Sage 50 Canada

Should a retainer be entered as a Vendor invoice and paid against it, or as a Vendor prepayment, or just a GJ entry? What is the proper way to do this? Thanks to anyone who can help out

Hi all, I am very new to accounting practices, and when I have questions I often turn to other professionals, internet forums (like here ), or to Universal Construction to sort things out, generally with success. I've tried all these and can't seem…

We have run a business debtor search at a local registry office to see if one of our clients has any writs or liens, and I am wondering about which is the best account to put this expense to (the cost was only $24.00). Probably " 5700 Office Supplies…

I am working on a start up company. The owners have paid for various expenses (travel, office supplies, fees etc) while the company has been applying for financing and what not. What is the best way to record these expenses? 1. I set the dates in Sage…

I have reviewed, verified and "refreshed" my linked accounts. One linked account, "Payroll Expense" (A calculation of stat. holidays and bonuses) as of November of last year is no longer calculating the totals on our Income Statement Report under Payroll…

We recently moved into a new office where we must have an alarm system for which we pay a monthly fee. Since our alarm system relies on our phone lines, do I put this monthly charge into the account I use for phones, "5780 Telephone"? Or maybe I should…

When entering in a new service or activity that is measured by the hour, what linked account do you use for the expense?

In our chart of accounts under the expense section, we have an account for "Accounting & Legal" and also for "Professional Fees." I thought that "Professional Fees" was for things like paying the fees to belong to professional organizations. I know…

Hi all, I have to get the petty cash up to date and I want to make sure I will do this correctly. The problem is that there are very old receipts in there which might cause me grief to post since it applies to past years. I have never touched the Petty…

I am entering all the payable and receivables for a ltd company for 2014. The owner used a credit card for personal and business expenses and used the business bank account to pay for the credit card bill. How do I record the personal expenses so the…