Sage 50 is software used for managing a business’s accounting. It can integrate tasks to offer a simplified solution to a business’s management, financial and communication tracking needs. Someone who is proficient with Sage 50 software, is potentially more employable by the many businesses which have incorporated this system of accounting.
It is designed to be used in small to medium sized businesses, handling anywhere from simple individual tasks to complex layers of interconnected tasks. The range of abilities that Sage has helps with the management of accounts, sales, payroll and human resources.
This software can take a lot of the headaches out of traditional accounting, with its paperless ‘work from anywhere’ cloud based system. Sage 50 makes it easy to manage expenses and customer contacts, to creating quotes, sales orders and invoices. It enables us to efficiently build reports, manage inventory, and integrate banking directly into the software. Sage 50 also backs up our data, and makes it easy for us to keep up with the current rules and regulations of accounting.
Who should attend: This course is intended for participants who are familiar with basic bookkeeping/accounting.
Prerequisites: Basic Bookkeeping – Foundations or Basic Accounting – Foundations or equivalent.
Duration: 24 Hours
Course Objectives:
Upon completion of the course, participants will be able to:
- Comfortably navigate Sage 50.
- Create and set-up a new company.
- Modify settings for automated features and functions.
- Understand the Chart of Accounts.
- Record daily business transactions in various journals such as the General Journal.
- Work with sales taxes and banking transactions.
- Complete a business’s month end financial statements and reporting.
Course Content
Company Set-up:
- Set up a company for class use
- Set up asset, liability, income, expense accounts, and sub-accounts
- Edit accounts
- Set preferences
- Link accounts
- Use GIFI codes
Products, Services and Sales Taxes:
- Set up (lists of) products and services
- Add sub-products and sub-services
- Register for sales taxes
- Set up and edit sales taxes
- Track sales taxes
Customers and Sales:
- Adding new customers and their preferences
- Recording sales and methods of payment
- Receiving payments and issuing receipts
- Customizing invoices
- Tracking receivables
- Setting payment terms.
Suppliers and Expenses:
- Adding new suppliers and importing suppliers from Excel
- Creating supplier lists and preferences
- Entering and paying bills
- Handling returns and credits
- Printing cheques and tracking payables
- Issuing statements
Handling Money:
- Banking
- Use and accept credit cards and handle cash
- Reconcile bank and credit card accounts
- Record and make deposits
- Handle petty cash
- Use the “Funds To Be Deposited” account
Inventory & Purchase Orders:
- Creating inventory
- Adding inventory parts and sub-parts
- Use purchase orders and preferences to make purchases and receive deliveries
- Managing on-hand counts
- Costing inventory
Period-Ending Activities:
- Reconcile accounts
- Remit sales taxes
- Use the Trial Balance
- Make adjustments and corrections, including General Journal entries
Tracking Business Activities:
- Create financial statements and key management reports
- Customize forms, reports and report contents
- Export reports to excel
- Apply deposits, credits and delayed charges