Hi all you lovely boys and girls on here . We are in need of some help and was told that this was the best site to get it from so hope you can help us. I did post this a few days ago but as yet have not had an answer
on the 1st of September we opened a small cafe and we purchase £500.00 of food to start off and we also purchase £260.00 of consumables ie sandwich bags take away cartons and so on .not for resale
we have set up sage accounting and just about getting our heads round it what we need help with is our stock . On the 30th September we are going to do a stock take but we don't know how to enter it on sage I have been reading some posts about stock and from what I can make out for the first year we want have any opening stock but we would like to have our stock done every month . But don't know how to do our opening stock .
And do we have to put our consumables in as stock with the food or if not then what code would we use we also have some food left at the end of the day that we can not use. up to now this has come to around £56.00 how would we account for this
if some kind sole could show us how to do this then we can just do the same every mouth
sorry, you're not being ignored but I for one saw the original post but took it as a Sage rather than accounting principles question so passed it by as my only playing with Sage is in moving clients to something else.
I'm assuming that the only differences that you will have is on consumables that if not used quickly will need to be transferred at cost to wastage and thats what you are looking at someone who uses Sage to tell you how to do.
The bags and cartons should relate directly to sales unless they have been damaged or stolen (not really seeing them as things that would be used for personal use but if they are they need to be accounted for as sold to yourselves at market value).
Right, back to the actual question.
C'mon people. I know that there are some Sage people out there. Sweep in and do your stuff for Jill before I convince her how much better VT is than Sage.
All the best,
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.
p.s. if you need more general assistance with your bookkeeping for your business and are not at all attached to Sage then as you're on my patch PM me off line (click my name and go down to the send email option in the left hand panel) and we'll see if we can take some pressure off you on the paperwork side of things letting you concentrate on growing the business.
Of course, if you're enjoying the bookkeeping then just keep posting questions on here and they will be answered although very occassionally one needs to bounce messages if you hit the perfect storm of all of the people who would normally answer the question being busy at the same time. (which is of course the downside to a site where all of the contributors give their time for free).
kind regards,
Shaun.
__________________
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.
Thank you for your kind offer but we would very much like to see if we can do our accounts on sage as we have now got it and like you say now we have found you guys if we get stuck we can always ask . but finding it hard to get the answer to this lol but I have hope
Some of my clients I've virtually had to be slapping their knuckles with a ruler to get them to give up Sage, espechially those who paid for it.
Sure that its perfect for your business though and wish you the very best of luck in your new venture.
Now if we can just get an answer for you as those darn Sage bods seem an elusive bunch at the moment.
Sure that we'll chat again soon when your questions are principles and practice rather than software based,
kindest regards,
Shaun.
__________________
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.
Stock purchases would normally go through NL Code 5000 and if you wish to keep the bags etc. separate I would use code 5001 or similar. Some people have different codes for opening and closing stock but I think that just over complicates the issue so I would use NL 1000 as your foods stock code and 1001 for bags etc. If you have introduced cash and purchased your first £500 worth of goods with that, then you will have no opening stock as at 1st September.
At 30th September all stock purchased to date should have been debited to NL5000.When you have established your Stock on Hand at 30th September you will then need to make a Journal entry which will be debit NL 1000 and credit NL 5000, this will leave NL5000 showing the cost of goods sold during September and NL1000 will show the Stock on Hand,
Your closing stock on 30/9 will be your opening stock on 01/10. At 31/10 when you do your stock check you will have to compare your on hand figure then with the figure at 01/10 and make a Journal adjustment for the difference, so that NL1000 shows the 31/10 stock on hand figure.
With regard to waste food you need to write this off at cost and I would set up another NL code say 5010, then the Journal entry would be debit NL5010 £56.00 credit NL 5000 £56.00.
It should be noted that any food used for personal consumption should be accounted for at retail price not cost.
The bags and consumables should be accounted for in the same way if the amounts are material.
Are you using Line 50 if so there is a Opening closing stock wizard available which will do all the calculations and postings for you so that you only need to do the postings to NL codes 5000 etc
so all we have to do is to follow what you have put at the end of every month .
