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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