SAGE uses several function keys to access a number of important features, which can ultimately save you valuable time when entering your data.
Here are a few examples that you may find useful:
- F2 – Brings up the system calculator You can use these to do calculations and if needed paste the result back into the data field.
- F6 – The duplicate cell command If you are entering a batch invoice and want to enter the same details as the entry above, press F6.
- F7 – The insert row command If you are entering a journal entry and need to insert a line in a specific place, press F7.
- F8 – The delete row command If you are entering batch invoices where there are several entries in the window, you can easily delete one row without closing and losing the whole batch.
- F9 – The calculate net command If you have a receipt to enter without a VAT breakdown, you can enter the gross amount then press F9 to calculate the net element.
VAT liability transfer wizard
Wizards are specifically designed to assist you with complicated procedures. A Wizard takes you step by step through a procedure, prompting you to enter the relevant information.
The VAT Liability Transfer Wizard records the amount that you have to pay or reclaim from the tax authorities by creating a series of journal entries to show the debits and credits made from the selected accounts, essentially making a clearer audit trail. You can select the VAT transfer Wizard from Company and Tasks, once launched, follow each step , taking into account the following:
- Confirm your VAT Liability Account
- Usually 2202 if you are using the default chart of accounts.
- Enter the date you want to appear on the journal posting; usually the period end date.
Sales Tax Amount
This is the VAT on sales for the period and should therefore match your return. The value will then be cleared from your sales tax control account and updated to your VAT liability account.
Purchase Tax Amount
This is the VAT on purchases for the period and should therefore match your return. The value will then be cleared from your purchase tax control account and updated to your VAT liability account. You can amend both values, useful if you need to transfer the value calculated for the past two returns (if you missed running the wizard last quarter!)
Note: You should only use this wizard after you have fully reconciled and printed your VAT Return for the period.
Our tips and advice offers you practical tips that can help you manage and understand your business software. If you have any questions and would prefer to speak to us, please contact David Scott 01228 711888 or email email@example.com.
Posted: April 9th, 2011