Any Sage experts?
Discussion
I have Sage Instant Accounts and a massive stack of receipts and a looming deadline.
Do I have to set up a supplier record for every single receipt I have?
Does that include expenses claims?
If I set them up, can I change the type of record later i.e. between overhead, cost of sales, equipment etc.
Cheers
Mike
Do I have to set up a supplier record for every single receipt I have?
Does that include expenses claims?
If I set them up, can I change the type of record later i.e. between overhead, cost of sales, equipment etc.
Cheers
Mike
Why did you buy Sage?
Was it not to ensure you kept track of such matters as your suppliers and how much you owe them? (Creditors Ledger).
It is a bit pointless entering all the data well after the original point the data was available for entry.
Strictly speaking, the way Sage works is that each supllier has his/her/its own Purchase Ledger account and the invoices and credit notes received from those supplier are entered against their respective supplier accounts. When the invoices are eventually paid, the bank payment is offset against the individual supplier - thereby clearing the invoice and reducing the amount owed to that supplier.
Was it not to ensure you kept track of such matters as your suppliers and how much you owe them? (Creditors Ledger).
It is a bit pointless entering all the data well after the original point the data was available for entry.
Strictly speaking, the way Sage works is that each supllier has his/her/its own Purchase Ledger account and the invoices and credit notes received from those supplier are entered against their respective supplier accounts. When the invoices are eventually paid, the bank payment is offset against the individual supplier - thereby clearing the invoice and reducing the amount owed to that supplier.
I started my business in 2007, and ran around like a mad thing. Kept track of things on various spreadsheets. Now we have grown to such a size that the accountant suggested using Sage.
I know I am playing catch up and in an ideal world I would have started using Sage from day 1, but I can't go back in time and change things. All I am trying to do now is get things up to date.
Thanks
Mike
I know I am playing catch up and in an ideal world I would have started using Sage from day 1, but I can't go back in time and change things. All I am trying to do now is get things up to date.
Thanks
Mike
These systems work best when the data is entered quickly. Otherwise it starts being a waste of money.
However, having said that, you have two options
i) you enter set up all the supplier ledger accounts for the various suppliers and enter all the invoices that need entering. Of course, if you are VAT registered and are not on any sort of oddball VAT scheme - such as Cash Accounting or the Flat Rate Scheme - then you really have no option but to do this.
ii) you ignore your suppliers ledger completely and just enter the bank payments to the various suppliers as "Bank Payments"
I would not really recommend the second option as it virtually negates the reason why Sage is useful in the first place.
However, having said that, you have two options
i) you enter set up all the supplier ledger accounts for the various suppliers and enter all the invoices that need entering. Of course, if you are VAT registered and are not on any sort of oddball VAT scheme - such as Cash Accounting or the Flat Rate Scheme - then you really have no option but to do this.
ii) you ignore your suppliers ledger completely and just enter the bank payments to the various suppliers as "Bank Payments"
I would not really recommend the second option as it virtually negates the reason why Sage is useful in the first place.
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