What is Sage 50 Accounting?

Sage 50 Accounting also known as Sage 50cloud is an accounting software developed by Sage Group used in performing accounting functions within an organization in order to produce a comprehensive financial statement that incorporates every aspect of the organization's finances within a short possible time. 

The Sage Group is a British multinational enterprise software development company based in England. The Sage Group is the second-largest technology company in the United Kingdom and also the third-largest supplier of enterprise resource planning software in the world (behind Oracle and SAP). 

Sage Group is also the largest supplier to small and medium businesses and has over 6.1million users globally with offices in over 25 countries.

Features Of Sage 50 Accounting

1. Sales Orders: This allows for tracking of sales waiting to be filled.  Sales orders can be converted into sales invoices to avoid retyping the same information.  Sales orders also commit inventory to help you know when to reorder.

2. Quotes: Quotes can be printed for customers when accepted it can be converted into either a sales order or an invoice with just a few clicks.

3. Purchase Orders: The Purchase orders interface includes both inventory and accounts payable. When the PO is received, it automatically increases inventory and sets up the invoice in accounts payable.

4. Payroll: This handles any regular or pretax deduction such as insurance, garnishments and retirement plans including traditional or Roth 401k and IRA.  Vacation and sick time can be tracked using either a lump sum or accrual method.  Sage 50 Pro does not accommodate time card entries as the higher versions do. It can print signature-ready forms on plain paper for most payroll tax reports. E-filing and direct deposit are available as add-on services.

5. Inventory management: Sage 50 Pro has very strong inventory features. You can choose between FIFO, LIFO, and Average costing.  You can set minimum stock levels and reorder quantities.  Each item can have separate descriptions for sales and purchasing.  You can even set up assembly items with a bill of materials. In addition to true inventory items, you can also set up non-stock, service, labor, and description-only items that are available to make invoicing and purchasing easier but that doesn’t track quantity on hand and cost history.

6. Job Costing: Set up jobs and assign income, expenses, and hours to jobs by tagging transactions (sales invoices, purchase invoices, payroll checks, general journal entries, etc) with job numbers. Run reports to show a summary or detail income and expense for each job.

7. Customizable Reports: Financial statements can be modified extensively, allowing you to create detailed reports, summary reports, or summary reports with supporting schedules. You can customize the order in which accounts are presented and insert subtotals at any point.

Advantages of Studying Sage 50 Accounting

1. It is essential for financial planning and management.

2. It is used for budgeting and control.

3. It is used for receivables and payable.

4. It helps in inventory monitoring and control.

5. It helps in the reconciliation of financial transactions.

6. Easy to Install 

7. Good Customer Support

8. Excellent Reporting

9. Auditing Ability

10. It can handle a large inventory

Sage 50 Accounting Versions by Country

1. UK/Ireland Version: The UK/Ireland version has 4 products under Sage 50 or Sage 50cloud: Accounts, Payroll, HR and P11D.

2. US Version: The US version was initially called Peachtree Accounting, after which convert to the Peachtree/Sage 50 data format was made available when Simply Accounting was taken off the market. It was brought under the Sage 50 banner in 2013.

3. Canadian Version: The Candian version was known as Bedford Accounting and later renamed to Simply Accounting. It was later brought under the Sage 50 banner in 2013.

4. French Version: The French version is known as Sage 50cloud Ciel. It was developed by Ciel - the French software business, founded in 1986 and acquired by Sage in 1992.

5. The Spanish Version: The French version was formerly known as Sage ContaPlus, offered in the early 1980s by Grupo SP.

6. South African Version: The South African Version is Sage 50 Pastel, formerly known as Pastel Accounting and has been in existence since 1989. 

Sage 50 Accounting Versions by Function 

1. Sage 50cloud Pro Accounting Software

2. Sage 50cloud Premium Accounting Software

3. Sage 50cloud Quantum Accounting Software

In the Full Course, you will learn everything you need to know about Sage 50 Accounting with Certificate of Completion to showcase your knowledge. 

Sage 50 Accounting Course Outline

Sage 50 - Welcome to Sage 50 Accounts 

Sage 50 - Getting started with Sage 50 Accounts 

Sage 50 - Setting up Sage 50 Accounts 

Sage 50 - Setting up your Chart of Accounts 

Sage 50 - Setting up records 

Sage 50 - Company tasks 

Sage 50 - Banking tasks 

Sage 50 - Customer tasks 

Sage 50 - Supplier tasks 

Sage 50 - Product tasks (stock) 

Sage 50 - Project tasks

Sage 50 - Support tools 

Sage 50 - Reporting 

Sage 50 - Working with foreign currencies and accounts 

Sage 50 - Exams and Certification

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