How to balance
Project Browser includes a very easy method to balance your books.
Balance each month for each supplier you want to confirm.
At the end you can run a report to ensure you are balanced between your date range.
# 2 > Navigate to a user
First choose which user you want to balance.
-> Search for the user on the top left OR
-> From left panel Click Users and select User
-> click 'Balance' to begin
# 4 > Enter the information from you statement
Now simply copy the required information from your statement
Name: Can be anything to describe
Opening Date: Look on your statement for when the transactions start (Banks do not always start the beginning of the month on the first)
Opening Balance: This is the amount of money that is in the account at the start of the month
Closing Date: The finish date on the statement (Banks do not always end the month on the last date)
Credits: This is the amount of money which was credited (added) to the account
Credits Count: How many 'credit' transactions exist in this month
Debits: How much money was debited (removed) from the account
Debits Count: The number of transactions
Notes: This can be anything for your tracking
# 5 > Correct errors
Project Browser will now compare the information you added from your statement to what you have already added into bookkeeping.
You will have the following:
CORRECT: All green, this means you have accounted for all transactions in that period
TOO FEW: This means you are missing some transaction that are accounted on the statement
TOO MANY: This means you have too many transactions accounted for compared to what is actually on the statement / NOTE possible this is because multiple payments are combined on a statement
click VIEW to narrow down on a month
When on VIEW mode, click details to see all the transactions within that month
Notice in this example: we have 'too few' credits which is also creating a bad closing balance.
We are going to fix this by adding the missing transaction in bookkeeping
-> Click on add EXPENSE
NOTE: This screen also displays all the transactions which fall within our statement date. So if there is one entry with a wrong value, you can simply click edit and correct from here.
# 6 > Add Expense
In our example we are missing a 100 dollar expense FROM our supplier TO our bank.
The statment from your bank will use accounting terms 'Credits/Debits'
So a CREDIT on a statment means you are moving money TO your bank
Add 100 in the amount
Date of when the transaction happened on your statment
TO: bank (credit'ing)
# 7 > Add breakdown
You will now be asked what 'type' is this
Simply use the drop down to choose the category of this expense.
If you want you can enter a partial amount if you want to classify this 100 as separate categories.
# 8 > Reports
After you click 'save' in the previous step you will be automatically redirected to the balance screen.
However if you want to find the balancing you can also click:
-> Click on Reports from the side menu
-> Ensure the dates are selected for the period you are interested in
-> Click 'Balanace'
# 9 > Balanced
Our statement is now balanced.
-> Repeat this process for each statement (per user) you want to balance.
# 10 > TROUBLESHOOTING
Some banks share the start and end dates between statements.
- even though sometimes the statement starts oct31, you will have to move to nov 1st, in order to balance accordinly. So you will have some transactions in your projectBrowser which are off by one day (later) that is ok
EG. A june statement will finish on June 30, and the July statement will start on June 30
-> If an item is marked as June 30 (On the July statement) we will need to move this item to the next month on ProjectBrowser (July 1st) so we can balance correctly
When creating the balance ensure the opening_date is not the same as the previous closing dates. So most statements in thie scenerio will start a day after the opening_date.
This will keep the correct amount of items on your June statment & your July statement