Sage 50cloud Accounts

Delete invoices, credit notes or sales orders or purchase orders

There may be times when you want to delete invoices, credits or sales orders either because they were entered in error or with incorrect details or to clear old information.

CAUTION: as deletions can not be reversed, it is recommended you first take a backup of your data and if you delete a large number of items you also will need to compress your data (see next month)

Delete Sales Invoice/Credit Note, Sales Order

1. Click Invoice and credits or Sales orders.
2. Highlight the Invoice/credit or Sales order and click Delete.

Memo – you can highlight more than one invoice/credit or sales order at a time and delete them all together, by just clicking the Delete button.

Deleting Purchase Orders

1. Click Purchase Orders.
2. Highlight the Purchase order(s) and click Delete.

If you would like help deleting sales invoices/credit notes, sales orders or purchase orders or  need any other help,  please contact us

Sage 50cloud Payroll

How to process opt out Pension requests

An employee who becomes an active member of a pension scheme under automatic enrolment can only opt out during the opt out period.

The opt out period is one month from either:

• The date that you send a job holders letter to the employee, or
• The date that active membership is achieved, whichever is the latest date.

To process the opt out:

1. Click the Payroll navigation bar then click Pension Assessment.
2. Select the employees you want to opt out using the check boxes on the left.
3. Click the employee(s) then click Opt-out/leave.
4. Complete the following information.

• Extension period used?  If the opt out request isn’t correct, you can extend the opt out period for up to six weeks to allow the employee time to complete the form correctly.  To do this, select this check box.
• Refund first month’s contribution of – Only available if the employee has opted out within one month of being enrolled. Only the employee refund will show when processing the opt out.  The total value of the employee and employer refund shows in the main assessment screen and the payslip shows the correct split amount.
• Refund paid directly by provider – Only available if the employee has opted out within one month of being enrolled. If  the employee’s entitled to a refund which will be processed outside of Sage 50cloud Payroll by the pension provider, select this check box.
• Attach – To attach the opt out notice, click the paperclip then browse to the opt out file and then click
• Refund outside of Opt out period – If your pension provider has agreed to refund the employee when they have opted out, outside the one-month window, you will need to process this refund manually through enter payments.

5. Click Opt-out then click OK.

Depending on the request received data, the Status column in the Pension Assessment shows Opted Out or Cessation

You have now processed the request.  Every three years you must re-enrol certain eligible employees who have opted-out or no longer contribute to a pension.

If you would like help with processing Pension opt-outs or need any other help or advice with your payroll please contact us

Sage 50cloud Accounts

How to Record Corporation Tax

Corporation tax is a tax on the profits of your limited company, paid to HM Revenue & Customs (HMRC).

Sage 50cloud Accounts has a specific area for Taxation in its chart of accounts.  You can use this to show your corporation tax as an expense on the profit and loss after the net profit is calculated.

Create Corporation Tax Nominal Codes

Before you begin you need to set up the nominal codes for corporation tax unless they are already in your list of codes.  If you are using Sages default nominal codes, we recommend you use the following:

Nominal                                                            Management

Code               Name                                        report                           Report selection

2110                 Corporation tax Liability              Balance Sheet               Current Liabilities

9001                 Corporation tax                         Profit and Loss              Taxation

1. Click Nominal codes then click New.
2. Complete the Nominal Record as follows:

N/C       Enter the nominal code you want to create, for example, 2110.

Name    Enter the name of the account, for example, Corporation tax liability.

3. Click Save then click Close.

You can now ready to add your new nominal codes to your chart of accounts.

Add corporation tax to your Chart of Accounts

1. Click Nominal codes then click Chart of accounts.
2. Select the required chart of accounts then click Edit.
3. Click the Profit & Loss tab and click Taxation.
4. Under the Taxation column, enter a description, for example, Corporation Tax.
5. In the Low and High columns, enter 9001,
6. Click the Balance Sheet tab and click Current Liabilities.
7. Check that Nominal code 2110 is within a Current Liability range.
8. If required, add a range to include 2110.
9. Click Save then click Close.

Record corporation tax

In this example corporation tax of £2150.00 is to be recorded.

1. Click Nominal codes then click Journal entry.
2. Enter a reference and the date for the journal, then enter the relevant details to record the corporation tax. Date the journal the last day of the financial year to which the corporation tax relates.

For example:

N/C       Name                                Details                     T/C       Debit                Credit

9001     Corporation Tax             Corporation Tax             T9        2150.00

2110     Corporation tax liability   Corporation Tax             T9                                2150.00

The balance must equal zero before the journal can be saved.

3. Click Save then click Close.

Paying the corporation tax

1. Click Bank accounts then click Bank payment.
2. Enter the details of your bank payments in the boxes provided. Using our example above, you are paying corporation tax of £2,150.00 to HMRC

Bank    Date                 N/C      Details                                      Net            T/C      Tax

1200     Payment Date   2110    Payment of Corporation Tax       2150.00     T9         0.00

3. Click Save then click Close.

Corporation tax refunds

If you receive a corporation tax refund, you can record this using a journal entry and a bank receipt.   In this example, a corporation tax refund of £510 is to be recorded.

1. Click Nominal codes then click Journal entry.
2. Enter a reference and the date for the journal, then enter the relevant details to record the corporation tax refund. Date the journal the last day of the financial year to which the corporation tax refund relates.

For example:

N/C       Name                                Details                     T/C       Debit                Credit

9001     Corporation Tax             Corporation Tax             T9                                510.00

2110     Corporation tax liability   Corporation Tax             T9        510.00

The balance must equal zero before the journal can be saved.

3. Click Save then click Close.
4. Click Bank accounts then click Bank receipts.
5. Enter the details of your bank receipts in the boxes provided. Using our example above, you are receiving a refund of £510.00 from HMRC.

Bank    Date                 N/C      Details                          Net            T/C      Tax

1200     Receipt Date     2110    Corporation tax refund   510.00        T9        0.00

6. Click Save then click Close.

If you would like help creating new nominal codes, entering your corporation tax journal and or entering bank payments/receipts or need any other help, please contact us

Sage 50cloud Accounts

How to check for duplicated transactions in your data

To help make sure your accounts are correct, you can use the accounts audit option to quickly check for duplicate transactions.

1. Click Transactions, then click Accounts audit.
2. Select the Identify possible duplicated transactions check box then click OK.
3. Enter the date range you want to check, then click OK.

The accounts audit window displays any possible duplicated transactions.  Transactions appear if they have the same transaction type, details, account, nominal code, date, reference, net and tax amount.

Now that you have identified any duplicated transactions, you can look into them and delete/correct them if needed.

If you would like help running the Identify possible duplicated transactions report and/or deleting/correcting any transactions or need any other help, please contact us

Sage 50cloud Payroll

Correcting a previous payroll run

Mistakes can happen or information arrives late after the payroll has been processed don’t worry in Sage 50cloud Payroll it’s easy to go back and correct things.

If you need to go back and correct a previous payroll run, the Rollback option can be used to make amendments that affect some or all your employees.

What the rollback does

When you run a rollback, these values are reset to what they were before the period your roll back to:

• Change of pay frequency
• Tax code
• NI category
• Leaving date
• YTD values
• History
• Diary entries
• Nominal link posting date
• Pension schemes

TIP: If an employee included in the rollback is receiving statutory payments, you need to check that the dates within the Absence Diary are correct, as these dates can be entered in arrears, whereas roll back will only clear up to the exact week you select.

Before you roll back

Make sure you have details of your employee’s original payments.  This will help you to calculate any adjustments after you make the correction.  To get this information, you can reprint the employee’s payslip.

If you need to reverse a nominal link posted to your Sage Accounts software as part of the rollback, you should print the Nominal Link Transaction Report (Un-Grouped) report.

Roll back your employees

1. Take a backup of your data.
2. On the Employees List select the required employees.
3. Click Tasks then click Rollback.
4. Click Next then click Next.
5. Select the earliest pay period that you want to remove.
6. Click
7. Click Next then click Finish.
8. Click Ok.

You can now process the payroll again for the employees that have been rolled back.  If you have made changes to the pay period after you have submitted your normal FPS, you need to submit the FPS adjustment to let HMRC know.

If you would like help with Roll Back or need any other help or advice with your payroll please contact us

Sage 50cloud Accounts

Preparing your EU VAT Return for One Stop Shop (OSS) and Import One Stop Shop (IOSS) – UK

The way VAT is handled for online sales from business worldwide to consumers B2C in the European Union (EU) changed on 1^st July 2021, instead of registering and paying VAT in each country you sell to, you can choose to report and pay all EU VAT through a single return using:

• One Stop Shop (OSS)
• Import One Stop Shop (IOSS)

We will explain how to run OSS/IOSS reports in Sage 50 Accounts V27.2 and above to help you produce your EU VAT Returns and how to record your VAT Liability payments when based in the UK.

When using OSS/IOSS Reporting it is recommended you also use the Foreign Trader feature to help simplify the reporting process.

How OSS/IOSS affects your UK VAT Return

When you process under the OSS or IOSS scheme, certain transactions may appear in boxes 6 and 8 of your UK VAT Return.  This does not affect how you process your UK VAT return and you submit your UK VAT returns as normal.

Run your OSS/IOSS reports

When you need to produce your quarterly OSS VAT return or your monthly IOSS VAT return, you will need to run your OSS/IOSS reports to identify the following:

• OSS / IOSS values for the return period, and
• Any corrections to the values for the previous period.

Running Reports for the Return Period

To get the values for the return, you will need to run the relevant summary report for the scheme you are using.

1. In Sage 50 Accounts, click VAT then click Reports.
2. Click OSS IOSS transactions, then select the summary report for the scheme you are using, for example, IOSS Transactions (Summary).
3. Click Preview, enter the return start and end dates and then click OK.
4. For future reference you should print or save the report, click Print or Export to do this.
5. To close the report, click Close.

It is also recommended that you follow the above steps to print or save the detailed report for your scheme for example IOSS Transactions (Detailed).  This is useful if you need to identify corrections at a later date.

Identify previous Period Corrections

When completing your return, you must also declare any corrections you have made in previous periods.  Any correction only needs to be declared once.

1. Run your summary report for the previous period you want to check.
2. Compare this to the original report you used to complete the previous return.
3. If any totals differ, run the detailed report for the previous period.
4. Compare this to the original detailed report from the previous period to identify the correction
5. If you have not already declared this correction, you should declare it on the next return for this period.

Exchange Rates

When using Foreign Trader, the report shows the values in the destination country currency.  If you need to convert your values to a different currency for your return, you should do this manually using the European Central Bank exchange rate on the last day of the reporting period.

When not using Foreign Trader, you must first manually convert foreign currency transactions to capture the value of VAT in the destination currency as at the transaction date.   Then if a further conversation is needed for your return, you should do this using the European Central Bank exchange rate on the last day of the reporting period.

Post your OSS/IOSS VAT Transfer Journals

When you post an OSS/IOSS transaction, the VAT element is not posted to your normal VAT liability nominal code.  Instead it is posted to one of the following nominal control accounts depending on the scheme you are using.

• 2205 – Union OSS Tax Control Account
• 2206 – Non-union OSS Tax Control account
• 2207 – IOSS Tax Control Accounts

Once you calculate the VAT due for your OSS/IOSS VAT Return, you must transfer that amount from the relevant control account to your VAT liability nominal code.  This shows the VAT amount due to be paid to the tax authority you have registered with for the scheme.

Note – Your VAT transfer journal must be posted in your base currency.

1. In Sage 50cloud Accounts, click Nominal codes then click journal entry.
2. In Reference, enter a reference, then in Posting Date enter the current date.
3. Enter the details to record the VAT liability transfer. For this example, we are using the IOSS scheme and have a liability of £1500.00

N/C       Name                                          Details                          T/C       Debit                Credit

2202     VAT Liability                                 IOSS VAT Liability         T9                                1500.00

2207     IOSS Tax Control Account           IOSS VAT Liability         T9        1500.00

4. Click Save then click Close.

Make your EU VAT Liability Payment

Once you make your OSS/IOSS VAT liability payment to the relevant tax authority you can record this as a bank payment.  This reflects the payment in your bank account, and also reduced the balance on your VAT liability account

1. Click Bank accounts, click Payments, then click Bank payment.
2. Complete the Bank Payments window as follows:

Bank                Date                   N/c       Details                        Net                   T/C    Tax

Bank Account    Payment Date     2202     IOSS VAT liability        1500.00             T9       0.00

3. Click Save then click Close.

If you would like help running your EU VAT return for the One Stop Shop (OSS) and Import One Stop Shop (IOSS) or  need any other help,  please contact us