Fix Saving Sage 50 Journal Entries Issue

Sage 50 is a comprehensive accounting software designed to help businesses manage their finances. But like any software, it can be tricky to troubleshoot when something doesn’t work as expected. This can especially be true when it comes to saving journal entries. In this article, we will explore the common issues associated with saving journal entries in Sage 50 and how you can resolve them quickly and efficiently.

There is no denying the fact that Sage has emerged to become one of the most reliable and valuable software out there. This is essential because of the ease of use of the software that allows businesses of various sizes; small or big to be able to enjoy enhanced productivity and efficiency. It is the range of some of the most varied features and aspects that allows the user to be able to enjoy the benefits of applied accounting even without having any knowledge or background in Finance. The ‘Journal Entry’ is one such aspect of the Sage software that allows the user to be able to maintain the record of the transaction within the software. So, what is the Journal entry feature of Sage software? Let us find out

Read Also : How to Fix Sage 50 Balance Sheet Out of Balance

The Journal Entry in Sage 50

As mentioned earlier, this is the record of the financial transaction in a ledger, also called the Journal. This can be used for the purpose of reconciliation and transfer to other accounting records as well. Essentially, the Journal entry list comprises the transaction date, the account that was affected, the amount that is involved, also the benefits of the double-entry bookkeeping method and more. With the help of the Journal Entry, one can also make the most of the Audit Trial that is used to analyze the manner in which the company’s financial position is affected for the required performance, as expected.

One needs to know that the journals are an important aspect of the Sage software that is used for the purpose of being able to ‘move’ the values easily between ledger accounts that do not affect the customers, bank accounts or Suppliers. The other benefit of the Journal Entry in Sage is that it can be used to

• Correct Errors
• Depreciation of Assets
• Payment of Dividends 
• Prepayments and Accruals

One of the major aspects of the Journal Entry is that it applies the Principle of double-entry book-keeping. This essentially implies the fact that it must comprise equal debit and credit values. This implies the fact that there should be a credit balance for every debit balance. The best part about the Journal in Sage is that it can comprise more than one debit or credit value, just so that the overall totals tally well.

The Control Accounts and Journal in Sage

Let us first find out what are control Accounts. Essentially these are also ledger accounts that are set up by default and are used by most of the transaction types. These are used to automatically record the details of the transactions to ensure that the accounts are accurate and to minimize errors. When selecting the control Accounts during Journal Entry, a warning message is shown that allows the user to know if you have selected the right ledger account and the journals are entered accordingly.

Troubleshooting Saving Sage 50 Journal Entries

Now, that we have learned all about the Journal Entries, let us find out about the process of Saving, deleting and editing the Journal entries.

To enter the Journal in Sage, you will need to

• Navigate to the journals 
• Click on new journal
• Enter the required date
• Enter the suitable reference and description. This is to ensure that the discovery and identification of the journal is easy in the future. 
• Complete a minimum of two lines while keeping in mind that the debits and credits should match. 
• Now, check the overall value of the credits and debits to make sure they are the same.
• Select save

How to Manage the Various Aspects of the Journal Entries

The best part about the Sage Journal entry is that it can be used to both create and manage the existing entries. Let us take a look at some of the finer aspects of managing journal entries

Editing the Entries

This can be done by:

• Going to the adjustments 
• Go to the journals 
• Click on the journal you wish to edit 
• Click on edit on the right-hand side of the section.
• Now, review the various details of the journal 
• Edit as required 
• Click on save

Deleting the Journal Entries

To do so, you will need to:

• Go to the adjustments
• Go to the Journals 
• Browse and locate the Journal you wish to delete
• In case you know the reference of the journal, this can be entered on the search box. 
• In case you know the date, the date range can also be changed here. 
• Click on delete 
• Click on yes

To Reverse a Journal Entry

To do so, you will need to

• Go to the adjustments
• Go to the journals
• Click to open the journal you wish to reverse.
• Click on reverse on the section on the right
• If required, change the details of the original journal.
• Click on save

Once the original journal is saved, both entries will reflect on the Journal list.

To Copy A Journal Entry

To do so, you will need to: 

• Go to the adjustments
• Go to journals 
• Click on the journal you wish to copy 
• Click on copy in the section to the right 
• Take a look at the details of the new journal 
• Make the required updates as required 
• Click on save.

Also Read : How to Setup Recurring Entry in Sage 50

Conclusion

So, there you have it people. These are the various aspects, steps and tips to deal with the different features of the Sage Journal Entry. However, if you still encounter any problems in doing so, you can easily get in touch with us, and we will be more than happy to help you out.

Frequently Asked Questions(FAQs)