Sage One – Lesson 6 – Customer Deposits

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When a customer pays you in advance, we have a few words for it, starting with, “fantastic!”

We call these retainers, customer deposits, pre-paid revenue, or revenue paid in advance. I’m sure you could increase the list!

Bottom line on customer deposits (or whatever you call it) is that you have a liability to record, and you want to track that through an invoice, so that you can invoice your customer for it.

Then we need a way to manage the customer deposits account, so we can quickly determine, who has how much on deposit with us. We also need to be able to prove how and where those deposits are applied.

The management part will be handled through the reporting.

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Sage One – Lesson 5 – Accounts Payable

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Accounts Payable is an area that can handle many transactions. Those transactions can potentially impact a number of different areas on the financial statements.

We can enter a bill to pay a pre-paid expense, which is an asset on the balance sheet.

We can purchase a Fixed Asset. We saw how this works in the lesson on the Expense Cycle.

We can purchase inventory. We saw that in the previous lesson, but we’ll do it again in this one.

Finally, we can of course book a bill for a good old fashioned expense.

Out of the above, only one transaction impacts the income statement!

Watch the video to see what this looks like.

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Sage One – Lesson 4 – Accounts Receivable

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It’s easy, of course to manage accounts receivable with Sage One. You’ve already seen it from one angle in The Revenue Cycle. Now we’ll look at it, specifically from the Accounts Receivable side. How to analyze receivables, when you have them on the books.

This lesson keeps it pretty simple. I’ll post an invoice, and then show you the various places, and ways you can pull up your open invoices and analyze them.

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Sage One – Lesson 3 – Banking

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Bank feeds in Sage One work much like other products, you’ve seen. Once again the interface for this is pretty slick, in my opinion. It’s very clear which side is showing you the bank feed, and which side is the part where you either create, or match your transactions into the register in Sage One.

Once you’ve connected your bank account, it is very easy to create and or match transactions into the register. I also found it very easy to move around the screens to research and fix my own errors.

The video will show you how you can enter a transaction and then match it to one that downloaded.

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Sage One – Lesson 2 – The Expense Cycle

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There are essentially two places to go, to create expenses in Sage One.

You can click right on the expense menu, where you can create a bill, a credit note, or a “Quick Entry.”

The other place, where you can create expenses in Sage One, is the plus sign.

From there you can choose other payment, or vendor payment.

If you choose vendor payment, this is only for paying a vendor on account. In other words, you cannot actually create an expense from there. You can only create a payment, to go against accounts payable, where you would either apply it to a bill, or leave it on account.

If you choose other payment, you can create an expense. This is where you would go to (eg) record a debit card payment, or a check that you wrote.

Of course if you record a payment, and create an expense, then you’ve completed the expense cycle. The only part, where it gets more complicated than that, is when you enter a bill first.

Any time you are recording an expense, you are debiting that expense account. I am hoping to get you familiar with how the forms you are entering break down in terms of debit and credit. The video for this lesson will walk you through the various forms that are involved with creating expenses in Sage One, and where the debits and credit are.

In the end, of course, we’ll run the Balance Sheet, and Profit and Loss, so you can see the impact.

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