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FAQ's
We have listed below the answers to
a selection of questions commonly asked by users of Sage
Instant Accounts.
Q: What
is the Non-Vatable tax code used for?
Q: I am not sure what my financial
year start date is, can I enter what I think it might be,
and then change it when I hear from my accountant?
Q: I am about to start entering
transactions into my new Sage Sage Instant Accounts program,
each transaction requires a "T/C" (tax code).What are the
different tax codes and when should I use them?
Q: Why do I need to run the check
data option?
Q: I have created an invoice in
the Invoicing module, but it does not show on the Customers
activity, why?
Q: What is the Non-Vatable
tax code used for?
A: When you install Sage Instant
Accounts the T9 tax code is set as the default for transactions
which do not involve VAT, and are therefore not to be
included on the VAT Return. This is used for all the routines
within Sage Instant Accounts that are non-vatable, for
example the year-end journal entries and error corrections.If
you change the function of the T9 tax code, you must create
another non-vatable tax code and set it to be the default
non-vatable tax code. To amend the non-vatable tax code,
from the main Sage Instant Accounts menu bar, open the
Settings menu and choose Company Preferences. From the
Company Preferences window, open the Parameters tab and
change the default to your new tax code.
Q: I am not sure
what my financial year start date is, can I enter what
I think it might be, and then change it when I hear from
my accountant?
A: Once you enter a single transaction
into your program, it is no longer possible to change
the financial year start date. You may need to enter a
financial year start date that you are unsure about, for
example, if you need to start setting up customer, supplier
and product records. But before you enter any transactions,
you must change the financial year start date to be the
correct date. To change the financial year start date
before you enter transactions, from the main Sage Instant
Accounts menu bar open the Settings menu, and then choose
Financial Year. From the Financial Year window enter the
Month and Year required. Note: If these options are greyed
out, this means that the financial year start date cannot
be changed because you have entered transactions into
the program. If an incorrect date has been entered and
the options are greyed out, you should contact Sage Technical
Support on 0845 111 55 55.
Q: I am about to
start entering transactions into my new Sage Sage Instant
Accounts program, each transaction requires a "T/C" (tax
code).What are the different tax codes and when should
I use them?
A: When you install Sage Instant
Accounts, the following tax codes are created:
- T0 zero rated transactions
- T1 standard rate VAT, 17.5%
- T2 exempt transactions
- T4 sales to customers in EC*
- T7 zero rated purchases from suppliers
in EC*
- T8 standard rated purchases from
suppliers in EC*
- T9 transactions not involving VAT**
*These are outside UK.
In accordance with VAT regulations, EC VAT rate codes are
given a 'notional' rate, which is linked to a UK VAT Rate.
For example, Sage Instant Accounts T8 rate for standard
rated purchases from suppliers in EC is linked to T1, which
is the standard rate of VAT in the UK.
** These transactions are not included on the VAT Return.
Sage Instant Accounts also uses T9 as the default tax code
for all the routines that are non-vatable, e.g. journal
entries and error corrections. If you want to change the
function of T9, you will need to set up another tax code
that is non-vatable, for Sage Instant Accounts to use for
these routines.
Q: Why do I need
to run the check data option?
A: The Check Data option checks
your data for corruption, you need to run this to ensure
the integrity of your data.If there are problems with
your data, the Maintenance Problems report window appears.The
File Maintenance Report displays any Comments, Warnings
or Errors that have arisen as a result of the data check.
The summary tab window lists a summary of the findings,
to view the comments, warnings or errors select the appropriate
tab.The three categories represent different levels of
data inconsistency:
Comments
Comments are the least serious of data problems and do
not necessarily need to be fixed. They indicate minor
inconsistencies, which you should consider correcting.
Warnings
Like comments warnings do not necessarily require use
of the fix option. They highlight issues that should be
attended to before proceeding, for example, missing nominal
codes on invoices.
Errors
Errors are serious data problems and should be corrected
before proceeding.
Q: I have created
an invoice in the Invoicing module, but it does not show
on the Customers activity, why?
A: The Invoice has not been updated.
To check this, open the Invoicing window and look at the
posted column. If it is blank then the Invoice has not
been updated.
To update the Invoice, open the Invoicing window and select
the relevant Invoice. From the Invoicing toolbar, click
Update, then click OK to update the customer ledger.
The Invoice should now appear on the Customers Activity.
If you have an invoice that will not update, the reasons
why it will not update can be found on the Update Ledgers
Report. To run this report, select the Output to be Printer
or Preview, when you update your invoice. The report then
appears, displaying information about why the invoice
will not update.
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