Bookkeeping and VAT

Create a new company
Sage 50 helps you to learn and create a new company data file.

• Makes you learn and identify the needs of the company. Implement the discussion on the template.
• Its Software is being configured and based on identified company needs.

The Module has been customised and set up according to the following:

1. Arrangement of access rights to users
2. Arrangement of Bank, cash and credit card accounts
3. Arrangement of Customer and supplier records
4. Arrangement of Departments

Changing global options

• You learn how to use default settings that results in determining the data the way it is being displayed in SAGE 50
• Changing the system date & accounting periods
• SAGE 50 makes it easier to work as it divides the whole fiscal year into a number of accounting periods.
• You learn how to identify and choose the correct accounting period and know how to modify the system date in SAGE 50.

Modifying account charts

You will also have a

• A deeper understanding of subsidiary and general ledger, setting up the chart of accounts
• Arrangement of the Customer, Supplier and Tax codes
• Arrangement of the software for company use by entering opening balances for nominal, customer and supplier accounts

Supplier Module :

• Analysing supplier invoices, credit notes and post supplier payments
• Analysing supplier account activity
• Computing reconciliation of supplier account activity.
• Recording supplier invoices & carrying out aged creditor analysis
• Designing various Daybook reports for the Supplier activity
• Organizing the purchase budgets and payment runs via Supplier reports
• Modify and revise the supplier account details
• Arrangement and processing of recurring transactions

Customer Module

• Generating and updating invoices, purchase orders, quotes and credit notes for customers.
• Computing customer invoices.
• Extracting the reconciliation of customer account activity.
• Recording customer receipts & carrying out the aged debtor analysis.
• Designing various Daybook reports for the Customer activity
• Organizing the cash flow and working capital based on generated reports
• Modify and revise the customer account details
• Arrangement and process recurring transactions
• Organizing the credit control, including statements and overdue letters

Bank Module

• Analyse various bank accounts.
• Performing on numerous petty cash transactions
• Accessing the petty cash reconciliation
• Recording the bank transactions

Company Module :

• Rectification, identification and correction of errors while computing
• Analysing and keeping the data safe by using various backups
• Understanding various options available to manage the overall bookkeeping
• Keeping an eye on the transactions and generating audit trails
• How to record and process General Trail balance and financial statements

VAT Training :

• Deeper knowledge and understanding of various VAT Scheme
• Updating and analysing of Cash, Standard, flat rate schemes in Software.
• Understanding the various other policies related to VAT on goods from EU Countries.
• Keeping a general record of the various matters related to Acquisition Tax.
• Deeper Knowledge and a better understanding of Intrastat Supplementary declarations
• Updated Knowledge of Tax matters on goods purchased from non-EU countries, and how to process and apply for EORI
• Claiming relief on the goods returned outside the EU
• Analysing and choosing the appropriate VAT quarters
• Keen Observation and analysis of all spreadsheets related to the transactions
• Proper analysis of VAT related to mixed transactions, identifying the zero-rated, standard rated items and recording it and performing a reconciliation to calculate the VAT
• Introduction to various important VAT industry-specific issues for Retail, IT, Construction industries.
• Writing off bad debt and perform a VAT reclaim
• Guidelines and knowledge about how to perform VAT adjustments
• For a better understanding of how to the work on VAT regular workshop has been introduced.