Sage Instant Accounts Query

[Liz196]

Hi all :)

I am a newbie, I do the books for my husband's limited company and use Sage Instant Accounts.

Ok, my problem is this - we have the usual bank account, till cash and set up another account for Switch payments. Each time I do a bank reconciliation from the statement I transfer card payments shown on the bank statement from the switch account into the bank account.

However I have now for the first time ended up with a minus figure on my Switch account - somewhere I have made a mistake but not sure how as all my bank reconcilations are always correct.

Have checked through all the transactions for this financial year, ie, since April 2010, previous years books are with the Accountants and the 2 years before that since I have been doing the Accounts are archived. I am thinking this must be an old mistake which has only just come to light.

I don't do a reconciliation for my switch account as its only a "holding account" if you see what I mean.

So I am wondering if a) do I need a separate "bank" account for Switch payments, can I not just post them straight into the bank? I reckon I have made a mistake when doing my transfers in.

b) How on earth do I get the Switch account back into "credit", its currently £7 minus, and should be £36 as all bar one transaction has been reconciled into the current account.

Thanks for the help, I am very much an amateur and never had an error like this before!

Best wishes

Liz

[David Griffiths]

No you don't need a separate account for switch payments - just enter directly into the bank account

As to correcting the error, if you can't find the difference you'll just have to write it off. It's a fairly small amount anyway

[Liz196]

No you don't need a separate account for switch payments - just enter directly into the bank account

As to correcting the error, if you can't find the difference you'll just have to write it off. It's a fairly small amount anyway


David,

Thank you for your help. Can I just clarify that I can just simply ignore my Switch bank account now, and post all payments straight into the bank account. How exactly within Sage do I write off the minus figure which is showing??

Thanks in advance - I am able to do most of the basics in Sage but when I come across a problem like this the gaps in my accounting knowledge are all too evident :)

Best wishes
Liz

[stugster]

Liz,

Sorry if this is completely irrelevant but I used Sage Instant Accounts for a good two years. Recently I switched to Solar Accounts and I haven't looked back. There's a 60 day free trial available of Solar; at the next convenient bookkeeping point, why not have a look and a play with Solar instead of Sage?

Personally, now that I've used Solar for a good 6 months, I absolutely detest Sage.

[David Griffiths]

Just put one last transaction into the Switch account - either a receipt or a payment depending on what is needed. Post it to sundry expenses (or purchases) with no VAT.

And Stugster is spot on!