Review Of Sage 50 Accounts 2011

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Jane Kelly, author of Sage 50 For Dummies, explains the latest changes to the software in Sage 50 2011

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Review Of Sage 50 Accounts 2011

  1. 1. Sage 50 Accounts 2011 reviewed– what are the latest changes? Jane Kelly –author of Sage 50 Accountsfor Dummies explainsthe additional featuresthatSage 2011 provides. Sage launchedthe latestversionof Sage 50 Accounts2011 in Augustof thisyear. This article offers the readera quickinsightintothe changesthat have beenmade inthislatestversionof the software. Probablythe mostusefulchangeshave beenmade tothe bankreconciliationprocess. Readon to findoutmore...... Accordingto Sage,the latestimprovementsare asfollows: Flat Rate VAT  You are able toset upand manage both invoice andcashbasedflatrate VATschemes  Users can calculate savingsandlossestotheirbusinessusingthe flatrate comparedtothe standardVAT. Thisoptionisavailable toyouwhenyoucreate a new companyinSage.The setup wizardnow gives youan optionfor flatrate VAT (bothinvoicedbasedandcashbasedbusinesses) aswell asStandard and VATCash accounting. If you choose one of the flat rate options,youwill needtoapplythe percentage rate foryour industrywithinthe Companypreferencesdialogue box. Whatis the Flat Rate Scheme? The Flat Rate Scheme allows you to pay VAT as a fixed percentage of your VAT inclusive turnover. The actual percentage you use depends on your type of business. You can only join this scheme if your estimated VAT taxable turnover - excluding VAT - in the next year will be £150,000 or less. You can then stay on the scheme until your total business income is more than £225,000. Charities Improvementshave beenmade tothe reportsfunctionalityof charities. Whenacompanyissetup as a charity withinthe Sage setupwizard,the program activatesfundfunctionality.Usersare able to create ProfitandLoss and Balance Sheetsbyfund,orreview nominal activitybyfund. Thiscanall be done withoutexportingdata. Reportscanalsobe generatedforgiftaiddeclarationpurposes. Integrationwith Sage WebStores software  Users can use Sage Pay to create new customersandproductsand generate invoices and receipts
  2. 2.  Software userscanalsobenefitfromautomaticpaymentdownloadsfromtheir Webstore productto the accounts,savingprocessingtime andremovingthe potential forhumanerror. Links to other Sage Services A newbuttonhasbeenaddedinthe bottomlefthandcorner of the screen – underneaththe links list.Itgivesyouthe abilitytoaccessother partsof Sage accessible fromthe internet.Youneedto have setup your Sage passportdetailsviathe configure settingsoptiontobe able tobenefitfrom the full functionality. Bank Reconciliation The bank reconciliationprocesshasprobablyseenthe mostuseful changes. There isa much improvedbankreconciliationreport.The layoutismuchclearer.Youcan also printoutthe reconciliationscreenasitappearson screen - thiscan be done inthe middle of doingabank reconciliation. A newvisual indicatorhasbeenintroducedduringthe reconciliationprocess.Iamnot quite certain of the benefitsof thisotherthanittellsyouthatthe software isactuallyprocessingsome data (muchlike the traditional eggtimerdevice). Finally,the usernowhasthe abilitytomake more adjustmentswhilstinthe bankreconciliation screenthanbefore.Youcan now,add customerreceipts,supplierpayment,customerandsupplier refundsandalsobankreceiptsandpayments.Thismeansthatyoudon’thave to keepjumpingout of the reconciliationif youhave forgottentopostsomething. Free phone and online support Sage offers 45 daysof free supporttonew customers – thisinvaluable if youare notsure whatyou are doingwhenyoufirstinstall Sage andstartusingit forthe firsttime. For more informationfollow myblog www.sagemadesimple.co.uk

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