I've to complete a month end, I realise my opening balance will be last months closing balance then I will have to add purchases and deduct returns then minus closing stock, please can someone explain the procedure I will go through for month end, to arrive at the correct figures. I'm ok working this manually but apprehesive with Sage line 50 and I don't want to mess up. Chriss
Sorry, I'm with you on Sage. I use it but I don't like to give advice as I'm no expert with it (Excel is my baby).
Bear with it this evening as many of the regulars may take some time to come back on line.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I'm no expert on Sage and lack confidence, I seem to freeze at the simplest transactions, I feel stupid asking but I just need someone to walk me through the month end procedures on it.
With Sage, the program does the work (provided the input is correct in the first place).
If you have sorted out accruals, prepayments and depreciation using the tools provided within the program. You go to Tools, Period End, Month End and press the button.
To be honest I never use this (except in exams) as I leave everything to the accountants at the year end,.
Opps misread the post. Yes with stock you need to transfer opening stock and closing stock just as you would manually.
-- Edited by semsley on Tuesday 6th of July 2010 09:37:07 PM
imagine the computer is just a piece of paper but on a screen and then work as if you were doing it manually.
Computers only work on the figures that have been input, and sage does have automatic stuff whereby you just press a button, but I still prefer to do manual journals as then I know what I have done. I dont use period end, month end etc nor accruals, prepayments, I do them all manually!!
With stock, make the journals as you would normally.
I've got different nominal codes, they aren't the standard ones, I can't use the wizards or the normal nominals, it makes a straight forward job, become really difficult.
