Here is the latest in our series of hints and tips on how to use Sage 50 more effectively. This month we cover Sage 50 dates and periods.
The configuration of your software impacts on processing and reporting, so it is important to understand how it works, life will be easier if you work with your software rather than against it.
Sage 50 Accounts works with a single 12 month open period.
Individual months are not closed, which allows late booked entries to update the period they relate to.
By not closing individual months, you can run reports such as aged debtors and aged creditors retrospectively.
The year end routine will clear all Profit & Loss balances to zero and open a new 12 month period.
Thereafter the system will accept transactions dated in the prior year but if posted to Profit & Loss codes they will report as a prior year adjustment on the balance sheet.
Tip: use Lock Date (see below) to avoid prior year adjustments.
Settings include “Lock date” which allows the administrator to set a date prior to which only authorised users will be able to enter new transactions.
Consider using lock date to close an individual month or to avoid adjustments to prior periods.
Sage looks at the program date and defaults to this when running reports, creating new documents, or batch processing new data.
The program date can be changed in “Settings” from the main toolbar.
Consider changing the program date to the period end date you are working on, this will avoid the default at today’s date, saving time and avoiding date errors.
If you have any questions regarding Sage 50, please contact Andrew Bagley on 01483 416232.