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Unusual Sage 50 codes

  • Associate
  • Practice Licence
  • 4 posts
  • # 91364

The accountant has sent a year end journal entry and has included a couple of items for which they have not suggested codes.
Would someone please suggest codes for the followinmg;

Corporation Tax prior year end adjustment 
Directors remuneration (P/L)  
Dividends 

I guess the Dividends would be part of the Reserves 3100.

Thanks for any suggestions

Briane 

  • Member PM.Dip
  • Practice Licence
  • 778 posts
  • # 91366

Hi Briane,

Well in the existing system I am working on at clients just now they use the following:

Corporation Tax 2320
Directors Remuneration 7002
Dividends 7003      

Just remember if you are setting up new codes to make sure you enter them into the Chart of Accounts also otherwise the P&L & Balance Sheet reports will be incorrect.

Marilyn   

  • Associate
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  • 4 posts
  • # 91368

Thanks Marilyn

The Corporation Tax 2320 does exist in the nominal ledger but they seem to want a different one for the 
CT prior year adjustment.

I'll certainly look at the other suggstions. Interesting you have Dividends as 7003.

Thanks for the remoinder about the COA, I have made that mistake before!!

Briane

  • Member PM.Dip
  • Practice Licence
  • 778 posts
  • # 91380

Hi Briane,

Having had time at home to think about your dividend query I have come up with the solution! (courtesy of Sage!)
I had a feeling that the code 7003 was not right but that is how the client's Sage was setup (not by me!).
Hope this helps!
Marilyn   

To record the proposed dividend

Note: In this example a proposed dividend of £5000 is to be recorded.

  1. Open the Company module, then from the Tasks pane select New Journal.

Sage Accounts v11.xx and below - Open the Nominal Ledger module then click Journals.

The Nominal Ledger Journals window appears.

  1. Enter a date and reference for the transaction, then enter the relevant details to record the proposed dividend, for example:

N/C

Name

Details

T/C

Debit

Credit

3201

Dividends

Proposed   Dividend

T9

5000.00

 

2290

Dividend   Liability

Proposed   Dividend

T9

 

5000.00

  1. To post the journal, click Save.

Tip: If required, to exit without saving, click Discard then click Close.

The journal is posted and the Nominal Ledger Journals window clears.

  1. To close the Nominal Ledger Journals window and return to the Nominal Ledger window, click Close.

You have now recorded the amount of dividend to be paid. For further information about paying the dividend please refer to the following section.


Back To Top

 

To pay the dividend

Note: In this example, you are paying a dividend of £5000.

  1. Open the Bank module then, from the Bank toolbar, click Payment.

The Bank Payments window appears.

  1. Enter the details for the bank payment in the boxes provided, for example:

Bank

Date

N/C

Details

Net

T/C

Tax

1200

Payment date

2290

Payment of   dividend

5000.00

T9

0.00

  1. To save the payment, click Save.

Tip: If required, to exit without saving, click Discard then click Close.

The bank payment is posted and the Bank Payments window clears.

  1. To close the Bank Payments window and return to the Bank Accounts window click Close.

The Bank Accounts window appears.

You have now successfully recorded the payment of the dividend. After posting this bank payment, the balance on the Dividend Liability nominal code should be zero.


Back To Top

 

To journal the value from the Dividend nominal code to the Profit and Loss nominal code

  1. Open the Company module, then from the Tasks pane select New Journal.

Sage Accounts v11.xx and below - Open the Nominal Ledger module then click Journals.

The Nominal Ledger Journals window appears.

  1. Enter a date and reference, then enter the relevant information to record the transfer of the dividend liability, for example:

N/C

Name

Details

T/C

Debit

Credit

3200

Profit and   Loss Account

Dividends

T9

5000.00

 

3201

Dividends

Dividends

T9

 

5000.00

  1. To post the journal, click Save.

Tip: If required, to exit without saving, click Discard then click Close.

The journal is posted and the Nominal Ledger Journals window clears.

  1. To close the Nominal Ledger Journals window and return to the Nominal Ledger window, click Close.

You have now successfully recorded the transfer from the Dividend nominal code to the Profit and Loss Account nominal code.

 

  • Associate
  • Practice Licence
  • 4 posts
  • # 91383

Hi Marilyn
Thank you very much indeed for that very full reply. A lot of work, above and beyond!!!
The Dividend scenario makes much more sense that the 7003 code.

I'm sure that with a combination of your answers I can produce the correct codes in the Journal.

Thaks again, enjoy the sunshine!
Brian

 

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  • 2 posts
  • # 115549

briane2342 said:

“Hi Marilyn
Thank you very much indeed for that very full reply. A lot of work, above and beyond!!!
The Dividend scenario makes much more sense that the 7003 code.

I'm sure that with a combination of your answers I can produce the correct codes in the Journal.

Thaks again, enjoy the sunshine!
Brian

 ”

 Hi there

I have read your comments regarding the chart of accounts issue. This is new info. to me as I did not realise this that to get accurate reports you need to make changes to COA. Can any of you please advise how can I do this as I tried to do this and I just struggled to go round this and messed up the whole thing. My nominal codes are fine but can not print accurate reports? Some detailed answer would be greatly appreciated.

Thank you

Akmal

  • Member
  • Practice Licence
  • 2 posts
  • # 115552

Akmaldar said:

briane2342 said:

“Hi Marilyn
Thank you very much indeed for that very full reply. A lot of work, above and beyond!!!
The Dividend scenario makes much more sense that the 7003 code.

I'm sure that with a combination of your answers I can produce the correct codes in the Journal.

Thaks again, enjoy the sunshine!
Brian

 ”

 Hi there

I have read your comments regarding the chart of accounts issue. This is new info. to me as I did not realise this that to get accurate reports you need to make changes to COA. Can any of you please advise how can I do this as I tried to do this and I just struggled to go round this and messed up the whole thing. My nominal codes are fine but can not print accurate reports? Some detailed answer would be greatly appreciated.

Thank you

Akmal


 

  • Associate
  • Practice Licence
  • 83 posts
  • # 115564

Akmaldar said:

Akmaldar said:

briane2342 said:

“Hi Marilyn
Thank you very much indeed for that very full reply. A lot of work, above and beyond!!!
The Dividend scenario makes much more sense that the 7003 code.

I'm sure that with a combination of your answers I can produce the correct codes in the Journal.

Thaks again, enjoy the sunshine!
Brian

 ”

 Hi there

I have read your comments regarding the chart of accounts issue. This is new info. to me as I did not realise this that to get accurate reports you need to make changes to COA. Can any of you please advise how can I do this as I tried to do this and I just struggled to go round this and messed up the whole thing. My nominal codes are fine but can not print accurate reports? Some detailed answer would be greatly appreciated.

Thank you

Akmal


 

Go to nominals - at the top you have "Chart of Accounts" - click on that, click edit and it will fetch up the COA in PNL and BS format - at the top it will give you an option "check" - run that and it will show you which nominals are not featured in the PNL - you can then correct the to show correctly.


 

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