Managing Your Monthly Accounts in Sage Instant Accounts - dummies

Managing Your Monthly Accounts in Sage Instant Accounts

By Jane E. Kelly

Part of Sage Instant Accounts For Dummies Cheat Sheet (UK Edition)

Although your Sage Instant Accounts software can help you keep track of your business accounts, you need to carry out certain jobs each month to be sure everything is in order. Here is a useful checklist to ensure your business accounts are as up to date and as accurate as they can be:

  • Enter your sales and purchase invoices.

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

  • Enter directs 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.

  • Enter stock journals or run the Open/Closing Stock wizard

  • 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).