Evening all,
So currently we close off our P&L each month and I'm going to use August as the last month end.
We currently recieve invoices a few weeks after the month end that will be dated for the closed months, 31/08 ect.(serious pet hate of mine just date it the day you send it but we won't get in to that.) These invoices have not been accrued so need to go in to the September P&L and unfortunately Sage doesn't have the option for me to put the date of the invoice and choose the reporting month.
The way we have been getting around this is by journals for example:
Debit - Purchase control account
Credit - purchase tax account
Credit - purchases expense
And then we reverse this journal with a September date to ensure it makes Septembers P&L.
Is there an easier way for us to do this on Sage?
Thanks
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Replies (5)
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Unfortunately once close sage Sage down it makes it difficult ,stop closing down the month end going forward . Just the the same as you can unlock Xero.
If someone invoices for work on the date they sent it and it is actually for a previous period I would have expected you to have done an accrual so your management accounts were right for the month you were presenting them.
If you take the year to date TB for the reporting month less previously reported year to date for the previous month, the management accounts will pick up earlier dated invoices in the reporting month. This is easy to set up in, say, Excel.
Don't close the month off. If it's possible to stop this procedure then you won't have the issue, you can just report as per Paul's post.
I don't consider this a weakness, I do however think it's an unnecessary procedure in a smaller company.
Fully prepared for people to jump up and down at this suggestion. There is no indication from the OP about volume or value, but if its only a couple of hundred quid just post the invoice to sage dated 01/09/19.
And if it is any more than a couple of hundred, I would suggest getting better at knowing what the month end accruals should be (from delivery notes for example).
Also, I'm not a fan of journals to vat and creditors on sage, does this mean having to do a manual reconciliation of both at every month end? - yuck.