Sage - Making Book Keeping Easier - Advice

[Blagger]

If you've seen some of my other posts you'll know I am quite new to using Sage.

I am just trying to make things easier for myself as I usually always fall behind on the paperwork.

Currently the way I am inputting my suppliers invoice is (have done this for about three months worth):

1. Create a new batch invoice in the suppliers list when the invoice comes through and the file the invoice
2. Make payment for that invoice using Bank>Supplier when the payment is taken
3. Reconcile the Bank when I get the statement

I am just wondering if I can cancel out actually creating a batch invoice in the supplier list, so just simply do the following:

1. Make a Bank>Payment when the payment is taken and file the invoice
2. Reconcile the Bank when I get the statement

I feel this will save me a lot of time. Would I lose out on anything if I didn't use the Suppliers section in Sage?

 

[johndon68]

You can certainly do that.

Generally, I work as follows:

If I get an invoice which is paid later then I'll create a supplier and post the invoice and then the payment when it is made.

If I buy something and pay for it immediately, I just post the bank payment.

Ultimately, there is no difference in the accounting.

John

 

[faradaykeynes]

Yes you can record expenses direct from bank but that will not give you creditors at year end as accountancy is on accrual basis.

Most of my client find it easy to keep records using my excel sheet, it is very basic and does the bank reconciliation as well. Its free to use, feel free to have a go. I am sure you accountant will be happy to have basic data in this format and finalise your accounts

 

[Blagger]

Thanks John, I'll do it that way. Just trying to make this as efficient as possible.

 

[Blagger]

Yes you can record expenses direct from bank but that will not give you creditors at year end as accountancy is on accrual basis.

Have no idea what that means!

Most of my client find it easy to keep records using my excel sheet, it is very basic and does the bank reconciliation as well. Its free to use, feel free to have a go. I am sure you accountant will be happy to have basic data in this format and finalise your accounts

After using excel for five years and buying Sage I don't think I will go back to it. Thanks for the offer though.

 

[Blagger]

Yes you can record expenses direct from bank but that will not give you creditors at year end as accountancy is on accrual basis.

Just reread that and can see where you are coming from. We do not have many suppliers who we have credit set up with, but for those we do have I will just do it Johns way. Thanks