Hello Wise People! Can I pick your brains please? I have picked up a one-off job helping a payroll client to enter a year of bank statement in to Sage 50 Accounts Professional.
He takes a lot of sales receipts via paypal and credit/debit cards but has no way of retrospectively telling me who the receipts are from and has asked me to post the receipt in bulk. As I am sure most of you know, they arrive in the bank in one lump, rather than as separate payments.
He runs a 'proper' sales ledger, ie separate accounts for all his clients (over 200 accounts have o/s bals), a summary aged debtor report runs to 4 pages. I don't think it's feasible to post the receipt as one lump and allocate payments off the sales ledger. To give you an idea of the scale of this I have just counted 50 receipts to the bank for one month alone.
My client wants to start with a clean slate this year, but is keen to get last years accounts done and dusted.
Does anyone have any experience of this or any bright ideas how to move forward?
I think you can go back 3 years, I recently went back to March 15 so I know you can at least go that far back. If your client has set up sales ledgers for each individual customer then you are going to have to record the receipts separately so they can be matched off.
To get the transaction details from Paypal - go to activity, statements and reporting centre, click on monthly financial summary report and select the first month you want to record then click on the figure under sales activity. This will give you a breakdown of that months individual transactions. In Sage I would create a new bank account called Paypal and enter the gross amounts in there, allocating them to the correct customer. and show Paypal Fees as a single monthly bank charges expense. Where money has been taken out of Paypal and put into the main bank account I would show this as a transfer from Paypal account to bank account, although I'm not sure how you do that in Sage. In the monthly financial summary theres a heading called Transfers and withdrawals and the details will be in there.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi Victoria
I would normally say 50 receipts a month is nothing and entirely do-able, BUT Im wondering why he is unable to tell you how to match the card receipts to the sales ledger and fearing the worst! OMG dont some clients expect miracles!!! Questions that pop into my head are things like (randomly!)
Should he have any sales ledger accounts? ie if you were to this from scratch would you just process these sales through the 'Bank payment' option, or does he actually have some credit customers?
what is it he is selling? does he have the card receipts? is it vat registered? what vat scheme? are all of his sales vatable? does he monitor stock through his sage? are there any currencies involved? (please say no to that one!!!!).
Sorry - but Im pondering on a plan, althought it depends on your answers and I will apologise now as I might think of a few more Qs when you respond.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
