Correcting mistakes in Sage 50

Correcting mistakesIf you have made an error in posting a transaction in Sage 50 Accounts, don’t worry, you can correct your mistake and keep a full record of the corrections that have been made. You can access the Corrections module from File > Maintenance > Corrections. In this window you simply locate the transaction which contains the error and either choose Edit Item, to make an amendment or Delete Item to remove it completely.
Here are a few things to remember when editing transactions.

• If you amend a critical field, the original transaction is amended and a deleted
transaction is created at the end of the audit trail. This deleted transaction shows the
original details before the amendment. Some examples of a critical field are; date,
nominal code, net and VAT amounts.

• If you change the net amount of a transaction, the VAT amount doesn’t automatically
recalculate so you also need to amend this value.

• You cannot delete a transaction which has been VAT reconciled. Instead, the software
will ask you if you want to reverse the transaction; this posts the opposite transaction
type. For example, if you try to delete a VAT reconciled sales invoice, a sales credit is
posted to reverse its effect.

• If you amend or delete a transaction which has been bank reconciled, this changes the
Last reconciled balance of your next bank reconciliation.

• It’s not possible to delete or amend a critical field on a journal transaction. If you make
a mistake with a journal you should manually reverse the journal by reposting it with the
same date and values, but swapping debits for credits and vice versa. This removes
the effect of the journal and you can then repost it correctly

Year end Procedure in Sage 50

At the end of your financial year, it is mandatory for the year end procedure to be run, however this does not have to be run on the actual day your financial year finishes.

1. Ensure that all transactions have been entered for the year you are closing.

2. Print all of the reports your business requires. As a minimum we would recommend the reports detailed above.

3. In Settings > Change program date, change the software date to the last day of your financial year.

4. Take two backups of your data in File > Backup, ensuring that these backups are stored in a secure location. It’s useful to label these backups as ‘YearEnd2012_1.001’ and ‘YearEnd2012_2.001’ for example.

5. Within Tools > Period End > Year End, check all the details are correct then click OK to complete the process. As part of this process an archive is automatically created. The archive is a ‘read only snapshot’ of your company at the point the year end is run. To access this at a later date, go to File > Open > Company Archive.

Running this process doesn’t stop you from being able to process transactions back into the year you have just completed, unless you have set a lock date.

Back Up option in Sage 50

Back Up Data and other Files in option in Sage 50

Having checked that your data is free from errors, a data backup should then be
taken at the end of every day where processing has taken place. Found in File > Backup,
the file created by the backup process should be stored in a secure location, ideally not
relying on a single PC to hold these files. We also recommend that a backup is taken prior
to running any major business process like a VAT or bank reconciliation or the year end
procedure.

Chart of accounts - New Taxation Category with sage 50 2012 -V18

COA -Taxation Category

Fulfilling a long felt need. The chart of accounts now includes a new Taxation category in the Profit and Loss area, therefore profit and loss reports can now show net profit before and after taxation. The Edit chart of Accounts window has been improved to show a preview of the effects of any changes that you make, and the profit and loss / balance sheet codes are now located on separate tabs.

Quick Search in Sage 50 2012 -V18 O/w

Quick Search
The Quick Search option makes it easier to find the information that you’re looking for,
without the need to build a complex search query. The Quick Search analyses all fields
within the ledgers for the information you’ve entered.

Microsoft Excel, Word and Outlook integration

Microsoft Excel, Word and Outlook integration

If you have Microsoft Office 2003 or above installed on your PC you can send information
from Sage 50 Accounts over to Office, where you can manipulate the information as you
wish. For example, from within any ledger or list screen if you open File > Office Integration
> Contents to Microsoft Excel, all of the information in the window will be copied into a new
spreadsheet.

Using similar functionality it’s also possible to run a mail merge of your accounts information
in Microsoft Word, for example, to do a mail-shot to your customers. You can also export
your contact and Diary information from Sage 50 Accounts into Microsoft Outlook.

Sage 50 Mobile for Smart Phones

Sage 50 Mobile
Using Sage 50 Mobile you can integrate Sage 50 Accounts 2012 with an application on your
Smartphone. For more information about this, please go to the following website
www.sage.co.uk/Sage50mobile

New Opening Balances Entry Tool in Sage 50 2012 (V18)

Opening balances
A new opening balances wizard guides you through the procedure step by step, accessed
from Tools > Opening Balances.