Sage 50 Accounts For Dummies® 2nd Edition

Chapter 16

Running Your Monthly and Yearly Routines

In This Chapter

Entering accruals

Recording prepayments

Deducting depreciation

Juggling journals

Running month-end tasks

Counting on the cash-flow facility

Carrying out year-end routines

The nominal ledger lists all the nominal codes that your company uses. These nominal codes, when grouped together, form the record of your company’s assets, liabilities, income and expenditure. The codes are grouped together in categories identified in your Chart of Accounts, which I talk about in Chapter 2.

Sage uses the accounting principle of accrual accounting. Accrual accounting isn’t just about accruals (bizarre as that may sound!); rather, it’s about recording sales and purchases when they occur, not when cash changes hands – you match revenue ...