I am new to Sage so apologies if this is an obvious / basic question. I have entered a fair few invoices and then wondered if what I have done is in fact correct. The company purchases components from company a and then installs them. I set up a nominal in the sales section which is "Company A components". I have then used the same nominal code when issuing the invoice to the customer, and recording the receipt of money.
Now I am wondering if in fact there should be two nominals for "Company A Components" one is the sales section and one in the purchases section ......
Your right and the sales / purchases should be kept separate.
I'm a bit confused by the second bit though. Are you saying you've posted the sales invoice to nominal 4XXX and then when the customer has paid you've posted the receipt to the same nominal?
The easiest way to resolve it, would be to print a nominal transaction listing for the Sales account and manually move the incorrect posting to the correct nominal e.g purchases to the new code in the 5XXX range
-- Edited by ADAS on Thursday 8th of September 2011 11:19:11 PM
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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.
Thanks for replying! When I look at the activity in the nominal code 4000 I have both sales invoices and purchase invoices showing. I have used the same nominal code to order the items and then sell them to customers!
Am I right in thinking I should have a nominal code in sales for when I invoice the customer, and a matching code in either materials purchased or opening stock for when I buy the components?
You will need to move all your purchases to the N/C 5000 goods for resale
I would do a list of all the purchase invoices that you have put in to N/C 4000 list the invoice numbers to help you
Then go in to maintenance and corrections and look up all the purchases you have on your list start from the top and open each oneclick on editat the top you will see N/Cre enter5000 and click saveit will ask if you wish to postclick yes
Hope this helps you
Ps when company A purchases componentsit will be N/C 5000
When they sale to the customer there invoice will go to N/C 4000
