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New to Sage 50 Accounts

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Daisy13
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New to Sage 50 Accounts

Post by Daisy13 » 11 Aug 2021, 17:11

Hi Could anyone give me step by step instructions how to do the following :

1. How to enter Credit Card Spenditure on Sage 50?
2. How to record everything on a Bank statement (Not Supplier Payments I know how to do this :)
3. Basic Receipts-Spenditure similar to Petty Cash
4. Payroll costs out of the bank

I have only been using Sage 50 for 1 week any help would be appreciated.

Many Thanks
Daisy :)

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brucedenney
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Re: New to Sage 50 Accounts

Post by brucedenney » 12 Aug 2021, 11:32

1/ There are lots of ways to do this.

Credit Card expenditure could be managed through having it's own bank account with lots of bank payments made out of it for all the expenses.

or

It could be done as you would for a staff member reclaiming expenses they have paid and have a supplier account with expenditure recorded as "invoices" and a single payment to pay the account/reimburse the staff member.

or

Others, there are other ways too. It all depends on your preferences and what you already do.

2/ You record money coming into the bank account as either a bank receipt (eg a VAT refund or insurance claim) or as a customer receipt (eg a customer paying their bill)

3/ Not sure what you mean, Petty cash is a Bank account, so you make and receive payments and receipts as you would for any other bank account.

4/ Payroll needs a journal really. see http://www.makingithappen.co.uk/sage-50 ... urnals.htm
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Daisy13
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Re: New to Sage 50 Accounts

Post by Daisy13 » 13 Aug 2021, 08:27

Hi Bruce,

Thank you for your reply its early days for my Sage 50 journey, I am self taught by watching Sage 50 Training videos because the last Accounts Manager
didnt give me any kind of handover and just left the company.

I am having few issues entering transactions:

The other Issue im having is entering transactions under the correct Nominal Codes.

Also when i do a Bank Reconciliation it is not matching and ive checked all the transactions

Could you advise how to transfer the following:

1- Would I put Rent Income under Bank Receipt

2- Loan- I would put through as a Bank Payment

3- Care Home fees paid in through as cutomer payment

Hopefully it wont take me long to learn Sage 50 :)

Thanks for your help

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Re: New to Sage 50 Accounts

Post by brucedenney » 13 Aug 2021, 09:47

If the bank rec is not reconciled to the correct balance, then you need to fix the opening balance so that it is the same as the closing balance on the previous bank rec. From there on you can reconcile to the penny.


Rent
I would invoice the rent to a customer and then receive payment from that customer to clear the invoice.
So I would use a sales Invoice and customer receipt.

Loan
Yes a Payment to a nominal code in the current assets, unless this is a long term loan.

CareHome fees - I assume you care home, so yes you have customer accounts, customer invoices and customer receipts.
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Re: New to Sage 50 Accounts

Post by Daisy13 » 13 Aug 2021, 14:41

Hi Bruce,

Thanks so much for your help it is very tricky learning this as i have only just started using Sage 50.

Also if you have a credit card acount and say the total on spenditure is £500 then you have to pay the card off

how is this done I have tried paying from a Bank account say nominal code 1200 to a credit card account 1230

I tried to do this through a Bank payment but it wont let me do it this way any ideas?

Info from my last message regarding the Bank Reconciliation its a newly set u sage 50 cloud account but the bank statement i was given the closing

balance at the end july was £8000 there is no opening balance on the bank reconciliation is there?

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Re: New to Sage 50 Accounts

Post by brucedenney » 13 Aug 2021, 14:48

Bank Transfer is what you use to move money between bank accounts
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Re: New to Sage 50 Accounts

Post by Daisy13 » 15 Aug 2021, 14:28

Hi Bruce,

Happy Sunday me again :)

Could you please explain how i record spenditure on a credit card and do i need to reconcile it

if you could give me some steps to follow that would be great :)

I have to do this all day tomorrow at work and very unsure

Many Thanks

:D

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Re: New to Sage 50 Accounts

Post by brucedenney » 16 Aug 2021, 10:44

Credit Card expenditure could be managed through having it's own bank account with lots of bank payments made out of it for all the expenses.

or

It could be done as you would for a staff member reclaiming expenses they have paid and have a supplier account with expenditure recorded as "invoices" and a single payment to pay the account/reimburse the staff member.

or

Others, there are other ways too. It all depends on your preferences and what you already do.

Tell me, what do you have, other than the credit card statement, how do you get receipts to validate the expenditure, are they filling in expenses claims, or what?
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Re: New to Sage 50 Accounts

Post by Daisy13 » 16 Aug 2021, 13:46

Hi Bruce,

I have not had any training what so ever so im trying to learn by self taught :)

The owners of the Care Homes have 2 care homes.

3 credit cards for 1 care home

2 credit cards for the other Care home

They have given me 5 credit card statements for each credit card that all need to be recorded separately

so i have set 5 credit card accounts set up with the last 4 numbers of the creditr card details on I am aware now

how to record spenditure- so i go to the Bank account and allocate which credit card i need then enter the payments

until all payments match the total cost of the credit card.

But im not sure what i need to do after that, hopefully this all makes sense

Thanks
:D :D

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Re: New to Sage 50 Accounts

Post by brucedenney » 17 Aug 2021, 09:49

You can't enter expenses form a credit card statement, because you do not know what was purchased, it could be that someone purchased something for themselves not the business what nominal code do you put the expenditure to, what VAT do you enter?

If they had bought something for the business then without a VAT receipt you can not claim back the VAT increasing the coast by 20%.

You need more than just the statement to be able to process things correctly for tax accounting.

If you are entering anything and everything as a valid business expense and claiming back the VAT then it is possible you could be personally liable for the TAX/VAT fraud you have committed.
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Re: New to Sage 50 Accounts

Post by Daisy13 » 20 Aug 2021, 12:23

Hi Bruce,

Thank you for your response, i understand now that i need all the receipts so that i can enter them through the bank account for the companies credit card.

Can i ask you few other questions that Im unsure of too:

1. When entering payroll costs-P.A.Y.E needs entering separately?

2- Im new to sage 50 and ive done a bank reconciliation for the first time from bank statement so on 1st July the opening balance is
a Credit of £8792.35 and the closing balance on 31st july is Credit of £4804.03.

The bank reconciliation does not match is there any reports i can pull off to check where the error is?

3- When a payment has come through on the bank statement for a credit card i presume you do a transfer from the bank account to the credit card is this correct?

Thanks so much for your help this is confusing but im sure i will get the hang of it shortly.

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Re: New to Sage 50 Accounts

Post by brucedenney » 20 Aug 2021, 14:04

PAYE is part of the Payroll journal, I gave you a link earlier that explains it.

For the bank rec. Open BankRec in sage and see what the opening balance is, this should be the same as the opening balance on your bank statement.

Enter the closing balance at the top.

For each item on the bank statement you find the item in the top half of the sage bank rec and double click it so it goes to the bottom.

The bottom becomes a duplicate of the actual bank statement made by using the items already entered in sage. (there are also so quick add options there to add in any missing transactions as you find them on the bank statement.)

When you reach the last item on the bank statement the difference in sage should be 0 and you should hit the reconcile button to save / complete it.

If there is a difference, then you have a data entry error, go back through the items and see which has been entered incorrectly and correct it.

Any items left at the top of the bank rec are either errors that need to be reversed/deleted or they are outstanding transactions such as cheques which have not yet been presented.

Yes, when you pay your credit card from your bank, you do that as a bank transfer from the regular bank account to the credit card bank account.
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Re: New to Sage 50 Accounts

Post by Daisy13 » 23 Aug 2021, 09:04

Hi Bruce,

Thanks for all your help ive just come across a new problem so i am trying to complete a Bank reconciliation.

Opening Balance £8792.25

Closing Balance £4804.03


This is the first bank reconciliation that has been completed from when Sage 50 cloud has been installed.

I need to correct the opening balance to £8792.25 :( how do i do this i am totally confused ?

Kind Regards

Kerry

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Re: New to Sage 50 Accounts

Post by brucedenney » 25 Aug 2021, 06:51

You need to make a bank receipt or payment to set the opening balance.
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