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When the client receives a tax credit refund cheque - what account should be credited? Do you individually credit the asset accounts (as it is based on 5% of qualified property acquired in the current year)? And/or - should it have been made in the previous…
We have completed our year end, moved our systems forward, entered about 2 1/2 months of data into our new year. After this we found we had an error at the end of our previous year that has to be corrected. We went back and corrected the error in the…
We have a USD account for Paypal. We enter the relevant date and exchange rate in the list used for that purpose (under Settings / Company / Currency). For example, at 30 Dec 2016, the Bank of Canada rate is C$1.3427 = USD$1.00, and in the FX list, we…
Hi All, this is all new to me....So I started my new year and have most of my information entered but just realized that I did not do my year end adjustments from my accountant. I cannot move back to the previous year, as I started a new one.....is there…
Should we actually be using 2 different accounts for exchange gain vs exchange loss? It doesn't matter for the bottom line, net income will end up the same either way: Hmm... seems you can only configure one for the program to use automatically for adjustments…
Similar too this post - it seems Sage does an automatic transaction if it finds a 0 balance at year end because it is quite obvious that if an account has $0 US funds in it, it must equate to $0 CA funds... https://sagecity.na.sage.com/support_communities…
Help,
Here is our situation:
An old sale invoice became uncollectable, our accountant made a year end adjusting journal:
1xxx: Allowance for doubtful accts: CR 10,000;
5xxx: Bad Debt Expense DR: 10,000;
But, this invoice is still in our system…
Hi
i am trying to post year end adjustments and need some help. I need to debit prepaid expenses (1201) and credit Insurance (5140). i can't do a journal entry because i can't post to prepaid expenses. Also i need to debit maintenance expense (5130…
I am doing general journal entries for the accountant's year end adjustments. There is one account that won't let me post, acts like a linked account, (it will not appear in the drop down menu). The account is Inventory account, but when I look into the…
Hi, I'm using Simply 2009 Pro - the accountant has asked me to post a debit to 2460 (Prepaid sales/deposit) and a credit to 5750 (realized exchange gain/loss). This has to do with "adjusting exchange on USD accounts" However, when I try to post in 2460…
Hi, I am having trouble going into 2014 to enter sales invoices now The 2013 year end is not ready to be closed off yet. I have gone into Settings, Company and System and made the setting to allow transactions 30 days in the future. It still wll not let…
Hi there,
Summary:
I am fairly new at my job and came on during year end. During year end we began clearing up any stale dated cheques, etc. We were able to account for all of the stale dated figures and most of them were simply improper allocations…
I've got a new customer's company file with 2 fiscal years of data, and I'm about to start a new fiscal year
FY2011 ends June 30,2011, FY 2012 ends June 30,2012 - I will be starting FY2013
before starting FY2013, I was going to do a 'save as' so that…