I wish you guys could guide me, like in the past. :)
Is it okay to debit charity AC (i reckon it would be a Balance Sheet item) for the money collected from customers happening from a sale.? What are the exact journal enteries and which code could be used on sage line 50, if there is not a nominal code assigned for charity and donations?
Another thing is with regard to the bank reconciliation. Is there an easy way to do the bank recon while doing the streamlines (card terminals) and amex? I find it particularly difficult to reconile, as there is always a difference on the bank statement. Some figures do agree, but some figures don't.
I do a spreadsheet detailing the streamlines which also works out the charges then post the final amounts which agree with the amount paid into the bank. I "launder" them through a separate bank account so that the payments and receipts can both be entered, then transfer the balance to the current account. The separate bank account should then be zero.
Not sure what you mean about charity and donations. If a company is a charity and it receives donations then a code in the 4000 range should be used for this.
Hi Semsley, Nice to see your reply. Thanks for this. Sorry if i confused you with this. The business i work for is retail and they accept donations from people. Lets say, they sell a thing for 18. If the customer wants, they can add 50p or a pound towards charity. So the total would be 18.5. so i was asking about the 50 p given by the customer and its treatment.
The way you mentioned about streamline is quite interesting. My company has business accounts with natwest bank. Is it possible for you to mention in a detailed manner, how this could be done for a beginner like me? I am sorry if i am a bit over demanding. Our business uses a lot of card terminals and at the moment, i find it quite difficult to reconcile. On a particular day, amount on sage and bank statement agree. But, some times, you will have to add 2 days or 3 days to reconcile. Or else, it will leave a difference, which i transfer to unders and overs account. So, i think my way is quite longer and not efficient.:(
If the 50p is given to a charity then in Sage it would go in the donations which is somewhere in the 8000 range.
Re spreadsheet it's a bit difficult to explain without an example. I did it for a client who I only visit once a month but will get a copy and post, but I'm not due there for a couple of weeks.
I am not sure if in correct section here. I did some Sage work for a local charity and the question posed was. How can I allocate wages, lets say for 1 particular person so that a percentage of his/her wages - hours were allocated across different funds. Tried to think of all possibilities as in journals/departments etc but not having much success. I know that spreadsheets were mentioned but they want to try and keep everything within Sage??
I think though that the answer would lie in taking the wages from one pot but funding that pot by transfer from the various projects that were looking to contribute towards the individuals services.
The answer isn't Sage specific as I'm not a big fan of that software but the principle should be quite easy to adapt to any package.
welcome to the forum,
kind regards,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I've done this for a charity using funds and departments. Basically the departments are the same as the funds and when you post the wages journal breakdown the individuals wages across the various departments and therefore funds.
I'm sure there's a better way to handle it but I couldn't think of one.
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Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
