Overview
- Perpetual Inventory
- Item Accounts
- Debtors Manager
Inventory is one of the most important control systems a company has to have in place. This is important to ensure your inventory levels are maintained/secured. In bookkeeping there are two control methods available.
Historically Sage Accounting only made provision for a partially integrated inventory system. With this system you would need to manually calculate what the inventory levels are and the value of the inventory on hand, and do journal entries to correct values in your accounting system.
From Release 4.1.8 Sage Accounting will enable you to convert the current inventory
system to a perpetual inventory system (also known as the integrated inventory
system).
When a user is on Perpetual Inventory, inventory on hand is calculated automatically by the Sage Accounting system and the inventory system and item accounts updated without user intervention. With Periodic Inventory the user manually updated these accounts. This means that the user will thus need to reverse the manually created (periodic) journal entries when converting to the perpetual system to ensure the inventory system accounts isn’t overstated.
The following changes have been made:
1. A new Use Perpetual Inventory checkbox has been added.
2. The System Audit Trail was updated to reflect the Inventory System change(s).
3. The Dashboards was updated to display widgets based upon the selected Inventory System.
4. The List of Accounts was updated to reflect Accounts based upon the selected Inventory System. Item Accounts, Item Adjustments, Inventory and Cost of Sales/Purchases accounts was added for Perpetual Inventory purposes.
5. The Sage Accounting reports (Profit and Loss Report, Balance Sheet Report, Trial Balance Report, Account Listing Report, Account Transaction Report and Trial Balance Export) was updated to reflect the selected Inventory System in both headings and content.
6. The Budget functionality was updated to calculate using the Inventory System that is
set under Company Setting
To make it easier to manage items, Sage Accounting has added Item Accounts to the system. Modifications enable businesses to better track items and to more easily reclassify items within the various accounts. It also allows users to calculate costs for items, including unit and average costs, which can vary depending upon any number of factors.
The “Item Accounts” functionality will only be available once the user has purchased an Advanced Inventory license.
The following changes have been made:
1. The “Purchases Account” references in the system has been renamed to “Cost of Sales/Purchases Account” on each Physical Item.
2. An “Inventory Account” has been added on the Item Masterfiles of each Physical Item.
3. A “Service Item Recovery Account” has been added on the Item Masterfiles of each Service Item with the purpose of indicating whether the cost is a Cost of Sale or an Expense.
4. Bulk functionality has been modified to include Item Account updates.
5. The option to create an Item Account has been replaced with the Sales Item and Purchases Item Accounts on the List of Accounts.
6. A category has been added to the Item Accounts to allow further classification of accounts.
7. The different Item Accounts have been added for all Physical Items when a new budget is created.
8. The Sage Accounting reports (Item Import/Export, Profit and Loss Report, Balance Sheet Report, Trail Balance Report, Account Listing Report, Account Transaction Report, Budget Report, Cost of Sales / Purchases Report and Trail Balance Export) were updated to reflect the Item Accounts in both headings and content.
Once you grant credit to your customers, it is essential to a business’s cash flow and ultimate profitability to collect all outstanding monies as soon as possible. The Debtors Manager module helps to optimise the collections process.
The “Debtors Manager” functionality will only be available once the user has purchased a Debtors Manager license.
From a management point of view, Debtors Manager provides clear visibility of all aspects of the collections process. You can easily keep track of the reasons for overdue invoices, and monitor the activities of your collections department. Debtors Manager quantifies the outcome of all collection activities. Debtors Manager delivers results – it will boost your cash flow, reduce the number of days sales outstanding, and reduce the risk of write-offs.
The following changes have been made:
1. A new Non Payment Reasons screen has been added.
2. A new Action Code screen has been added.
3. The Anticipated Payment screen has been enhanced to allow the user to create more detailed notes and reminders on an outstanding invoice.
4. The Customer Masterfiles have been updated to allow the user to select the Contact that was/should be contacted with regards to an Invoice.
5. The Customer Masterfiles have been updated to allow the user to select the Contact that should receive payment reminders for Outstanding or for Overdue Invoices.
6. A new Outstanding Invoices Workflow screen has been added.
7. Functionality has been added for the user to define different communication templates for various stages of the Invoice workflow.
8. A new Outstanding Invoices Communication Run screen has been added.
9. A new Invoices Manager screen has been added.