Applying F3 Knowledge in Practice

It’s very wide area and a lot depends of the size of business – as monthly basis you should analyse all the balances in your nominal ledger – print out the aged debtors and creditors reports and look at them, set up the way purchase and sale invoices are processed – number them, put a note on them when paid with cheque number, keep in order. It is up to you -you may keep invoices alphabetically or you can give them number which then is put to sage in description, maybe someone should sign the purchase invoices which can be paid to authorise them. It is up to you and you need to find your own way to store invoices in such a way that if you look at sage records you are able to identify and find the original invoice in the file. On the monthly basis print out the ledger and check if there are no mispostings, invoices are properly allocated. Try to put many details in sage in description – if you just put ”purchase invoice” you will not be able to check anything but if you put ”electricity qtr to 31/03” at the end of year you will be able very quick check if you have all invoices posted and if the electricity is posted to Heat and Light sage code. I hope you understand the concept. It is very hard to explain it in a few sentences. Maybe you can borrow a book from the library