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Cash equivalents are short-term (3-months of less), easy-to-sell, low-risk investments held to meet short-term cash commitments rather than for investing or other purposes. For this report, Sage 50 Accounting considers payments received by credit card as cash.
Cash: Amount of cash on hand. You may add several cash accounts, one for petty cash and another for cash draws. Bank: Any bank with which you hold an account. Credit Card Receivable: Amount owed to you based on credit-card purchases from customers. You should set up a separate account for each type of credit card that you accept.
- Any bank with which you hold an account.
Jul 26, 2024 · A cash flow statement includes both cash and cash equivalents. Cash equivalents are short-term investments that are highly liquid. To fit this definition, they must be easy to convert to cash or so close to maturity that the risk of valuation changes are low.
Record payments made with your credit card. If you credit card is not connected to a bank feed, you'll need to manually enter your credit card transactions. If you're paying a vendor bill , use the Vendor Payment option. This allow you to match the payment with the invoice.
Sage Simply Accounting's [Pay credit card bill] window pulls the amount from the account and puts it in to the balance in 'Credit card payable balance'. To make a change or modify or reverse the entry posted, simply post the correcting entry in the general journal.
The class options available depend on the type of account: Asset, Liability, Equity, Revenue, Expense. Note: If you have set up a foreign currency, you can set a cash or bank account to use a foreign currency on the account's Class Options tab. Learn about account groups and class options.
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The customer pays cash, by check, or credit card at the time of sale. How does Sage 50 reconciles bank accounts? Through a file you download from your bank, or Manually. What are the steps to restore a Sage 50 File? File, Backup and Restore, Locate the backup file, click OK.
