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KB Category: Sage 50 Accounts

Sage 50 Accounts

Sage 50 – Back up your data

We recommend taking regular backups of your data. If anything happens to your computer, you can simply restore your most recent backup and continue processing where you left off.

You should also back up before and after accounting processes such as creating a VAT Return or running a year end.

We also recommend you take at least one backup to an external device such as an external hard drive or USB. Alternatively, you can point it towards a folder that backs up to your cloud, for example Drop Box, One Drive, Google Drive etc.

If you’ve custom reports or layouts, we recommend you take at least one backup of these only and don’t include the data files. That way if anything happens to your reports or layouts, you can restore this backup without overwriting your data.

Back up your data

 

1. On the menu bar, click File then click Back up.

2. To check your data, click

 

Yes then click OK.

3. Click Close then Close again.

 

4. Enter a file name for your backup, then click Browse.

5. Browse to where you want to save it and click OK.

6. Select the type of files you want to back up.

Sage Accounts v23 and below – Click Advanced options and select the type of files you want to back up.

7. Click OK then OK again.

GDPR Reports in Sage 50 Accounts (V24.2)

Customer reports – Customer Contacts

 

This report helps you to search your customer records for a name. This report is useful if someone is exercising their right to access their personal data or to erasure, sometimes called the right to be forgotten.

 

  1. To run the report, click Customers and then click Reports. Click GDPR then double-click Customer Contacts.
  2. In the Customer Ref fields, you can enter a range of customer records if required.
  3. In the Contact field, enter the contact name you want to search for.
  4. You can use the Show Active/Inactive drop-down to choose whether you want to search all customer records, just active records or just inactive records.
  5. Click OK

 

The report locates any instances of the name entered in the registered, contact or delivery addresses of your customer records. Once you’ve identified the customer records you need to edit, you should manually check for any other references that need to be edited, such as email addresses or entries in memo fields.

Dormant Customers

 

This report helps you to identify customers that you have not traded with within a date range. You can use this report to identify accounts that can now be deleted.

 

  1. To run the report, click Customers and then click Reports. Click GDPR then double-click Dormant Customers.
  2. Using the drop-down options, choose the date range you’re interested in.
  3. Click OK.

This report lists the account reference and contact details for customers with no transactions in the date range you specified. The last transaction date and current balance are also shown.

 

Supplier reports – Supplier Contacts

 

This report helps you to search your supplier records for a name. This report is useful if someone is exercising their right to access their personal data or to erasure, sometimes called the right to be forgotten.

  1. To run the report, click Suppliers and then click Reports. Click GDPR then double-click Customer Contacts.
  2. In the Supplier Ref fields, you can enter a range of supplier records if required.
  3. In the Contact field, enter the contact name you want to search for.
  4. You can use the Show Active/Inactive drop-down to choose whether you want to search all supplier records, just active records or just inactive records.
  5. Click OK

The report locates any instances of the name entered in the registered, contact or delivery addresses of your supplier records. Once you’ve identified the supplier records you need to edit, you should manually check for any other references that need to be edited, such as email addresses or entries in memo fields.

 

Dormant Suppliers

 

This report helps you to identify suppliers that you have not traded with within a date range. You can use this report to identify accounts that can now be deleted.

  1. To run the report, click Suppliers and then click Reports. Click GDPR then double-click Dormant Suppliers.
  2. Using the drop-down options, choose the date range you’re interested in.
  3. Click OK.

This report lists the account reference and contact details for customers with no transactions in the date range you specified. The last transaction date and current balance are also shown. For further information about deleting records, read more

For more information about the GDPR, visit www.dataprotection.ie and http://gdprandyou.ie

 

How To delete old records

 

It can be useful to occasionally remove records that you no longer use from Sage Accounts. This reduces the number of old records you have to look through so you can find things more quickly. Generally, you can delete records from Sage Accounts if they have no balance or transactions remaining on them.

 

Customer and supplier records

 

You can delete customer or supplier records if they have no remaining balance, no transactions associated with the account and are not associated with a project.   Before you remove or delete any details please ensure you take a backup of your data.

  • If the account has a balance, you must post transactions to make the account balance zero.
  • If the account has associated transactions, you can remove these by backing up and running the Clear Audit Trail This permanently removes all fully paid, allocated and reconciled transactions up to a specific date. An account may have deleted transactions which must also be cleared. These don’t appear on the record if the Settings > Company Preferences > Parameters > Exclude deleted transactions check box is selected.

 

To delete a record

 

  1. Open the relevant module and select the records you want to delete.
  2. Click Delete then, to confirm deletion, click Yes.

 

After deleting records we recommend that you take a backup and compress the relevant ledger.

 

Bank and nominal records

 

You must delete bank accounts from within the nominal ledger.

You can delete nominal records if they have no remaining balance, no associated transactions and they are not defined as a control account or the default cash sales bank account.

  • If the account has a balance, you must post transactions to make the account balance zero.

If the account has associated transactions, you can remove these by backing up and running the Clear Audit Trail option. This permanently removes all fully paid, allocated and reconciled transactions up to a specific date. An account may have deleted transactions which must also be cleared. These don’t appear on the record if the Settings > Company Preferences > Parameters > Exclude deleted transactions check box is selected.

  • You can’t delete accounts that are defined as control accounts. Before you delete a record, check it’s not listed as a control account in Settings > Control Accounts.
  • You can’t delete a bank account if it’s defined as the default cash sales bank account for invoices and orders.To check this, click Settings then click Invoice and Order Defaults and click Cash Sales then click Default Cash Sales Bank Account.

 

To delete a record

 

  1. Open the relevant module and select the records you want to delete.
  2. Click Delete then, to confirm deletion, click Yes.

 

After deleting records we recommend that you take a backup and compress the relevant ledger.

 

Product records

 

Product records can be cleared if they have no remaining stock quantity, no associated transactions and are not associated with a bill of materials.

  • If the record has a quantity in stock, you must use the stock or post an adjustment to make the quantity in stock zero.
  • If the record has associated transactions, you can remove these by backing up and running the Clear Stock This permanently removes all transactions that are complete, up to a specific date.
  • To check if a product is associated with a bill of materials, you can run the Product Explosion report.

 

To delete a record

 

  1. Open the relevant module and select the records you want to delete.
  2. Click Delete, and then to confirm deletion, click Yes.

After deleting records we recommend that you take a backup and compress the relevant ledger.

 

Disclaimer

The information provided in this document is for guidance purposes only. It should not be taken for, nor is it intended as, legal advice. While we have made every effort to ensure that the information is correct and up to date, Pimbrook makes no promises as to completeness or accuracy and the information is delivered on an “as is” basis without any warranties, express or implied.

Pimbrook will not accept any liability for errors or omissions and will not be liable for any damage (including, without limitation, damage for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or reliance on this information or from any action or decisions taken as a result of using this information.

 

Customer price lists and special price lists

Customer price lists and special price lists

 

You can use customer price lists and special price lists to specify particular product prices for one or more customers.

This article explains everything you need to know to set up customer price lists and how to use all of the customer price list options.

If you upgrade to Sage 50 Accounts Professional, you can also set up price lists for your suppliers.

Customer price lists and special price lists

Price lists

You can use price lists to set up different product prices and apply them to one or more customers. You can group together customers who purchase products from you at a discounted price. For example, if you have trade customers, you may decide that they can have a 5% discount on all items and a further 5% discount on selected items. In Sage Accounts you can create a price list with this information.

Special price lists

You can use special price lists to set up a different product price for a particular customer. For example, you may have a customer who pays a particular price for one product but a trade price for other products. In Sage Accounts you can set a customer up on a trade price, price list and have a special price set up for a particular product.

Price lists and special price lists are available in the following:

  • Sage 50 Accounts Professional
  • Sage 50 Accounts Plus
  • Sage Line 50 Financial Controller
  • Sage Line 50 Accountant Plus
Steps

The following steps contain everything you need to help you manage your price lists. However, if you’re using Sage Accounts 2014 (v20) or below, please refer to the Steps – 2014 & below tab. You can check your software version in Help > About > Program Details > Version Number.

The following steps contain everything you need to help you with price lists.

 

 

How prices are applied

When there is a mixture of special prices, price lists and customer discounts, Sage Accounts applies them as follows:

Prices are applied as above, however, the invoice and order defaults determine how quantity and value discounts are applied to special prices and price lists.

1. Settings > Invoice & Order Defaults > Discounts.

2. Select from the following options:

Discount by Unit Price To calculate the discount for each item of an invoice or sales order from the unit price of the item select this check box. This calculates the discounted price as (unit sales price – discount) x quantity.

To calculate the discount from the total of each item, clear this check box. This calculates the discounted price as (unit sales price x quantity) – discount.

Special Prices To give quantity and value discounts to those customers who have a special price for the product, select this check box.
Price List Prices To give quantity and value discounts to those customers who have a price list price, select this check box.
Standard Prices The Standard Prices check box is selected by default and can’t be amended.
All Customers To apply quantity and value discounts as set up in the customer record, taking into account the options checked for special prices and price lists, select this option.
Only Customers who are not associated with a Price List To apply value discounts when the customer is not attached to a price list and quantity discounts to standard prices when the customer is not attached to a price list, select this option.

If this option is selected you cannot select the Price List Prices check box.

Always apply Value Discounts to special items (S1,S2 and S3) To apply value discounts to S1, S2, or S3 items, select this check box.
Show Discount on Main Invoice/Order Screen To show the discount column on your invoice or order screen, select this check box.

 

3. Click OK.

To create a price list

1. Customers > Price lists.

2. New > complete the Price List Details as follows:

Name Enter the name of your price list.
Description Enter the description of your price list.
Currency If required, from the drop-down list, choose the required currency.

Note: Customers can only be associated with a price list if they use the same currency as the price list.

 

3. Save > Close.

To add products to a price list

1. Customers > Price lists.

2. Select the price list you want to add products to > Edit.

3. The following headings appear in the Products window:

Note: Sage Accounts V21 – The Products window is called Associated Products.

Product Code The product code for any products added to the price list.
Description The product description for any products added to the price list.
Calculation Method The calculation method chosen when adding the product to the price list.
Sales Price The existing sales price of the product, taken from the product record.
Cost Price The existing cost price of the product, taken from the product record.
List Price This is the calculated price for this price list, this is calculated using the calculation method.
Profit Margin% This is the difference between the cost price and the list price expressed as a percentage. For example, if the cost price is 2.5 and the sale price is 5.0 the profit margin%= 50%.

 

4. To add a product > Add.

5. Select the products you want to add.

6. For the selected products, choose the pricing method that will be used to calculate the price list price.

Tip: You can use Preview to check the list prices. Once added the calculation and rounding method can be amended for individual products. For further information about calculation methods, please refer to the Calculation methods section.

7. To return to the Edit Price List window > OK.

8. Save > Close.

Calculation Method
Calculation Method Value
Fixed Price Enter a fixed price. This price doesn’t change if the sales or cost price on the product record changes.
Standard Sales Price The value box is not available as this option uses the sales price in the product record.
Decrease Sales Price by % This option decreases the sales price in the product record by a percentage. Enter the required percentage.
Decrease Sales Price by Value This option decreases the sales price in the product record by a fixed amount. Enter the required amount.
Markup % on Cost Price This option calculates the selling price by increasing the cost price in the product record by a percentage. Enter the required percentage.
Markup Value on Cost Price This option calculates the selling price by adding a fixed amount to the cost price in the product record. Enter the required amount.
Increase Sales Price by % This option calculates the selling price by increasing the sales price in the product record by a percentage. Enter the required percentage.

 

Rounding Direction
Rounding Direction Round up to – This option will always round up.
Nearest – This option will round up if the last number is 5 or higher and round down if the last number is 4 or lower.
Round down to – This option will always round down.
To Select this to round to a specific number of decimal places. You can choose up to 6 decimal places.

Note: The number of decimal places depends on what is set in the Unit D.P. in Settings > Product Defaults.

Multiples of Select this to round to a multiple of a specific number. You can also add or deduct an adjustment.

For example, if you choose to round up to multiples of 1.00 with an adjustment of -0.01 and your calculated price is 10.2345, the list price will be 10.99. This is because 10.2345 rounds up to 11.00 and the adjustment of -0.01 is then applied.

 

Recalculate prices

When the sales price or cost price within the product record changes or when the exchange rate changes you may want to update your price list prices. The following options are available in Price Lists > Recalculate Prices Details:

Recalculate Price List prices whenever Product prices change Select this option if you want the prices on the price list to change automatically.

Note: This doesn’t affect the fixed price calculation method.

Only recalculate Price List Prices on selection of the Recalculate Prices button Select this option if you want the prices to change only when you click Recalculate Prices.

 

To add customers to a price list

Tip: To check which price list a customer belongs to, select the required customer > New/edit > Defaults tab. The Price List box displays the price list the customer is associated with.

1. Customers > Price lists.

2. Select the price list you want to amend > Edit.

3. Customers window > Add > select the required customers > OK.

Sage Accounts v21 – Customers tab > Add > select the required customers > OK.

Tip: To add multiple records, hold down the Ctrl Key to select specific records. Hold down the Shift Key to select a range. For example, holding down the Shift key and clicking on the first record and then the last will select all records in that range.

Note: A customer may only belong to one price list. If a customer’s already a member of a price list, a confirmation window appears prompting you to move them to the current price list.

4. Save > Close.

To edit the prices on a price list

1. Customers > Price lists.

2. Select the price list you want to amend > Edit.

3. Select the product you want to amend > Edit Price.

4. Amend the List Price Calculation as required.

5. Save > Close > Close.

To import price lists

Note: The calculation method for the imported price list is automatically set to Fixed. If the product already appears on the price list the price is overwritten.

File format

The file must be CSV or TXT and in the following format:

  • Product reference – This must already exist in your product list.
  • Product price – Enter the new fixed price for the product.

For example:

“Product ref”,”Price”

“Board001″,”20.00”

“Box002″,”22.00″,”with waterproof coating”

“Book001″,”7.99″,”Signed limited edition”

In this example, Sage Accounts doesn’t import the column headings on the first line or the additional text on lines 3 and 4.

Tip: When using the Import option within Sage Accounts, any numeric values do not need to be in quotes. In the above example, this means that the prices do not need to be in quotes.

Import

Note: Before completing this procedure you must create the customer price list. For further information about this, please refer to the section To create a price list. We also recommend that you take at least one backup of your Sage Accounts data. 

1. Customers > Price lists.

2. Select the price list that you want to import into > Edit.

3. Import > Browse to the file that you want to import > Continue.

Note: You can import either .TXT or .CSV files.

4. Complete the Confirm Customer Price List Import window as follows:

  • To remove a line from the import, select the relevant line > Delete Line.
  • To change the new price for the product on the price list > enter the required price into the Proposed Price box.
  • To clear the price list before importing the new details > select the Remove all items from the Price List prior to importing check box.
  • To hide any import warnings in the Warnings column > select the Hide warnings, errors will still be displayed check box.

Note: For further information about the errors and warnings, please refer to the following section Error and warning messages section below.

  • The Save, and Save as, options save any changes that you make in this window back to the import file or to a new file prior to the import.

5. To import the file > Apply.

6. To save the price list and return to the Price Lists window > Save > Close.

Error and warning messages

Errors appear on the Confirm Customer Price List Import window in red and are not imported into the price list. To import the information, you must take the required action to change the error to a warning or remove the error. The following errors may appear:

Error Action
Product code not recognised. Correct the product code on the import file or create the product code in the product list.
There are two list prices being imported for this product. See line (number). The product code is on the price list you are importing twice, remove one of the lines.
Invalid price supplied for this product. Correct the price of the product on the import file.

Warnings appear on the Confirm Customer Price List Import window in black and are still imported into the price list. The following warning message may appear:

Product Code exists and the current price list of (value) will be overwritten.

To set up special prices

1. Products and services > select the product you want to apply the special price to > Edit.

2. Pricing Structure > Add > Special Customer Price.

3. A/C Reference drop-down list > choose the required customer > OK.

4. Calculation Method drop-down list > choose the calculation method to be applied.

Note: For further information about the calculation methods, please refer to the section Calculation methods.

5. Value box > enter the value or percentage to be used in the selected calculation method.

6. If a percentage calculation method is to be used > Rounding Direction drop-down list > choose the required method.

7. If a percentage calculation method is to be used, to specify the number of decimal places > choose from either the Decimal Places drop-down list, or Multiples of.

Note: For further information about these options, please refer to the Calculation methods section.

8. To save the special price and return to the Pricing Structure window > Save > Close.

9. To return to the Products window > OK > Close.

Note: If you need to delete a special customer price, it must be deleted from the Pricing Structure tab in each individual product record.

To copy a price list

1. Products and services > Price lists.

2. Select the price list you want to copy > Copy.

3. Enter the required name and description then, to save the price list and return to the Price List window > Save > Close.

To delete a price list

1. Customers > Price lists.

2. Select the customer price list you want to delete > Delete > Yes.

Bank reconciliation – Sage Accounts V21 and above

Reconciling your bank is simply the process of matching your Sage transactions to those that appear on your bank statement.

A bank reconciliation flags the selected bank transactions to show you’ve checked they are correct, and records the date you checked them. You can then look back at any time to see which transactions are reconciled and which aren’t.

Complete the statement summary
  1. On the navigation bar, click Bank accounts then select the bank account you want to reconcile.
  2. From the toolbar, click Reconcile and complete the Statement Summary window as required.

 

Statement Reference This shows the bank account reference, date and statement number. You can amend this, as required.
Ending Balance This defaults to the current balance of the selected bank. Enter the end balance from the actual bank statement you’re about to reconcile.
Statement Date Enter the end date of the actual bank statement you’re about to reconcile.
Interest Earned Enter the details of any interest earned.
Account Charges Enter the details of any account charges.

Tip: You can also edit this information once in the Bank Reconciliation window by clicking Edit.

3. Click OK.

 

Check your last reconciled balance

In the bank reconciliation window, check the Last reconciled balance.

This should match the opening balance on the bank statement you’re reconciling.

  • If it doesn’t match, to identify the reason look for the following:
  1. A reconciled transaction has been deleted.
  2. The bank reconciliation flag has been removed from a transaction that was reconciled.
  3. The value of a reconciled transaction has been amended.
  4. Additional transactions have been reconciled.
  5. A reconciled transaction has been moved to a different bank account.
  6. An opening balance has been posted to the bank account.
  • If it does match, continue to Match your transactions.
Match your transactions
  1. In the Un-matched transactions window, find and select the first transaction that appears on your bank statement, and click Match.
  2. The transaction appears in the Matched transactions window, check your running balance agrees with the running balance on your bank statement.
  1. If a transaction isn’t listed in Sage Accounts, but is on your bank statement, you can enter it using the Adjust option.
  2. Repeat steps 1 to 3 until all transactions are matched on your bank statement.

Note: If required, you can save the reconciliation at any point and complete it at a later date. To do this, click Save progress. Next time you open the Reconcile window, click Use Saved to open the previously saved reconciliation.

Reconcile your bank statement

Once complete, check the Matched Balance and the Statement Balance are the same, giving a Difference of zero.

  • If the Difference is zero, click Reconcile.

A progress bar appears while the software flags your transactions and creates a PDF file of your reconciled statement. The time this takes depends on the number of transactions you’re flagging.

  • If the Difference is not zero

 

End Balance – This should match the end balance on your bank statement. If it doesn’t enter the correct balance.
Last reconciled balance – This should agree with the opening balance on your bank statement and should also be the same as the matched balance from the previous period. If this is different, please refer to article 32811.
Adjustment postings – Ensure that you’ve posted any adjustments for bank charges or interest received.
Double check matched transactions:

  • Check for missing transactions.
  • Check for duplicate transactions.
  • Check the value of each transaction matches your bank statement.

Tip: If you prefer, temporarily you can post a transaction to correct it. To do this, use the Adjust option in the bank reconcile window to post a bank receipt or bank payment to nominal code 9998. If you’re unsure, please contact your accountant.

 

 

Reconcile the Aged Debtors and Creditors

The Debtors and Creditors Control Accounts are two of the most important accounts on the nominal ledger, as they represent money owed to you by your customers and money owed by you to your suppliers. Therefore, most companies reconcile these accounts on a monthly or yearly basis.

How the Debtors and Creditors Control Accounts are updated

Debtors Control Account

Transaction type Effect on control account
SI The total value including VAT is automatically debited to this account, increasing the balance.
SR or SA The total value is automatically credited to this account, decreasing the balance.
SC The total value, including VAT, is automatically credited to this account, decreasing the balance.
SP The total value, including VAT, is automatically debited to this account, increasing the balance.

 

Therefore, the balance on the Debtors Control Account, is the total amount that your customers currently owe you and should always agree with the total balance outstanding on your Customers ledger.

Creditors Control Account

PI The total value including VAT, is automatically credited to this account, increasing the balance.
PP or PA The total value is automatically debited to this account, decreasing the balance.
PC The total value including VAT, is automatically debited to this account, decreasing the balance.
PR The total value including VAT is automatically credited to this account, increasing the balance.

 

Therefore, the balance on the Creditors Control Account, is the total amount that you currently owe your suppliers and should always agree with the total balance outstanding on your Suppliers ledger.

 

To reconcile the Debtors Control Account on a monthly basis

Note: Before running any of the customers reports mentioned in this article, you should ensure that there’s no searches applied.

You can follow this process at the end of any period dictated by your business, for example, you may only need to do this at the end of a year. If you want to reconcile the Debtors Control Account on a yearly basis, you should run this procedure but check the annual trial balance figures and run the day book reports for the financial year, rather than a month.

Note: In this example, all transactions for the month of May have been posted, you’re reconciling the Debtors Control Account for May, and the previously reconciled month was April.

 

  1. Check the following balances:
  • Last month’s Debtors Control Account balance – To find or check this figure, you should print out the trial balance report for the previously reconciled month, for example, print the trial balance report for April.

Nominal ledger > Trial balance.

Sage Accounts 2014 (v20) and below – Modules > Financials > Trial Balance.

  • The monthly movement on the Debtors Control Account – To find or check this figure you should print the Trial Balance report for the month you’re reconciling, then deduct the Debtors Control Account balance for the previous month, from the Debtors Control Account balance on this Trial Balance report. For example, deduct the April Debtors Control Account balance from the May Debtors Control Account balance.
  • The totals on each of the customer day books reports for the month you’re reconciling. To do this, run each of the following day book reports, using the date range for the month you’re reconciling:

 

Report Report location
Day Books: Customer Invoices (Summary) Customers > Reports > Day books.
Day Books: Customer Credits (Summary) Customers > Reports > Day books.
Day Books: Customer Discounts (Summary) Customers > Reports > Day books.
Day Books: Customer Receipts (Summary) Bank accounts > Reports > Customer receipts and payments.

Sage Accounts 2014 (v20) and below – Bank > Reports > Customer receipts and payments.

Customer Refunds Customers > Reports > Customer activity.

 

To check the monthly movement on the Debtors Control Account, use the following formula:

Day Books: Customer Invoices – Total Gross Amount
Minus Day Books: Customer Credits – Total Gross Amount
Minus Day Books: Customer Receipts – Total Gross Amount
Minus Day Books: Customer Discounts – Total Gross Amount
Plus Customer Refunds – Total Gross Amount

 

 

This balance should equal the balance of the Debtors Control Account at the end of the month you’re reconciling. For example, the balance on the Debtors Control Account from the May Trial Balance report.

To reconcile the Debtors Control Account with the Customers ledger use this formula:

 The previous months balance on the Debtors Control Account from the Trial Balance report
Plus Day Books: Customer Invoices – Total Gross Amount
Minus Day Books: Customer Credits – Total Gross Amount
Minus Day Books: Customer Receipts – Total Gross Amount
Minus Day Books: Customer Discounts – Total Gross Amount
Plus Customer Refunds – Total Gross Amount

 

This balance should equal the balance of the Creditors Control Account at the end of the month you’re reconciling. For example, the balance on the Creditors Control Account from the May Trial Balance report.

To check that the Debtors Control Account balance matches the Aged Debtors balance at the month end

Note: To check that the creditors Control Account balance matches the Aged creditors balance at the year end, you should run this procedure using the annual Trial Balance report figures and running the Aged creditors Analysis report to the end of the financial year, rather than to the end of the month.

  1. Check the Creditors Control Account balance at the month end, by running the Trial Balance report for the required month.Nominal ledger > Trial balance.Sage Accounts 2014 (v20) and below – Modules > Financials > Trial Balance. or Sage Accounts 2014 (v20) and below – Modules > Financials > Trial Balance.
  2. Print or preview the Aged Creditors Analysis (Detailed) report from, Suppliers > Reports > Aged creditors.When running this report, you should ensure that you use a transaction date range from 01/01/1980 to the end of the month being reconciled and select the Exc Later Payments check box.Note: When running this report, you should ensure that there’s not a searches applied to the suppliers module.
    Make a note of the balance from the Grand Totals line of the report.
  3. Compare the Creditors Control Account balance to the balance from the Aged Creditors Analysis (Detailed) report. They should be the same.If there’s a difference between the two balances, check the Creditors Control Account activity for any transactions that aren’t supplier transactions, for example, journals. Any journals posted to the Creditors Control Account don’t affect the suppliers ledger and therefore cause a discrepancy between the two balances. If these journals are incorrect you should reverse them and then repost them correctly.

To reconcile the Creditors Control Account on a monthly basis

You can follow this process at the end of any period dictated by your business, for example, you may only need to do this at the end of a year. If you want to reconcile the Creditors Control Account on a yearly basis, you should run this procedure but check the annual trial balance figures and run the day book reports for the financial year, rather than a month.

Note: In this example, all transactions for the month of May have been posted, you’re reconciling the Creditors Control Account for May, and the previously reconciled month was April.

  1. Check the following balances:
  • Last month’s Creditors Control Account balance – To find or check this figure, you should print out the Trial Balance report for the previously reconciled month, for example, print the trial balance report for April.
  • The monthly movement on the Creditors Control Account – To find or check this figure you should print the Trial Balance report for the month you’re reconciling, then deduct the Creditors Control Account balance for the previous month, from the Creditors Control Account balance on this Trial Balance report. For example, deduct the April Creditors Control Account balance from the May Creditors Control Account balance.
  • The totals on each of the supplier day books reports for the month you’re reconciling. To do this, run each of the following day book reports, using the date range for the month you’re reconciling:
    Report Report location
    Day Books: Supplier Invoices (Summary) Suppliers > Reports > Day books.
    Day Books: Supplier Credits (Summary) Suppliers > Reports > Day books.
    Day Books: Supplier Discounts (Summary) Suppliers > Reports > Day books.
    Day Books: Supplier Payments (Summary) Bank accounts > Reports > Supplier payments and receipts.

    Sage Accounts 2014 (v20) and below – Bank > Reports > Supplier payments and receipts.

    Supplier Refunds Suppliers > Reports > Supplier activity.
  1. To check the monthly movement on the Creditors Control Account, use the following formula:
    Day Books: Supplier Invoices – Total Gross Amount
    Minus Day Books: Supplier Credits – Total Gross Amount
    Minus Day Books: Supplier Payments – Total Gross Amount
    Minus Day Books: Supplier Discounts – Total Gross Amount
    Plus Supplier Refunds – Total Gross Amount

    This balance should then equal the monthly movement on the Creditors Control Account.

  1. To reconcile the Creditors Control Account with the Suppliers ledger use this formula:
    The previous months balance on the Creditors Control Account from the Trial Balance report
    Plus Day Books: Supplier Invoices – Total Gross Amount
    Minus Day Books: Supplier Credits – Total Gross Amount
    Minus Day Books: Supplier Payments – Total Gross Amount
    Minus Day Books: Supplier Discounts – Total Gross Amount
    Plus Supplier Refunds – Total Gross Amount

    This balance should equal the balance of the Creditors Control Account at the end of the month you’re reconciling. For example, the balance on the Creditors Control Account from the May Trial Balance report.

To check that the creditors Control Account balance matches the Aged creditors balance at the month end

  1. Check the Creditors Control Account balance at the month end, by running the Trial Balance report for the required month.
    Nominal ledger > Trial balance.Sage Accounts 2014 (v20) and below – Modules > Financials > Trial Balance.
  2. Print or preview the Aged Creditors Analysis (Detailed) report from, Suppliers > Reports > Aged creditors.When running this report, you should ensure that you use a transaction date range from 01/01/1980 to the end of the month being reconciled and select the Exc Later Payments check box.Note: When running this report, you should ensure that there’s not a searches applied to the suppliers module.
    Make a note of the balance from the Grand Totals line of the report.
  3. Compare the Creditors Control Account balance to the balance from the Aged Creditors Analysis (Detailed) report. They should be the same.If there’s a difference between the two balances, check the Creditors Control Account activity for any transactions that aren’t supplier transactions, for example, journals. Any journals posted to the Creditors Control Account don’t affect the suppliers ledger and therefore cause a discrepancy between the two balances. If these journals are incorrect you should reverse them and then repost them correctly.

 

 

 

How to activate foreign trader

Many businesses trade in different currencies. In Sage Accounts, the Foreign Trader option makes this easy.

The option is available as standard in Sage 50 Accounts Professional and Client Manager. In other variants of Sage 50 Accounts and Sage Instant Accounts 2014 (v20) and above, Foreign Trader is available as an add-on.

How to activate foreign trader

 

Before you can start using Foreign Trader, you have to activate it in your software:

To activate Foreign Trader in Sage Accounts 2014 (v20) and above

  1. Tools > Activation > Enable Foreign Trader.

Sage Accounts Plus and below – you maybe prompted to enter your Foreign Trader serial number and activation key.

  1. OK > Next.
  2. Revaluation N/C box > enter a nominal code for the revaluation control account.

This is the nominal code to be used by Sage 50 Accounts for the automatic revaluation postings that correct any fluctuations caused by exchange rate differences when processing foreign currency transactions. If you’re using the Sage default nominal structure, by default this is nominal code 7906 – Exchange Rate Variance. If you’re already using this nominal code and there are transactions associated with it, this box is left blank for you to enter an alternative nominal code. This nominal code can be changed from Settings > Control Accounts.

  1. Update method drop-down list > choose how the currency records update when you enter an exchange rate for a transaction from one of the options below.
Always Prompt to save exchange rate changes When you enter an exchange rate, this option prompts you to save the exchange rate to the currency record.
Automatically save any exchange rate changes to currency record When you enter an exchange rate, this option automatically saves the exchange rate to the currency record, without warning.
Never save any exchange rate changes When you enter an exchange rate, this option doesn’t save the exchange rate to the currency record. If you select this option and want to update your exchange rates, they must be entered manually in Settings and then Currencies.
  1. You can change this after you complete the Foreign Trader Setup wizard from Settings > Invoice & Order Defaults > General tab > select the Currency Exchange Rates drop-down list > choose which method you want to use.
  2. Next > Finish.