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As you’re going to see, the bookkeeping fundamentals don’t change a bit, when you swap out one cloud accounting package for another. We’re going to book the very same transactions, in each product.
In the T-Accounts template, you will find a new tab there for Sage One. I’ve kept the transactions from the first 2 lessons, where I gave you an overview of the bookkeeping fundamentals. If you haven’t already, I highly recommend that you review the first three lessons. Then come back here to work on Sage One:
- LESSON 1 – DEBITS AND CREDITS
- LESSON 2 – T-ACCOUNTS – BASIC TRANSACTION FLOW
- LESSON 3 – FINANCIAL STATEMENTS IN QUICKBOOKS ONLINE, XERO, SAGE ONE, AND ZOHO BOOKS
Now let’s look at how to capture revenue in Sage One.
To create new transactions in Sage One, look for the plus sign at the top right of your screen.
For invoices, you can use that plus sign, or click into the Sales area.
From there you can create the following transactions:
- Sales Invoice
- Sales Credit Note
- Quick Entry
- Sales Quote
The receive payment option can be found by clicking the plus sign.
Since a colleague of mine brought up, that you don’t have the ability to group multiple customer payments into a single deposit, it’s worth mentioning that you can. Create a bank account called “Undeposited Funds,” bring your payments into that account, and then you can transfer the funds from undeposited funds, into the operating account. This way you will reconcile perfectly, and that undeposited funds account should always zero out.