Recently i have undergone Sage line 50 accounts . I have joined a company and i have a query like how to enter the bank statements data.They have given the bank statements. In which format can i enter the data. Pls help
Need a bit more explanation. Have any supplier and customer invoices been processed on the supplier and customer ledgers and have any payments made been entered eg from the cheque book, and from paying in book? Also any bank payments for drawings etc
You need to enter these details first and then reconciling the bank statement should be quite straightforward.
The bank statements includes transactions as salaries to staff,Directors Remuneration,Rent charges,Funds from Dpw,charities and bank interest,Phone charges,Electricity Charges,Public Liability Insurance,Workshop services and printing and posting charges and Drawings too.
I have entered these details into excel.Is it the right method as i am new to accounts field.
If you wish to enter this data into sage then it sounds like mostly are bank payments. I presume that you have set up sage with the correct year end etc, company details.
If you look at the nominal ledger you will see a list of account numbers. You need to decide which account numbers these bank payments relate to.
eg Drawings usually Account no. 3000, Postage 7501 etc etc
Income usually Account 4000+
If you are new to sage I would suggest doing a course. Also you can look on sage help on the menu at the top of the screen.
As the company is not VAT registered and the tax code is used was T9.Can you help me out for few nominal codes for these items.
Funds from DWP charities Business Software maintenance charges complimentary expenses Public Liability Insurance Workshop Service Seminar expenses Internet Charges
Complimentary expenses are those which are borne by the company to client. Worksshop services are those where in company provides training type of services to their customers. But the company has only sales invoices.It is completely based on Service Invoices but not on product Invoices.Currently i have just created nominal codes. suppose if the company doesnt have any purchases then how would you make a profit and loss and a balance sheet reports for those companies which have sageLine 50 accounts. Please advice
Not sure if I am correct but I would think Complimentary expenses you are describing is entertaining.
Anything like sales/services would usually be set up under the 4000 code.
Purchases would usually go under 5000, but you will still have some overheads eg Stationery/Insurance etc which would be deducted from your income on the profit & loss account.
With regardds to the profit & loss reports and balacne sheet you would check the reports under financials. You may need to check your chart of accounts beforehand.
Another query regarding the customer bank receipt. I have posted the customer invoices to sales ledger.Then paid the invoice infull by customers bank receipt.Do i need to do the remittance advice first.After finishing the above process now the customers balace is showing zero and all the customers balances are zero.What could be the next step then?As i wrote to youthat the company doesnt pay tax so i setted the tax code as T9.Please advice how can i get back my customers balances.By the way these all are service invoices.This company has only service invoices to enter.Can you prefer any links to go further.
