If anyone could help me i would be very greatful. I am an AAT diploma bookkeeper, taken over the accounts function in a company. I have good general knowledge of sage, but am no expert in the technical side.
I am trying to implement a system to import transactions from our main business systems, directly to the Customer Accounts and update the relevant nominal ledgers. I have read the audit trail import sheets, and think I understand the process.
However I have a few questions concerning the way our business works.
We are a Debt recovery agency, and collect payments on our client’s behalf, taking a fee for doing so. We do not operate any client bank accounts.
Payments are taken predominantly by credit and debit cards, but also cheques and bacs. All are processed through our bespoke systems credit control systems. We will use the transactional data from these systems to update the sage ledgers.
Each transaction taken breaks down in to 3 parts:
Our client’s fee
Card processing charges.
Client fees a remitted to them monthly.
Currently, payments are posted manually to the customer account once they have cleared the bank, reconciled against a day book run in excel, client remittances are prepared from this daybook, and payments made the first week in the new month. At the same time as the payment for our clients fees, we raise an invoice for our fees and a dummy invoice for card charges.
The idea behind this is to streamline the bank reconciliation function, as we are a high volume low value company (5000+ transaction per month), the bank rec is an ongoing daily chore, removing the posting of these transaction will free up 90% of my assistants time for other duties.
The parts I am struggling with are:
Can transactions be posted as receipts to the account (SA) if they will haven't cleared the bank account at the time of export? (Card transactions they will take around 3 days to clear). I cannot assume the date of clearing, as it varies on the day of the week, holidays, etc. Waiting until the payments clear will require amending of the data, which i am keen to avoid. My assumption is yes, but with the possibility of leaving unreconciled items, if there are any errors in the data coming in.
In addition to posting these sales receipts, i would like to also automate the posting of transactions to update the Card processing charges expense account and raise the invoice for our fees.
Any help you can give me in this area will be much appreciated.