Journal on SAGE

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
I have used Sage for years but now that I am doing the AAT I want to be able to do more than customers, suppliers and VAT. I have set up company accounts for my partners business (distribution) and didn't know in May 04 about opening balances or Journals. now I have a tiny bit of knowledge I clearly want to wreck/Change everything. When he started the business he already acquired stock from a dissolved company. He paid £18K for it but I did not log it into SAGE. However I did put the items in the product so that every time they were sold it reduced the stock level - but where do I show how they were paid for. What will SAGE have entered as the credit to the sales. Please let me make sense and if I'm not apologies. Do I need to do a journal entry for the stock ? <BR><BR>Thanks for any tips<BR><BR>Blue Julie

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal on SAGE

    Hi<BR><BR>When I used to deal with stock, I used to do a journal at the end of each month to show if my stock had decreased or increased, to input the changes I would C 5201 and D 1001 if my stock had increased, and if it had decreased I would C 1001 and D 5201.<BR><BR>I would expect that everytime you have sold something it would default to 4000, so check out that nominal code. I would then go into nominal and type in account No 1001 and input an O/Bal of 18,000. <BR><BR>Then I would do a count of the stock valuation and apply the journal that shows that my stock had decreased, ie C 1001 with the difference between the £18K and how much the stock is worth now, and then apply the same amount as a D to 5201. THis should now give an accurate report of your stock valuation to date.<BR><BR>Then each month I would run a stock valuation report at the month end, (don't type a date in the stock tran date (From) - just enter the date of the end of the month you are concerned with), this will show all of your stock up to and including that date, then you can work out if your stock has increased or decreased from the previous month and apply the correct journal.<BR><BR>When a purchase invoice with stock is received enter it into the supplier account, then make up a stock code and enter into products, then you can continue to take goods out of stock when you do a Sales invoice.<BR><BR>Hope you can make sense of this!<BR><BR>Good Luck<BR><BR>Tracy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal on SAGE

    sort of. I already assign all the different stock in the 4000 codes depending on what we sell so I can do reports on our best selling stock etc. Does this mean I can still put the opening bal of £18K or should it go as introduction of capital ? I run a bank account on SAGE for the owner and the business so if he pays for something I pay it out of his bank account 1205 on the supplier payments then transfer the funds from the business a/c 1200.<BR><BR>Does this mean it's not too late too put the journal through as I am not sure about depreciation !
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal on SAGE

    HI<BR><BR>Not too sure what your going on about but if i were u id ask sum1 whos dong intermediate about depreciation where they learn it in that year
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Journal on SAGE

    Hi BlueJulie<BR><BR>Not ignoring you, I have a lot of work on this morning, once my brain has cleared away the fog, I will try and help you futher (unless someone else has been able to).<BR><BR>Cheers, <BR><BR>Tracy

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