Im new here and have a question straight away. How enter to sage invoice for gas and electrisity for 2,5 month. Shell I divided amount for each day or post together with the last month date??
Utility Bills are usually paid in arrears, if you want to be accurate in your management reports you need to post them as accurals for each month by dividing the amount into monthly amounts, but alternatively if you just want to record the payment you have made you can just post a payment through the bank at the date of payment to the electric or gas nominal codes.
Sue
-- Edited by Sue T on Tuesday 1st of June 2010 12:44:11 AM
the invoice will be entered onto sage using the information on the invoice itself, ie the date on the invoice, the net amount and VAT on the invoice (if VAT regitered).
if you wish to produce monthly management accounts that will give an accurate figure for the month in question, you can either make a manual journal for accruals or utilise the accrual wizard on sage (if you know how to use it).
I don't bother entering Gas and Electricity as an invoice unless it is paid in a different month to the invoice date but you usually have to pay it immediately so it saves on an additional entry.
But if you do enter the invoice as BackOfficeGroup suggests you will need to allocate your bank payment to the suppliers a/c through the bank.
Sue
-- Edited by Sue T on Tuesday 1st of June 2010 08:26:56 PM
I put them in using the tax point and put through the DD with the date shown on the invoice as to when they are going to take it out this then corresponds to the bank statement.
Not overly sure if its right now after reading this thread
-- Edited by Rhianrach on Tuesday 1st of June 2010 08:52:30 PM
By doing the accurals it just gives you accurate accounts for the monthly management reports, and of course if the invoice straddles months in two different tax years it is a necessity, but will be picked up usually by the accountant if not done by the bookkeeper and put in as an adjustment in the end of year journals.
Sue
-- Edited by Sue T on Tuesday 1st of June 2010 09:02:13 PM
My next question is if I put that invoice without any accruals how the management accountant will know if that was different period of time?is that by checking the orginal invoice only?? Thank you for all the answer help a lot
