Sage 50 Accounts 2011 reviewed– what are the latest changes?
Jane Kelly –author of Sage 50 Accountsfor Dummies explainsthe additional featuresthatSage 2011
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
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.
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
Webstore productto the accounts,savingprocessingtime andremovingthe
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.
The bank reconciliationprocesshasprobablyseenthe mostuseful changes. There isa much
improvedbankreconciliationreport.The layoutismuchclearer.Youcan also printoutthe
reconciliationscreenasitappearson screen - thiscan be done inthe middle of doingabank
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