*How to input record a Supplier Payment in Sage: (This is to match payments made to suppliers to the invoices on their account in the purchase ledger module) From the “Bank” module, click on “supplier” – which is usually a “button” icon near the top. A pop up window entitled “Supplier Payment - [followed by the name of the [read more]
How to post a bank payment in Sage (directly from the bank to the nominal code, without going through the purchase ledger module):
From the Bank module, ensure that you have the appropriate bank account highlighted (normally in blue) – although this can be over-written with a different bank account, click the ”Payment” icon/button near the top.
Bank – will default to the bank account code that was highlighted as above, but can be over-written.
Date – the bank transaction date in dd/mm/yyyy format (the default is current date)
Ref – hopefully put a meaningful reference in this field!
Ex-Ref – this is an optional additional reference field which can be left blank if not required.
N/C – this is the nominal code for the type of payment. You can access the drop down list by clicking on the downward arrow.
Dept – if you are using “departments” in Sage, then input the appropriate department number (or select from the drop-down list by clicking on the downward arrow). If you are not using “departments”, then leave the field as it’s default value of 0.
Project Ref - similarly, if you are using “projects” in Sage, then input the appropriate project code (or select from the drop-down list). If you are not using “projects”, then leave the field blank, which is the default.
Cost Code - If you are using “cost codes” in Sage, then input the appropriate cost code (or select from the drop-down list). If you are not using “cost codes”, then leave the field blank, which is the default.
Details – this is a text field for you to write a brief but meaningful description.,
Net – this is the net amount (excluding VAT) if you are VAT registered – or the gross amount (including VAT) if you are not VAT registered.
T/C – this is the VAT code. If you are VAT registered, it’s usually T1 or T0 (but there are others – see previous post on Sage VAT codes). If you are not VAT-registered, then use T9.
VAT – this is the VAT amount, which Sage calculates from the net amount and the tax code. Occasionally, there are rounding errors, which can be corrected by overtyping the amount. If you are not VAT registered, then this field must be zero.
When you are finished, click on “Save” in the bottom left of the window.
How to post a bank receipt in Sage (directly from the bank to the nominal code, without going through the sales ledger module) the process is almost identical to above – just click “Receipt” instead of “Payment”. Although, note that the entries will exclude the field for “Cost Code.”
Important Note:
Do not use bank payments to make payments where an actual purchase invoice has been posted in the Purchase Ledger module.
Similarly, do not use bank receipts” to record monies received from customers, where you have posted a sales invoice (either by batch entry or using the invoicing module) in the Sales Ledger module.
Recording Customer Receipts on Sage*How to input record a Customer Receipt in Sage: (This is to match payments received from customers to the invoices on their account in the sales ledger module) From the “Bank” module, click on “customer” – which is usually a “button” icon near the top. A pop up window entitled “Customer Receipt – [followed by the name of [read more] |
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Inputting Purchase Invoices and Credit Notes in Sage*How to input a purchase invoice in Sage: From the “Suppliers” module, click on “invoice” – which is usually a “button” icon near the top. A pop up window entitled “Batch Supplier Invoices” should appear. For each purchase invoice, input as follows (tab between fields): A/C – this is the Supplier Account reference, if you do [read more] |
Inputting Batch Sales Invoices and Credit Notes in Sage*How to input a batch sales invoice in Sage: (This is for invoices and credit notes generated outside of Sage) From the “Customers” module, click on “invoice” – which is usually a “button” icon near the top. A pop up window entitled “Batch Customer Invoices” should appear. For each sales invoice, input as follows (tab between [read more] |
 Recourse Factoring in the Statutory Accounts*Recourse Factoring calls for “Separate Presentation” in the balance sheet of a company’s statutory accounts. The liability to the Factor is shown as a short-term creditor, because in effect it is a loan from the Factor. The Sales ledger debtors are shown under “current assets” in the usual way. The Factoring fees and discount fees [read more] |
 Advantages and Disadvantages of Factoring*Advantages of Factoring It is a quick boost to cash flow (assuming that the Factor’s conditions can be met) Some customers take Factors more seriously and pay quicker (also, the reverse is true) Non-recourse Factoring can protect against bad debts. Factors will credit check your customers which will help reduce bad-debts. Some Factors will withhold [read more] |
