Any sage users on here !

Tebheag

Hi sorry prob a long shot but need help/ reassurance i have been called into a job interview tomorrow 2nd one and i am going to be tested on sage for bank recs and vat recs my mind has gone blank not sure if I have ever done a vat rec on sage and cant think how to do a bank rec on sage not used sage for over 6 mths and that was only for posting invoices and reconciling supplier accounts etc did other stuff too.
Last time I had full use was about 4 yrs ago before i had my son since then I have been doing working in the dark ages excel spead sheets and pen and paper except for temping postions lol

chrismac1

Here is what I consider to be the optimal answer for the bank rec:

The only entries ever posted to the Sage Bank account are receipts and payments from the bank statement. These are posted line by line from the cleared statement, ideally by automatic electronic download from the online bank record which eliminates the possibility of a user keying error. Reconciling items - cash in transit and cheques not cleared - where needed for management accounts or year-end accounts are held on a different Sage GL account called "Bank Reconciliation" and posted there only by reversing journal to reverse on the first day of the following period.

(Note that for an interview this answer may need toned down as a lot of Sage users still use more old-fashioned methods which build in potential keying errors and require long hours of finding small differences between the statement and the control account.)

VAT Control Rec:

Opening Balance + VAT due on each VAT return - VAT payments made = Closing Balance

The Closing Balance should then equal the latest VAT return amount if the year-end and VAT quarter end are on the same date. If you are on quarterly VAT returns and the year-end is not a VAT quarter end, then the Closing Balance will equal either one or two months' worth of VAT.

Tebheag

chrismac1 wrote: »

Here is what I consider to be the optimal answer for the bank rec:

The only entries ever posted to the Sage Bank account are receipts and payments from the bank statement. These are posted line by line from the cleared statement, ideally by automatic electronic download from the online bank record which eliminates the possibility of a user keying error. Reconciling items - cash in transit and cheques not cleared - where needed for management accounts or year-end accounts are held on a different Sage GL account called "Bank Reconciliation" and posted there only by reversing journal to reverse on the first day of the following period.

(Note that for an interview this answer may need toned down as a lot of Sage users still use more old-fashioned methods which build in potential keying errors and require long hours of finding small differences between the statement and the control account.)

VAT Control Rec:

Opening Balance + VAT due on each VAT return - VAT payments made = Closing Balance

The Closing Balance should then equal the latest VAT return amount if the year-end and VAT quarter end are on the same date. If you are on quarterly VAT returns and the year-end is not a VAT quarter end, then the Closing Balance will equal either one or two months' worth of VAT.

Thank you for your help really is a diff world industry to accounts practises I go by clients records then match to bank stats which are normally couple of weeks short so leaving several items outstanding !Got one where 6 pubs operate out of one bank account.
As for vat recs do you use the cash basis then as no mention of creditors when reconciling!

Thank you again for your help makes me feel better as do understand more than I thought for sage its just that everyone does things differently !