Correction of errors in Sage Instant Accounts

QuestionHi, can anybody please advise me how I can erase sales invoices and sales payments which were entered incorrectly? I cannot use maintenace-error corrections, because the items have been reconciled on a VAT return.At the moment the customer account is nil but only because it contains an incorrect posting of invoices and an incorrect posting of a payment. I need to do something that reduces the turnover figure and corrects the bank balance.AnswerYou should not be using the Corrections facilities for adjustments - can cause problems. For a clean audit - Journals should always be used, or, if you have not paid purchase or sales invoices - the corresponding opposite entries of credit and debit notes.Re your situation - Journal - DR turnover net amount / credit bank gross and DR Output VAT...

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how can I correct an incorrectly posted payment on account from a previously VAT reconciled period?

Sage set up to calculate VAT returns using the cash accounting method (otherwise this wouldn't be a problem)- This is a payment on account posted to a supplier account ( you don't say whether this is on the customer or supplier ledger, so if it is on the customer ledger just mirror these steps)- You need to remove the payment on account from the supplier and bank ledgers (if it's just the value that is wrong, follow these steps to remove it, then post it correctly)You need to reduce (debit) the balance of the purchase tax control account, and also correct the balance on the supplier ledger account.When using the cash accounting method in Sage, you can only allocate transactions to each other if they have the same T code.Post a dummy invoice to the supplier ledger using nominal code 9998 (suspence)...

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Entering Your Product Opening Balances

In order to keep accurate product levels, you should enter the opening balances for each stockitem.To enter your opening balances for your products 1. From the Sage Line 50 toolbar, click Products.2. Select the product codes for which you want to enter opening balances, then click Record.3. Click the O/B button attached to the 'In Stock' box.The Opening Product Setup window appears.4. In the Opening Product Setup window enter the opening balances as follows:'Ref' The reference for the opening balance, for example, O/BAL.'Date' The date for the opening balance.'Quantity' The quantity of the product that you currently have in stock.'Cost Price' The unit price at which the opening stock is valued.5. To record these details, click Save.Note: If you have selected several product record codes from...

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Setting Up Your Product List

The product records that you enter in Sage Line 50 will eventually form your product list(product records are entered in the Record window, from within Products).When you are planning your stock system, the product codes you enter need to be asdescriptive as possible so that you can locate the product quickly when you are enteringdata or viewing a report.For example, a clothing manufacturer could use a stock system which detailed materialtype and colour.For example:SILK-REDSILK-GRYCOTT-BLULINE-WHICreating Product CategoriesYou can group your products into 999 different categories for analysis and reporting purposes.For example, if you are a stationery and computer retailer, you may want to separate your salesinto Paper Products, Office Supplies, Computer Accessories and so on. By placing similarproducts...

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Checking and Clearing Your Customers’ and Suppliers’

Once you have entered your customers’ and suppliers’ opening balances you need to checkthe figures and clear them from your Balance Sheet, to keep your books in order.When you save the opening balances for your customers and suppliers, they are posted to theaudit trail and make up the Trial Balance report. They must be cleared to prevent duplicatedbalances when you enter your nominal ledger opening balances.Checking Your Customers’ and Suppliers’ Opening Balances Usingthe Standard VAT SchemeComplete the following process to verify your data and to check that the correct information hasbeen entered in the relevant places.1. From the Customer Reports window, print the Aged Debtors Analysis and DetailedCustomer Activity reports.2. From the Supplier Reports window, print both the Aged Creditors...

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Opening Balances for Suppliers

If you are transferring accounting information from a manual bookkeeping system, or you arechanging accounting software, you will already have some suppliers. You may owe money tothese suppliers (or vice versa). You must enter these amounts as opening balances.You should only enter your suppliers’ opening balances once you have entered the details ofyour nominal accounts (including bank accounts). Post the opening balances for your suppliersusing the O/B button on each supplier record. You can either enter your opening balance as alump sum or you can enter separate transactions.The method of entering the opening balances for your suppliers is different depending onwhether you are using the Standard VAT scheme, or the VAT Cash Accounting scheme.If you are using the Standard VAT scheme, you...

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Entering Supplier Records

There are three ways of entering a supplier record.􀂄 Firstly, you can use the wizard which guides you through the process step-by-step, byclicking New.􀂄 Alternatively, you can choose the Record option from the Suppliers toolbar and enter thedetails manually. Remember, if you have set up your supplier defaults, some details willautomatically be entered for each new account you create. You can change these if youwant.􀂄 Finally, if a record already exists that contains much of the same information as the newrecord you require, you can use the Duplicate option to create a copy of the original record.This option saves you time if you need to set up several records with very similar details,for example if you have a number of suppliers based at the same address.To enter supplier records1. From...

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Entering Supplier Defaults

Each time you create a new supplier record, you are asked to enter details such as credit limit,terms and discount. If you have the same terms with most of your suppliers, you can use thedefaults to save you time when creating supplier records. Defaults mean that you do not haveto enter the same information over and over again, into each record. If you need to, you canoverride the defaults shown in a record. If every supplier is different, do not set up your supplier defaults.Use the Supplier Defaults option to set up the defaults that appear on each supplier record thatyou create. Within this option, you can also set your supplier aged balance defaults. This is thetime period in which you have to pay a particular supplier. For example, one supplier may expect payment within 30 days, but another...

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Opening Balances for Customers

If you are transferring accounting information from a manual bookkeeping system, or you arechanging accounting software, you will already have some customers (if you have nocustomers, go to the next section). These customers may owe you money (or vice versa). Youmust enter these amounts as opening balances.You should only enter your customers’ opening balances once you have entered the details ofyour nominal accounts (including bank accounts). Post the opening balances for yourcustomers using the O/B button on each customer record screen. You can either enter youropening balance as a lump sum or as separate transactions.You can enter opening balances as a negative or a positive value, depending on whether theyowe you money or you owe them money.The method for entering the opening balances...

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Entering Customer Records

A customer record is like a card in a card index box. Each record holds information about aspecific customer, such as an address, telephone number, contact name, credit limit, and soon. The Record button lets you quickly add, edit and delete information so you can keep yourcustomer records accurate and up-to-date. As you add your customer records, they appearautomatically in the list on the Customers window. The list lets you see the customers you haveand the amount they currently owe instantly.There are three ways of entering a customer record.Firstly, you can use the Customer Record Wizard by selecting the New button to guide youthrough the process step-by-step.Alternatively, you can choose the Record option from the Customers toolbar and enter thedetails manually. Remember, if you have...

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Entering Customer Defaults

Each time you create a new customer record you will be asked to enter details such as the creditlimit, terms and discount type and value.If you give most of your customers similar terms and conditions, you can use the defaults tosave you time when creating customer records. Defaults mean that you do not have to enterthe same information into each record over and over again. If you need to, you can override thedefaults shown in a record. If every customer is different, do not set up your customer defaults.To enter your customer defaults1. From the Settings menu, choose Customer Defaults.The Customer Defaults window appears.2. In the Record tab, enter your customer information.Note: You can change any of these details on the customer record.'Country'All customer records list the country where...

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Checking Your Chart of Accounts

In Sage Line 50 you can check the chart of accounts for any errors and then print out a reportdetailing these errors.To check the chart of accounts for any errors1. From the main Sage Line 50 toolbar, click Nominal.2. Click COA.3. Select the chart of accounts layout you want to check and then click Edit.The Edit Chart Of Accounts window appears.4. Click Check.If an information window appears informing you that no errors have been found, it meansall of the nominal codes are represented correctly and you can continue to use Sage Line50.If a print window appears, select the output (printer, preview, file or e-mail) you require forthe error report and click Run. This report tells you of any errors within your chart ofaccounts.Errors That Can Occur in the Chart of Accounts LayoutThe most common...

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The Chart of Accounts

This is a list of all the accounts that your company uses. In essence, it is how you categoriseyour accounting system.Sage Line 50 provides you with a simple chart of accounts that is suitable for the Profit and Lossreport, the Balance Sheet report, the Budget report and the Prior Year reports.The chart of accounts is also used when you run your Year End. The Year End option looks tothe chart of accounts to see which accounts make up the Profit and Loss report. These arecleared down during the Year End procedure.Sage Line 50 enables you to tailor the chart of accounts to suit your business. By editing thechart of accounts, you can add in new categories or make present categories more suitable toyour line of business. For example, you can change the sales category from product and exportsales...

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Opening Balances

If you are a new user of Sage Line 50, (if you are not upgrading from a previous version) you will need to enter a series of opening balances. These opening balances are very important to your bookkeeping activities and you must get them right. If you do not enter them correctly then your books will be wrong (although you can make adjustments to correct them). Entering your opening balances is not a straightforward process, as certain conditions (such as your nominal codes) must be in place before some opening balances are entered.In the next four chapters, Sage Line 50 takes you through the process of entering your openingbalances; firstly by setting up your nominal codes, secondly, entering your customer andsupplier records and entering their respective opening balances, thirdly entering...

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Passwords and Access Rights

The Access Rights feature lets you set individual passwords for each person who uses SageLine 50. You can even restrict which ledgers, menus and windows each user can access. Forexample, you can hide nominal and bank balances from certain users.To be able to set up your access rights, you must log in as Manager.Note: The Access Rights option is only available if you select the 'Access Rights' check box onthe Parameters tab of Company Preferences.To create a new user1. Open the Settings menu and choose Access Rights.2. Click New.The Create New User window appears.3. Enter a logon name and a password for your new user in the boxes provided.4. Set the access you are giving the new user from the options provided.5. To save the new user’s details, click Save. To clear the details without saving,...

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