Sage 50, Eurio Accounts and VAT Cash Accounting

Posted by newmoon PM | on Tue, 25/10/2011 - 10:16 1990 5 comments | report

Quick question.

A client has Sage 50 Professional 2011 and uses VAT cash accounting.

They have Euro Bank Accounts, which they keep on separate spreadsheet because Sage say the software can't handle Euro accounts with VAT cash accounting.

Is this correct please?

Comments

Euro Accounts

johndon68 | Tue, 25/10/2011 - 10:21 | Permalink

That is correct, you can only turn Foreign Currency on if you are on Standard VAT Accouting.

John

Euro Accounts and Sage

Carolynne | Tue, 25/10/2011 - 11:26 | Permalink

I had a client who used multiple currencies not just Euro and sterling. I got them to buy MYOB (Mind your own books) software. I was able to set up separate control accounts for each currency, and it had something inbuilt that enabled the program to update the exchange rate.

It worked really well.

Although I predominantly use Sage for book keeping, I found this was the best product for the clients situation. It also had reporting options, so that they could set up their own invoice templates etc within the program. Process VAT returns etc.

Carolynne

MYOB not supported in UK after 31st December

newmoon | Tue, 25/10/2011 - 12:56 | Permalink

Hi Carolynne

Thank you.

I've had clients who like MYOB also, but Mamut are pulling the software out of the UK at the end of this year http://www.mamut.com/uk/myob/

A pain for users, who are having to move to alternative software.

Thank you John for the

newmoon | Tue, 25/10/2011 - 12:57 | Permalink

Thank you John for the confirmation on this.

VAT Cash Accounting and Euro Accounts 1 thanks

MGNEVILLE | Thu, 27/10/2011 - 13:50 | Permalink

I believe that one of the reasons that Sage 50 does not allow VAT Cash Accounting and Foreign Trader to be enabled together is because VAT regulations do not permit the Cash Accounting scheme to be used for goods you import or acquire from a business registered in another EC Member State (VAT Notice 731 para 5.5). These transactions have to be handled under the standard invoice based VAT regulations for EC imports. Sage probably considered that it was not worth all the additional programming work that would be required to handle both cash basis and invoice basis transactions at the same time.

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