Sage One For Dummies Cheat Sheet (UK Edition)
Sage One is a fantastic resource for small businesses or sole traders, providing quick and simple online accounting services for a small monthly fee. This Cheat Sheet helps you to decide which edition is right for you, and gives you checklists to ensure you’re getting the most of out the service.
Comparing Sage One Cashbook and Sage One Accounts
Sage One offers two easy-to-use online accounting services – Sage One Accounts for small business owners and Sage One Cashbook for sole traders who need a simple online cash-based system. This table helps you to decide which one is better for you.
|Sage One Cashbook||Sage One Accounts|
|Useful cash management tool||Yes||Yes|
|Keep records of customers and suppliers||Yes||Yes|
|Create professional sales invoices||–||Yes|
|Produce Profit & Loss report||Yes||Yes|
|Produce balance sheet||–||Yes|
|Your accountant can access in real time||Yes||Yes|
|Submit your VAT return||–||Yes|
Entering Your Opening Balances in Sage One: Your Checklist
Entering your opening balances is crucial because they represent the financial position of your business on the day that you start using Sage One. The documents that you require are
Bank statements at the prior year end
Outstanding sales invoices (that is, those that are unpaid at the year end) or Aged Debtors report
Outstanding purchase invoices (that is, those that are unpaid at the year end) or Aged Creditors report
Opening Trial Balance from your accountant (if you’re an existing business and moving from another accounting system to Sage One)
Monthly Accounting Checklist for Sage One
Good online accounting needs good house-keeping, but Sage One really does make it easy for you. Every month, check that you have done the following to ensure your business finances are in tip-top condition:
Create sales invoices.
Enter purchase invoices.
Enter cheque payments from cheque book stubs.
Enter receipts from paying in book stubs.
Reconcile the bank accounts.
Run the Aged Debtor report.
Run the Aged Creditor report.
Run Profit & Loss Report.
Run Balance Sheet.
Run VAT return (if VAT registered).