Just started a new company and I'm panicking ...help!

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:30AM in AAT student discussion
My boyfriend and I have just started a new company and I am doing the accounts for him, I have just started studying foundation AAT and need some advice. We run 2 different packages Sage instant accounts and a specialist dive retailer software and as it is retail the sales are not automatic on sage.<BR><BR>When inputting the monthly sales and VAT on sales figures I am not quite sure how I should deal with reducing the stock account on sage. Where does the otherside of the double entry go?<BR><BR>Thanks<BR><BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just started a new company and I'm panicking ...help!

    Hi Emski,<BR>Although i have never used Sage accounting sofware and myself only worked in law firm as a book-keeper ,i have few points to make regarding your question:<BR>Firstly, when outputting your monthly sales and V A Tfigures,at the same time you also should have input your monthly purchase and V A T figures ,so the end of day when you are going to fill in your VAT return ,it should be much more easier;<BR>Secondly , all i know is that stock has to be done manually, in other word it has to be fill in your stock card phycially such as increase and decrease .i don't think any software will do it for you automatically ,beacuse stock value is not very easy to decide (FIFO or LIFO)<BR>Finally my conclusion is no double entry for stock at this stage,<BR>i think the best thing to do is you'd better read through "stock "in costing accounting ,maybe that will help you more<BR>chaoliss
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just started a new company and I'm panicking ...help!

    Hi Emski,<BR><BR>My partner and I set up our own company last November, so I know how you feel.<BR><BR>The accounts package that I currently use is sage instant accounts, so if you like you can e-mail me on<BR>dawn_keeble@hotmail.com and I will try and help you.<BR><BR>Dawn
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just started a new company and I'm panicking ...help!

    Hello, Emski.<BR><BR>Sage Instant Accounts doesn't have stock control, only a total stock value figure.<BR><BR>First, the easy bit. To deal with purchases, debit Purchases (or Stock, I can't remember what it's called and depend on your system) with the Net Value, say, £1,000 and debit VAT with the VAT (£175). Then, the double entry is, Credit Bank with the total, £1,175.<BR><BR>To deal with sales, debit Bank with the total, say, £1,175. Then, the double entry is, Credit Sales with the Net Value (£1,000) and Credit VAT with the VAT value (£175).<BR><BR>As for stock control, do you really need it in Sage? The purchase ledger will cover your input VAT and the sales ledger will cover output VAT. The only time you need stock figures is for running your end of period. You can enter opening and closing stock stock figures and Sage will sort it out for you, but it's not needed for VAT purposes. If you want daily stock control, I'd be very surprised if your dive package doesn't cover it.<BR><BR>Hope this helps.<BR><BR>Mike<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just started a new company and I'm panicking ...help!

    Hi Peep's<BR><BR>Thanks so much for your advice, that (and the effects of dutch courage to collect myself) really helped and by 1am this morning I think I just about got it sorted.<BR><BR>Thanks again, any of you wanna learn to dive, I'll give you a good deal .....<BR><BR>Cheers <BR><BR>Em
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just started a new company and I'm panicking ...help!

    Hi.<BR><BR>If you have purchased your SAGE package and have it registered then telephone SAGE, the number can be found in the help menu.<BR>They are REALLY helpful, and will fax or e.mail you with a solution.<BR><BR>Good luck with the business.<BR><BR>Michelle
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Just started a new company and I'm panicking ...help!

    Opening balance = ?<BR>1st of Month 1<BR>CR 1001 DR 5200(opening stock)<BR><BR>31st of month1<BR>CR5201 (closing stock) DR 1001<BR><BR>2nd and following months<BR>1st of month<BR>CR balance of 1001 to 5201(closing balance)<BR><BR>31st of month <BR>DR5201 and credit 1001(stock)<BR><BR>The one code adjusts the profit loss account and the other adjusts the balance sheet figure.<BR><BR>Any problems email me on fairygodparent@hotmail.co.uk<BR><BR>Regards,<BR>Paty<BR>

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