Preparing a Monthly Sage Accounts Checklist

By Jane E. Kelly

Part of Sage 50 Accounts For Dummies Cheat Sheet

Preparing your monthly accounts can seem overwhelming, but Sage makes it easy. Make use of this basic checklist to ensure that you follow a routine and cover all the bases when preparing your monthly accounts:

  • Enter your sales and purchase invoices.

  • Enter all receipts and payments from cheque stubs and paying-in slips.

  • Enter direct debits, Bankers’ Automated Clearing Services (BACS), transfers and so on from bank statements.

  • Reconcile bank accounts, including credit cards.

  • Enter journals (or run wizards) for accruals, prepayments, depreciation and so on.

  • Run VAT return (if due).

  • Enter your PAYE journals and VAT journals and run the wizards if required.

  • Run Aged Debtors and Aged Creditors reports for the period.

  • Run Profit and Loss and Balance Sheet for the period.

  • Run month-end (Tools→Period-End→Month-End).