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Post Info TOPIC: Sage 50 - matching transactions


Newbie

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Sage 50 - matching transactions


Hi, having just started a garage business I'm trying to get my head round sage 50! This may be a really stupid question, but I can't for the life of me find anything on the net to help me, so hopefully you can point me in the right direction.....

i use garage management software that imports all invoice details that I create into Sage 50 and I'm trying to match the transactions up with what comes in from my merchant account.

For example, if I created two invoices on the same day for £100 each that were paid via card I would show a £200 merchant account payment so my question is, how do I allocate 2 invoices to the 1 payment in?

i have also created invoices that may be 1p out from the payment which I can't match, is there a way round it?

any help you can offer would be appreciated.

many thanks

Tim



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Master Book-keeper

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Hi Tim
This is the bookkeepers network.....a forum for professional bookkeepers and Accountants, not business owners.

Best off speaking to sage, or of you didn't both with the sage support option then your accountant.

But I would advise you insist your staff get the payment to exactly match the invoices or you will end up with a complete mess after a while.

Just key the two invoices against the payment using the same screen you usually do.

Further than that we cannot help, unless of course I send you my bill, as I'm sure you would charge me for an air con re-gas or the like, after all we are both in this to make money.

__________________

Joanne  McCormick

Fallows  Hall  Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Newbie

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Date:

Hello Tim

Enter the merchant account money as two separate customer receipts of £100.

The 1p differences could well be VAT, so take care.

However, HMRC don't get too upset about a few pence here and there.

If you get a penny less, there's a column for discount in the Customer Receipt function - stick it in there.

If you get a penny more, enter the Customer Receipt for the invoice amount, then enter the penny as a separate transaction using Bank Accounts - Receipts.  Code it to Sales.

Good Luck



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Master Book-keeper

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Sorry to sound blunt -  but what a load of tosh.  

One customer payment for two invoices, then enter the payment as the payment amount and allocate it to the two invoices As I said in my first post.   Why are you just creating entries that bear no resemblance to reality?  

plus thereby making it harder for reconciliation and worse, more complicated for audit purposes/any kind of checking months/years in the future when memories have gone in the event of a dispute/query/inspection.

If its the daily taking total you are trying to match then dont - allocate per the individual card payment slips - then you can reconcile to the totals via the card processers monthly statements and the Bank statements.

The customer should pay the invoiced amount so the penny rounding for vat will have been sorted as the invoice was produced via sage. Ergo no penny difference.

If the invoice was produced through garage management software, as in this case then the rounding issue would have been sorted through that software and the entering of the invoice will be correct in sage, via the import module - which will only import what you tell it to import and doesnt round things at will.  (Even if it did the latter,  then surely you would just alter the csv/excel file via a formula to manage the way sage rounds things before its dropped in - crap in crap out).

You don't pop the pennies to discounts as they aren't discounts. But then you wouldn't have the issue given what I said above anyway.

The last line is just how not to do it and end up processing more entries than necessary and is just frankly messy and ridiculously time consuming.


Tim, I would suggest you get a GOOD bookkeeper on board, doesn't need to be full time, a few hours would do it. You can concentrate on your business as it grows and the books will be right.











-- Edited by Cheshire on Friday 10th of August 2018 06:35:10 AM

__________________

Joanne  McCormick

Fallows  Hall  Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

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