Sage 200cloud Month Ends 

From a Sage 200cloud support perspective, we get lots of calls each month around the topic of Month Ends. So, we put this blog together to help our customers and other Sage 200cloud users to manage their month ends with ease. We have included some common troubleshooting steps to go through as the majority of support calls can be resolved by following these simple guidelines.

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Simply put, the Month End (sometimes known as Period End) is the closing of your financial accounts each month. It usually occurs on the last day of the month in order to match up with the Year End. 

In most businesses, the month is kept open for an additional 5 or 7 days into the following month in order to ensure all transactions for the month are complete and posted and so that they are then shown on month end reports. 

There are some businesses who choose not to run month ends and will just run a year end at the end of the financial year. We would however recommend running a month end at the end of each period as this will:

• Help your finance team to keep a closer eye on the business finances and cash flow
• If you have reconciled your debtors and creditors each month and resolved any issues with balances as you go, it will make the year end process easier
• If you have differences at year end, when carrying out consistent month end reconciliations, it is easier to find your issue in the previous month rather then trawling back through 12 months of transactions.
  
  

Benefits of running a Month End: 

There are many benefits to carrying out a period end each month within Sage 200cloud. Some of these are: 

• Balances your Nominal Accounts
• Keeps mistakes at bay
• Helps detecting accounting errors
• Saves time at Year End
  
  

Ensuring each month balances at the end is a huge help when time for Year End comes around. Unfortunately however, there are times when the month end does not balance and you are unable to see why. So in this blog post and the accompanying videos, we will cover some of the most common reasons the Aged Debtors/Creditors do not balance and how to resolve the issue. 

The Bank Reconciliation option in Sage 200cloud is used to compare and reconcile the amounts on your bank statements with the transactions in the Sage 200cloud Cash Book.

When you reconcile your bank statement, this means comparing it with your Sage 200cloud cash book and bank records for a specific period, ensure all monies have been entered and make sure to note any discrepancies there may be. When you have a list of these discrepancies, you can then discuss with your accountant and ensure that no funds have gone missing from your business or been entered incorrectly. 

Benefits of carrying out a Bank Reconciliation: 

There are many benefits to carrying out a bank reconciliation within Sage 200cloud. Some of these are: 

• Balances your Account
• Prevents Theft
• Keeps Mistakes at bay
• Helps detect accounting errors
• Updates fees and interest charges

This is an important process so we thought we should put together a simple guide to help with setting up Bank Reconciliations in Sage 200cloud.

We've also included a brief step-by-step video to help you get started. 

Sage 200cloud e-Payments made easy

What are e-Payments? 

In this latest Help & Advice post, our Connections Product Manager Ladislav Zimanyi discusses Connections and goes through some of the most common errors that may arise,  both in Retail Connect and Supplier Connect, and gives some simple tips on how to fix them. We've also put together a 20 minute video to help you fix these common errors. 

Why Do Errors Occur in Connections?

Connections sits between your Sage 50cloud or Sage 200cloud back office accounts system and your EPoS system. It also imports data from suppliers. The secret to creating a seamless administration process is in the set up and data mappings. Errors can occur for a variety of common reasons and so in this article, we point out some of these common errors and guide you through the steps to fix them.

For more details about Connections, check out  https://envisagecloud.ie/products/sage-integrated-apps/retail/

So, Let's get Started..

As we are all aware, the UK left the European Union on 31st December 2020. This means that as far as trade is concerned, the UK is effectively a 3rd country for Irish businesses. 

Due to this, the government has set up a new set of VAT rules called Postponed VAT Accounting (PVA) for Irish companies who still wish to trade with the UK. 

In this article and step-by-step video, we have provided a simple guide to help Sage 200cloud customers process Postponed Accounting for Import VAT.

What is Postponed VAT? 

Sage 200cloud Stock Takes Made Easy

Brexit and Sage 200cloud - Guidance for Irish Companies

Our Step by Step guide to running your Year End

Why spreadsheet based forecasting is so 2019