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Where, when to start with Sage Accounts?

  • 2 posts
  • # 55374

I am about to take the ICB level 2 exam in Computerised bookkeeping. My boyfriend wants me to set up sage accounts software for his small ltd co.  So far he has been using an accountant for all his bookkeeping (he just keeps it all in a box and they sort everything out)  I realise he will still need to use an accountant for certain aspects as it is a Ltd co. My course so far (am nearly finished) has only explained how to set up a new business in sage and not how to set up an existing business within the sage accounts software. Do I need to do this at a particular time of year? so that it is a new financial year. What information should I ask the accountant for? Will a balance sheet be sufficient to enter opening balances? I can get customer records etc from his invoices and puchase orders..
Any advice would be appreciated.

Also I have been studying the Sage accounts Professional package but realise this may be over and above his needs. Any advice on sage software I should buy for his needs..
Thank you

  • 328 posts
  • # 55425

Hi,

There has been few post from members not being happy using sage simply because the price has gone up! There are other software out there you can use. All you need to do is shop around. There is also this new trend of online software which seem to offer a good service to those who are operating on low budget!
As to setting up a new business, i suggest you call the institute cause only MICB members are the one qualified enough to record transactions for limited company.

We all know accountant do charge a lot but setting up a limited company is task which require more knowledge and skill than just basic bookkeeping.

Hope this help!
I am sorry if my post sound more like a lecture!Wink

Good luck,

xxx

  • 328 posts
  • # 55426

Hi little K,

Online software easy to use are xero, clearbook, quickbooks, kashflow, fusion accounts...

You can google and you will get the info.Fusion accounts are doing two months free trial for ICB students. Fee free to browse on the forum and you will come accross a link posted by ICB directing you straight to fusion accounts.

xxx

  • 698 posts
  • # 55427

Hi Littlek

Not to be picky or put too finer point on it you should not be do anything as a student.

Your membership does not entitle you to do any kind of bookkeeping unless supervised to do so even for your boyfriends company would be a breach of the rules which could lead to to disciplinary action.

please see the thread about what each level entitles you to do.

Please do not misunderstand me I am just trying to give you a friendly heads up.

Best regards
Stuart

  • 2 posts
  • # 55463

Hello,
I would like to thank everyone for their replies and your frankness is appreciated.. I will be concentrating on my studies for the time being and will carry on dropping the big box of paperwork and receipts off at the accountants every few months, until I have passed level lll in bookkeeping. Have just recieved level ll mock paper so hopefully it won't be too long. I do not want to jeopardise my membership with ICB.

Thanks

  • Fellow
  • Practice Licence
  • 27 posts
  • # 69990

Hi
Just go for Sage Instant accounts for basic bookkeeping, unless you need foreign currency and or products/stock build this is sufficient and a lot cheaper.

You will need year end balance sheet.  Is your partner vat registered? If so standard or cash accounting?  If yes and cash accounting you will need to enter all outstanding invoices individually for customers and suppliers.

Whilst not encouraging you to beach ICB rules - there is no harm in setting up a "dummy company" for practice, then you can hit the decks running for your husband when you are qualified to do his bookkeeping.  Good luck with the studying.Smile


Edited at 01 Apr 2011 06:40 PM GMT

Edited at 01 Apr 2011 06:40 PM GMT

  • Member PM.Dip
  • Practice Licence
  • 9 posts
  • # 69991

Lynne said:

Hi
Just go for Sage Instant accounts for basic bookkeeping, unless you need foreign currency and or products/stock build this is sufficient and a lot cheaper.

You will need year end balance sheet.  Is your partner vat registered? If so standard or cash accounting?  If yes and cash accounting you will need to enter all outstanding invoices individually for customers and suppliers.

Whilst not encouraging you to beach ICB rules - there is no harm in setting up a "dummy company" for practice, then you can hit the decks running for your husband when you are qualified to do his bookkeeping.  Good luck with the studying.Smile


Edited at 01 Apr 2011 06:40 PM GMT

Edited at 01 Apr 2011 06:40 PM GMT

Hi,

I feel that learning from your boyfriends business is good advice, setting up a dummy company trying the accounts yourself, and then seeing how the accountant does the books and learning from any mistakes you make.
You may want to consider adopting a 'best practise' such as maintaing the box of receipts, recording them on a monthly basis (you could use Excel for this) then filing them in a folder. Then when you give the receipts to the accountant, they are in a more presentable orderly form, it will save your boyfriend money, and it is all good practise for you.

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