Copy
News and tips for Sage 50 (formerly Peachtree), Excel, and whatever other general nerd knowledge I think will help computer users be more productive.

IQ Accounting Solutions LLC

November 2021 News & Tips

 
NEWS   SAGE 50   EXCEL
Sage Intelligence Reporting for Sage 50 discontinued. New partnership with XLGL report writer announced.   Voiding checks and dealing with related invoices.   The Function Wizard is key to unlocking the power of Excel.



News

Sage Intelligence Reporting for Sage 50 Discontinued: Sage recently announced that Sage Intelligence Reporting has been discontinued for use with Sage 50. They are now recommending XLGL by Logicim for custom reporting, however XLGL will not be included with Sage 50 like Intelligence Reporting was. During the demo I watched of XLGL, they said that they can convert reports from Intelligence Reporting but I don't know yet what the cost is for that service. XLGL is reasonably priced at $299 for a 2 user license, with discounts for volume licensing.

For those of you currently using Sage Intelligence Reporting, it will continue to work with existing versions of Sage 50. But you will need to have a new reporting tool in place before upgrading to Sage 50 2023 next year.

Steve Collins
IQ Accounting Solutions LLC
918-851-9713
scollins@iqaccountingsolutions.com
www.iqaccountingsolutions.com


A complete archive of these tips is available at http://www.iqaccountingsolutions.com/blog
 
 

Sage 50/Peachtree Tip - Voiding Checks

Voiding a check in Sage 50 is fairly easy: Open the Void Checks screen, select a cash account, highlight the check you want to void, set the void date, and click the void button. But this common task is the source of a surprising number of support calls, either from people who aren’t sure how to do it, or from seemingly unrelated problems that get traced back to an improperly voided check.

Let’s start by reviewing what Sage 50 does when you void a check. First, it creates a negative payment transaction on the date you specify using the same check number with “V” added to the end of it. Next, it marks both the check and the void payment as cleared on the bank reconciliation. Finally, it flags the original check so that the word VOID will be displayed in the payments window. The result of this negative payment, in addition to adding the check amount back into your cash balance, is to unpay any invoices that the original check paid or debit the GL accounts it was posted to.

Regardless of why you need to void the check, the process starts in one of two ways.

1. Choose Void Checks from the Tasks menu. Using this method, you will be given a list of all uncleared checks. You will have to find the check number in the list of eligible checks. You can change the cash account at the top left if necessary.

2. If you have the check open in the payments menu, you can click the Delete Button, which will then show two other buttons. Click on Void. (Older versions of Peachtree may have a separate Void button.) This method will bring you to the same list, but will automatically select the check in the list.

Once you have the check highlighted in the list, you need to set the Void Date at the top right of this window. The void date is very important, and it is probably the most common trouble area in this process. This is the date on which Sag 50 will post the negative payment. If you discover that you need to void a check right away, the void date could be the same as the original check date. But if you discover it later, especially if the month has been closed, your void date should probably be today. If you change the date to sometime in a prior month, you will change that month’s ending balances by the amount of the check. After you have set the date correctly, click the Void button at the bottom of the window. When you are done voiding checks, click Close.

At this point you are done voiding checks. But if those checks were applied to invoices, you now have unpaid invoices to deal with. In the case of a check that was lost, you are all set, because you can select the invoice to pay just like you did the first time. But if the invoice shouldn’t be paid, such as an invoice that was entered twice, then you need a way to get the invoice out of your payables. This is the other place that some people make a mistake. It is very important that you DO NOT edit the invoice to make it $0. That can cause many different problems including throwing your trial balance out of balance. The correct procedure is to enter a Vendor Credit Memo (or a negative invoice in older versions) and apply it to the invoice. Yes, your current month expenses will be affected, but you are really just correcting an expense that was improperly reported in a previous month.



 
 

Excel Tip - Using the Function Wizard to Simplify Complex Tasks

Today’s tip is about how you can discover some of Excel’s power on your own. Built into Excel are many helpful tools called functions. Functions are shortcuts that make it easier for you to accomplish things that would otherwise require long, complex formulas. For example, the best known function is Sum. You’ve probably used it many times via the Auto Sum button. Without the sum function what we now think of as one of the simplest spreadsheet tasks, adding a column of numbers, would be ridiculously tedious as you would need to write a formula referencing every cell you want to add, such as =A1+A2+A3+A4+A5+A6+A7+A8+A9+A10. Sum lets you enter the much simpler formula =Sum(A1:A10).

There are well over 300 functions available in categories such as date, math, financial, text, database, and more. But how do you find them and learn how to use them? That’s where the function wizard comes in. There is a small button to the left of the formula bar with the letters fx on it. That button launches the wizard. You can also get to it from the Formulas tab of the ribbon. The first button on it uses the same fx as the other button but with “Insert Function” under it. The wizard lists all functions by category and gives a brief description of each one. Choose one from the list and you’ll get a new window that walks you through entering the “arguments” for that function.

Arguments are simply the information and options needed to perform the function, such as which cells you want the Sum function to total. Below the list of arguments, an explanation of the currently selected argument will appear. When you need to enter a cell or range of cells in an argument, you can click back on the spreadsheet and select cells without closing the wizard. As you fill in each blank, the formula result shows in the lower left corner. When you click OK, the wizard enters the formula into the current cell for you. If you launch the wizard while your cursor is on a cell that already contains a formula, you will go directly to the list of arguments for that formula so you can make changes to it.

So next time you are thinking “There must be a way in Excel to…” open up the function wizard and you may find exactly what you need.




 

If you know other Sage 50/Peachtree users, do them (and me) a favor and pass this along to them. If you are someone that this has been passed on to, and would like to be added to my email list, you can subscribe for free at www.iqaccountingsolutions.com/signup.html or send me an email at newsletter@iqaccountingsolutions.com. If you need to change your email address or would like to unsubscribe, you can use the links at the end of this email.

Steve Collins
IQ Accounting Solutions LLC
918-851-9713
10611 E 17th Place
Tulsa, OK 74128
 
Copyright © 2021 IQ Accounting Solutions LLC, All rights reserved.
Email Marketing Powered by Mailchimp