Member Since: 2nd Oct 2014
25th Mar 2019
A company I worked for several years ago used ODBC to extract data from Sage 50 into Excel, it was set up using a guide produced by the ICAEW - it may have been called something like "Automating Management Accounts".
Using ODBC to extract meaningful data requires the user to have some knowledge of the database in question, have you contacted Sage to see if they produce any guidance. Having used ODBC with much larger SQL databases, the flexibility in the extraction from Sage 50 (in terms of what is extracted, how it looks etc.) is relatively limited but I would say a little more user friendly.
15th Mar 2016
Accounting standards relate to the valuation of inventory, it is the responsibility of the directors to ensure this valuation is correct and a stock take is one method of control over this valuation, a control rather than a specific requirement in itself. Auditors (if necessary) will of course want some assurance on physical stock. Having worked engineering they were usually happy to sample stock, but this was after a full in-house count had been done (at which they also wiched to be present).
At some point in time a full count may be inevitable from a financial and operational perspective, small errors add up and if the inventory users know there is less control then they may pay less attention to what they are doing!
Have you considered perpetual counts? Epicor is capable of handling this (subject to having the correct module) or you may be able to manually analyse your stock movements to determine counts. Assuming you have the ability (staff time etc.), this would involve continual counts throughout the year (as opposed to all at once), the system would prioritise what to count and when based on value and the number of transactions carried out in a period for each part (usually by part number). You would probably need to do a full counts initially to ensure you're starting on the correct foot!
15th Feb 2016
Six of one, two threes of the other...
I had a similar choice after AAT: ACCA was quite appealing due to the breadth of study, but my employers felt CIMA was more appropriate for industry than ACCA. I did CIMA and have since found that some employers may prefer one qualification over another, but on the whole ACCA or CIMA qualified will fair well on the job/career front.
ACCA point out that their qualification is appropriate for practice and industry but don't seem to realise that moving from industry to practice can be a challenge. I taught for a major tuition provider for a couple of years (and still do a little freelancing) and I feel that despite options for ACCA final stage, it's still leaning towards being practice orientated.
In terms of the new CIMA syllabus, the first assessments became available about six months after I left tuition and moved back into industry. The flexibility is favoured by some, but has also caused a certain amount of apathy in regards to progression. Also, the individual exams aren't just MCQs but rather a range of short/technical approach questions and require a 70% pass mark. The case study exams are very structured in terms of the approach to avoid student cherry picking their questions, forcing and requiring a broad achievement of marks. When the new syllabus was announced, it seemed like it might be an easier option, but I'm rather happy I did the "old style" exams!
8th Jan 2016
Services or products...?
Are the invoices for products or services? If products, what products?
It' been a while, but isn't T8 for standard rate general EU product purchases? In which case the "Reverse Charge" box should be un-ticked in the tax codes settings (mentioned above).
Reverse charge should be using T24 for services and T20 for products relating to carousel fraud risk.
15th Nov 2015
Thanks for the replies, it's quite useful to get some contrasting opinions.
I guess I should explain my overall background. I've been qualified for just over six years but have 14 years experience, working my way up the ladder from ledger work. Another aspect I feel could muddy the water is that (out of necessity) I've moved around a little in the past few years; a short stint with a company ending with redundancy, a couple of years in a non-accounting role, a medium term industry contract and then my immediately previous employer.
15th Jul 2015
I used to have problem when I used IE, I've now switched to Chrome due to a separate issue with my computer and don't seem to have a problem. With IE I used to find that unless I typed very steadily, letters would be missed out. Copying and pasting wouldn't work. I did find the problem went away when I disabled rich-text.
13th Jul 2015
CIMA will allow students to carry self employed accounting services, so long as they do not refer to there relationship with CIMA/hold themselves out as holding any part of the CIMA qualification.
As for the AAT, their practice certificates (what they refer to as Licences under their MIP Scheme) only approve a member to carryout specific and specified areas of work. These areas must be specified on application and the AAT will only grant a license that covers those areas that the applicant/member can demonstrate suitable experience in. Your book-keeping, management accounting and payroll experience may grant you a license in these and related areas. There are some other hoops to jump through such as professional cover and insurance.
Following on from Tim's post, have you considered the option of pursuing some freelance work from practices, assuming this wouldn't be against your employment contract?
6th Jul 2015
Does the lease include maintenance services as an extra/separate charge? If so, VAT treatment is different for the car element and service element.
Have a look at VAT notice 700/64 and notice 700/57 (agreement 13). You'll need to Google them as links don't seem to be working.
6th Jul 2015
Doe the lease include maintenance services as an extra/separate charge? If so, VAT treatment is different for the car element and service element.
Have a look at VAT notice 700/64 https://www.gov.uk/government/publications/vat-notice-70064-motoring-exp...
and notice 700/57 (agreement 13) https://www.gov.uk/government/publications/vat-notice-70057-administrati...
3rd Jul 2015
The bigger the wad...
We were taught years ago, 'The bigger the wad, the tighter the rubber band.'
A company I worked for a few years ago (non-accounting business) had a client who was an OAP and as such he asked if he could have a discount - a discount off the bill of carrying out some routine work on his airplane!