Sage 50 Accounts Level 2
This level requires you to do the following:
- Set up initial data for a sole trader or a small business
- Enter opening balances for customers and suppliers
- Enter and reconcile an opening trial balance
- Enter transactions relating to credit customers and suppliers, non-credit transactions and journals
- Process credit card transactions
- Record transactions relating to the acquisition and disposal of fixed assets
- Make end of period adjustments including stock, income, expenses and VAT
- Amend the Chart of Accounts and print, review and analyse period end reports such as Income Statements, Balance Sheets, and VAT returns.
| Bank Reconciliation | Reconcile bank transactions |
| Search | Understand search criteria, multiple search and wild cards |
| Credit Control Reports | Aged debtors and frequencies, current and retrospective reports |
| Customer statements and overdue letters | Understand customer documentation |
| Dispute invoices | Flag invoices in dispute and reasons why |
| Write Offs and VAT Element | Writing off customer/supplier transactions and VAT adjustment |
| Recurring Entries | Set up and process standing orders and repeat transactions |
| Fixed Asset Register | Set up and post depreciation and disposing of an asset |
| Prepayments and Accruals | Set up and process prepayments and accruals |
| Multiple Chart of Accounts | Understand Profit and Loss and Balance Sheet formats |
| Management Reporting | Produce management reports and Microsoft® Excel and Word integration |
| Statutory Reporting | Perform a VAT return and run the Year End |