. anyone know about cash flow manager?

any help would be appreciated.

moni

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Old 20-04-10
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Default Re: help with cash flow manager

I am using Cash Flow Manager for a client of mine and personally, I can't stand the program. But thats what they WERE using (now on MYOB) so I have to live with it.

What I did with problems like that and for journal entries is to choose a bank account and payment or receipt method (because you have to) and do a 2 sided entry for the one payment. This will have no effect on the bank balance but allows you to enter your transaction.

eg. choose Cheque payment
First line is the payment (the expense as per normal)
Second line do a negative entry to the Shareholders Loan/Drawings/whatever account you use for the same amount.
Net balance of the transaction NIL to the bank.

Just remember that in the example I just gave the system thinks you are entering a payment so the expense or payment is entered as a positive figure (the DR) so the payment by the employee/director/etc is a contribution of funds (the CR). If you chose to enter it via the deposits you have to swap the positive and negative amounts so that the payment is a negative and the contribution of funds is a positive.

I hope I haven't confused you too much. There are probably other ways but that is what I figured out worked for me.

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Last edited by Dardee; 20-04-10 at 02:29 PM.
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Old 20-04-10
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Default Re: help with cash flow manager

thanks dardee. hhmm bit confusing. maybe i should just get them to give it to their accountant at tax time. although i think that is a bit slack on my behalf hey?! i will have a look and see if i can figure it out.

thanks again

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Old 20-04-10
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Default Re: help with cash flow manager

So they didn't reimburse the personal account from the business account for the same amount? That's what we used to do when I was keeping the books for social clubs, if someone paid for something themselves we'd write a cheque from club funds to reimburse them.

Other than that, I'd write it up as a cash purchase.

Disclaimer: I'm not a bookkeeper so I could be waaaaaay off here!

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Old 20-04-10
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Default Re: help with cash flow manager

Good point. I did assume in my prior post that the expense was not reimbursed by the business.

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Old 20-04-10
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Default Re: help with cash flow manager

I too reimburse myself. The receipt is retained as proof of what the cost was and then it it just shuffling money. Been doing it that way for years and not had my wrists slapped by my accountant yet! (Note not a company set up, just sole trader so this could be an influence)

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Old 21-04-10
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Default Re: help with cash flow manager

thanks guys. well looking at it now yeah there is a transfer of $1000 to pay the personal credit card (although she said it was for her mortgage, which it wasnt)! but there is still another few hundred that hasnt been reimbursed. so what should i do there?

also, with this program, she has 3 accounts set up for:
business chq
business credit card, and
cash sales

if she pays things from her own cash (doesnt have a petty cash system and does not want one) eg postage, staff morning teas etc, would i put those expenses in the CASH SALES account in the payments section under 'total cash payments', then in the receipts section with details 'owners cash' (or similar) and in the 'reciepts not banked'?

i really think she needs to sort out a better system. especially if im going to continue doing her books! lol!

omg i hope this makes sense to you guys. its pretty hard to describe it in words, in comparison to looking at it on screen in front of you.

thanks heaps peoples....im glad i found this website.

moni

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Old 14-11-10
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Default Re: help with cash flow manager

I started using this software because my accountant said they used it , its pretty simple but if you have used something else it would be tricky . As I have never used anything else I dont know any better , its pretty simple seems like a spreadsheet on steroids . I figured out invoicing and it works well plus I can reconcile and do my own GST figures .

I would like to know why my aged debtors ( in reports tab ) doesnt show exactly all customers who owe money to my business ?


Last edited by FS Concierge; 15-11-10 at 07:45 AM. Reason: Removed shouting.
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Old 14-11-10
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Default Re: help with cash flow manager

have you finalised the invoices?

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Old 14-11-10
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Default Re: help with cash flow manager

Not sure if it is the best way but it works for me.

I just created an account called 'Owner funds' and whenever I use my personal visa or bank account to pay for business expenses I use this account.bank account

at some stage I just use the 'transfer funds' to move funds from my bank account to the owner funds account.

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