Wednesday, 22 February 2012

Bank Reconciliation's: Are they necessary?

I often get asked ‘Do I need to reconcile my bank account’?
In my opinion, yes, definitely!  I believe that you should reconcile your bank account at least once a month, to the penny! 
Never adjust even one penny, you need to find where the error is and correct it.  If you think about it, if you are out 1p on your reconciliation, it could be 2 errors, one for a credit of £99.99 that is missing and another a  debit for £100.00 giving the net difference of 1p.  So don’t ever plug a bank reconciliation, it’s not good practice at all.
If you reconcile an account, and find that actually, the account doesn't reconcile, or you have reconciled a transaction by mistake, you can un-do this.
You need to go through the following steps:
  • Go to the File menu and choose Maintenance.
  • Once in the Maintenance window, click Corrections
  • Double click on the transaction you wish to unreconcile.
  • Once opened, you will see on the right, that the reconcile box has been ticked, with a date next to it, reflecting the date the transaction was reconciled.
  • Un-tick this box, save and the click Yes to confirm that you want to post the change.
The next time you go into your bank reconciliation, this transaction will appear in the bank reconciliation window.
If you don't want to do a bank reconciliation, or are not required to do one, in Sage you do have the option when setting up a bank account, to remove the option to reconcile.  If you do this, in the audit trail, the reconciliation flag changes to a ‘-‘.

Thursday, 3 November 2011

When Should You Backup Your Data?

When Should You Backup Your Data?

I would suggest backing up your data files daily, this way, you'll get into a routine!  If you don’t work on Sage every day, then you should backup your data whenever you have entered new data into your software.

Once a day, might not be enough for some companies though, especially those companies who have several networked transactions, or if you’ve entered a vast amount of data. 

It is also important to take a separate backup, at least weekly, and keep these files off-site – if you do have a fire or a break-in, at least you know that you’ll only have 1 weeks worth of work to catch up on!

Another time that it’s really important to back up, is when you are about to do something that is irreversible, such as Month End or Year End, clearing your audit trail or doing any of the monthly reconciliations.  If you are processing your year end, I recommend that you take three backups, keeping one of these backups off-site.

Why should I back up my data?

It is important to back up your data regularly so that you always have a recent copy of your accounts data.

Backing up helps to prevent data loss in the event of computer or network failure and data corruption.

It also allows you to send a copy of your data files to your accountant or to Sage should this be necessary, for example if your accountant wants to view your accounts at year end. 

It's better to be safe than sorry!

Friday, 21 October 2011

What's new in Sage 50 Accounts 2012

Sage just gets better!  There are various functions now available on the new 2012 version of Sage 50 Accounts. 

The first being the Lock Date function.  This function helps to ensure accurate results are provided – as it will allow you to prevent postings being made before a given date.  If you print out monthly reports at the end of a particular month, and then someone goes in to post further transactions for that month – they won’t be recorded in the reports.  The Lock Date function stops this from happening.  Once a month end or year end has been completed, no more transactions will be able to be posted if this Lock Date function has been used.

Another feature, which really should have been available a long time ago, is the Quick Search function. This feature makes it extremely quick and easy to explore large sets of data.  But please note, for this to work accurately, you need to ensure that any Search queries have been totally removed from the Search function.  The best way to ensure this is to go into Search, click on Discard and then the Apply button.  This way, you will know that all of your data is there.  Just clearing any searches using the little magnifying glass on the top right hand corner, does not clear the Search queries.

Sage have also added a Quick Print option – this is brilliant if you use the same invoice layout to print out your invoices.  The first time you use it, you need to add your invoice template and next time you click this option, it will just go straight to the printer – a really nice time saving function.

Friday, 14 October 2011

Sage Security & Access Rights

Security, levels of access for different staff members, is really important in any business!  Sage 50 allows you to restrict which ledgers, menus and windows each user can use, and you can hide your bank and nominal balances from certain users if necessary.
To be able to change, add or edit the access rights, you must be logged in as Manager. 
From the User Access Rights window, choose the user whose password you want to edit, then click Edit.
The Edit User Details window appears showing the Logon Name, Password and current access rights status.  Enter or edit the Password.  To change the overall access rights of the user, choose one of the Access Rights option buttons. 
If you have denied access to some options, a Partial Access option button is shown. If you now select the Full or No Access option buttons, the partial access settings for this user is reset.
Accept the new user details by clicking OK.
Note: For single-user licences, the Access Rights facility is only available if you select the Access Rights check box on the Parameters tab of Company Preferences. 

Monday, 11 July 2011

E-mail your documents, save on postage.

Any document you want to generate from your software can be directly sent to email, provided you are using Microsoft Outlook or an Internet email service such as Google Mail.
To send sales and purchase orders, quotations and invoices, ensure that the e-mail address has been entered into the customer and supplier details tab.  You can pre-select the default layout you want to use, by going to Invoice & Order Defaults >General and then choosing which format you want to use.
To email sales orders, purchase orders, invoices and quotations: Open the relevant module and the relevant link, select the people you want to email from the list, then from the toolbar click Email.
To email reports, statements or letters: Open the relevant module and select the people you want to email from the list. Or when dealing with items such as products or nominal accounts, select those you want to report on. Then from the toolbar click the document type you want to email Letter, Statement or Reports as required. 

Monday, 4 July 2011

Recurring invoices

If you use the recurring invoice option in Sage, you need to be aware of the implications of product price increases.
If a product, where you have increased the retail price, appears in either a recurring invoice or a skeleton invoice, the new retail is not automatically picked up, old product prices remain on the recurring invoice.  To refresh the product so that it does pick up the correct price, you need to click onto the product and highlight it again - then the new up to date prices will appear.  Remember to make these changes on the template / skeleton invoice and then save the changes, if you don't, the same problem will happen the next time you use it.

Wednesday, 15 June 2011

What are Skeleton Invoices?

Sage 50 Accounts lets you save the details of any product or service invoice you create, as a skeleton invoice for re-use. This is very useful for those invoices that you create regularly.

When you load your skeleton, all the details that you saved appear automatically in the boxes in the Product Invoice or Service Invoice window.

In addition to creating skeleton invoices, you can also set up recurring invoices if you bill customers for regular product sales or services, this will not only save you time every month, but they will also be a reminder that you need to send out these invoices.

Both the skeleton and recurring invoices can then be sent directly to your customer via an e-mail - another time saving task!