Due to the nature of Sage, we rarely get the same query twice. However, we do on occasion get asked the same general questions, which we thought would be useful to explain here.
“why does my data always disappear?”
In most instances, there’s likely to be a search applied which limits the amount of data that’s shown. In the top right-hand corner of the screen there’s a magnifying glass. All you need to do is click on this to toggle between the search and all of the data.
“I’d like to only see the nominal codes that I use on a regular basis, how do I do this?”
Reducing the nominal codes can be done by applying a search that specifically excludes those with a nil balance from view.
- open your list of nominal codes
- click on ‘search’
- input the following criteria; ‘Where, Balance, Is Not Equal To, 0.00’
- click on ‘apply’
You should now be able to use the magnifying glass to toggle between ‘used’ and ‘all’ nominal codes.
“what are the different VAT T-codes for?”
Here’s a useful index of the different codes for your reference.
t0 – zero rated transactions
t1 – standard rated transactions
t2 – exempt transactions
t4 – sales to VAT registered customers in the EC
t5 – lower rate 5%
t7 – zero rated purchases from suppliers in the EC
t8 – standard rated purchases from suppliers in the EC
t9 – non-VATable tax code
“which reports should I be running monthly/quarterly?”
Selecting the reports and their frequencies depends on how often you want to track your company’s financial performance. As a general rule of thumb, you should print and agree the following reports:
- trial balance
- profit and loss for the quarter
- balance sheet for the quarter
- aged debtors summary
- aged creditors summary.
Your aged debtor and creditor totals should match the figures shown on the balance sheet.
For the debtors summary, you should go through all of your older balances and check that they’re still due. This includes checking all statements that’ve been sent out to customers, and then following these up to make sure the payments come in. Any negative amounts you have may have invoices missing, so please be sure that you’re happy with all the individual balances.
Similar actions should be done for the creditors summary, by double checking that all your balances are still due and the payments are correct.
If you have other queries, or would like online accounting software advice, please call us on 01782 279515 and our team will be happy to help in any way we can.