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Post Info TOPIC: Sage Chart of Accounts - other income


Expert

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Sage Chart of Accounts - other income
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In the Profit & Loss Account from the accountant, OTHER INCOME (Rent received, Other receipts) is shown after the GROSS PROFIT and before EXPENDITURE.

How do I amend the "Chart of Accounts" in Sage to reflect this? Is it possible?

 

If it isn't possible - what do I do?



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Guru

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Hi Peasie,

No, I don't think this is possible in Sage as Other Income would have to have its own category to appear below the Gross Profit...but someone please correct me if I am wrong!

You could always export the P & L into Excel and amend it accordingly. Alternatively you could just include the Other Income in the sales as normal and let the accountant amend it at year end.

Pauline

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Pauline



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no way of separating to my knowledge as each" area " is stipulated in the chart of accounts. I can only think of using direct expenses if not already used however this would be shown as a minus.

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My suggestion would be to put it in to the sales section of the Chart of Accounts as this will show up under income when you run the report.

Just put each category that you need in and match it to the appropriate nominal code. e.g. Rent Received NC low 4123 NC high 4125 etc.

there wouldn't need to be any corrections at the end as it would be reporting correctly and it would show before the expenditure.

I hope this helps and if you have any further questions please let me know



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Expert

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It is annoying I can't change things as easily in Sage as I can in VT Transaction+.

I can have separate totals for the Other Income, Wages, Finance Costs, Depreciation if I wanted.

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Guru

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Hi Peasie,

You can have separate totals for Wages, Finance Costs, Depreciation etc in Sage as well, you just need to alter the COA so that instead of a "range" of codes for ...say Wages (which can include gross wages, director's remuneration, staff salaries, Employer's NI etc) you give each item you want to show separately its own code as the low and high range.

eg. If you alter Gross wages to read 7000 to 7000 and Director's salary to read 7001 to 7001 they will both appear as separate items on the P & L with their own totals.

Pauline

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Pauline



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Hi Pauline,

For wages, I was meaning Directors salary, employees gross wages, employers national insurance, employers pension all have their individual figures and then there is a subtotal displayed for all of them.

Bank charges and bank interest listed individually and then a sub total for them.

Depreciation - all the various amounts listed separately then then a sub-total for them all.

(I know I'm missing apostrophes above but I'm not sure for some of them if it's before the s or after the s so to avoid getting one of them wrong I've missed them all out)

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Guru

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Ah right, I see what you mean....you want them all listed separately and then a subtotal. You can certainly list them all separately, but don't think you can put sub-totals. You could always export into Excel though and do this as I mentioned before.

Lol...how did you know I was an English grammar buff as well (re the apostrophes). I won't bore you with telling you where they go

Pauline

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