Sage 50 Accounts transactions and their double entry

Summary

Double entry bookkeeping means that every transaction entered both debits and credits different nominal codes. This means that your trial balance always balances. Here we show the double entries for each transaction type in Sage 50 Accounts.

Resolution

Choose the transaction type to view the debit and credit entries. Each sample entry is to the value of £/€120.00. Where appropriate this includes a VAT element posted using a T1 tax code.

Software area	Transaction type
Customers	SI	SC	SR	SA	SD	SP
Suppliers	PI	PC	PP	PA	PD	PR
Bank accounts	BP	BR	CP	CR	VP	VR
Nominal codes	JC	JD

Type	Description	Nominal Code	Debit	Credit
SI	Sales Invoice	Debtors Control Account	120.00
SI	Sales Invoice	Sales Nominal Code		100.00
SI	Sales Invoice	Sales Tax Control Account		20.00

Type	Description	Nominal Code	Debit	Credit
SC	Sales Credit	Debtors Control Account		120.00
SC	Sales Credit	Sales Nominal Code	100.00
SC	Sales Credit	Sales Tax Control Account	20.00

Type	Description	Nominal Code	Debit	Credit
SA	Sales receipt on account	Bank Account	120.00
SA	Sales receipt on account	Debtors Control Account		120.00

Type	Description	Nominal Code	Debit	Credit
SR	Sales receipt	Bank Account	120.00
SR	Sales receipt	Debtors Control Account		120.00

Type	Description	Nominal Code	Debit	Credit
SD	Sales discount	Discount Nominal Code	Discount amount
SD	Sales discount	Debtors Control Account		Discount amount

Type	Description	Nominal Code	Debit	Credit
SP	Sales payment	Debtors Control Account	120.00
SP	Sales payment	Bank Account		120.00

Type	Description	Nominal Code	Debit	Credit
PI	Purchase invoice	Purchase Nominal Code	100.00
PI	Purchase invoice	Purchase Tax Control Account	20.00
PI	Purchase invoice	Creditors Control Account		120.00

Type	Description	Nominal Code	Debit	Credit
PC	Purchase credit note	Purchase Nominal Code		100.00
PC	Purchase credit note	Purchase Tax Control Account		20.00
PC	Purchase invoice	Creditors Control Account	120.00

Type	Description	Nominal Code	Debit	Credit
PA	Purchase payment on account	Bank Account		120.00
PA	Purchase payment on account	Creditors Control Account	120.00

Type	Description	Nominal Code	Debit	Credit
PP	Purchase payment	Bank Account		120.00
PP	Purchase payment	Creditors Control Account	120.00

Type	Description	Nominal Code	Debit	Credit
PD	Purchase Discount	Discount nominal code		Discount amount
PD	Purchase Discount	Creditors Control Account	Discount amount

Type	Description	Nominal Code	Debit	Credit
PR	Purchase receipt	Bank Account	120.00
PR	Purchase receipt	Creditors Control Account		120.00

Type	Description	Nominal Code	Debit	Credit
BP	Bank Payment	Relevant nominal code	100.00
BP	Bank Payment	Purchase Tax Control Account	20.00
BP	Bank Payment	Bank Account		120.00

Type	Description	Nominal Code	Debit	Credit
CP	Cash Payment	Relevant nominal code	100.00
CP	Cash Payment	Purchase Tax Control Account	20.00
CP	Cash Payment	Bank Account		120.00

Type	Description	Nominal Code	Debit	Credit
VP	Credit Card Payment	Relevant nominal code	100.00
VP	Credit Card Payment	Purchase Tax Control Account	20.00
VP	Credit Card Payment	Bank Account		120.00

Type	Description	Nominal Code	Debit	Credit
BR	Bank Receipt	Relevant nominal code		100.00
BR	Bank Receipt	Sales Tax Control Account		20.00
BR	Bank Receipt	Bank Account	120.00

Type	Description	Nominal Code	Debit	Credit
CR	Cash Receipt	Relevant nominal code		100.00
CR	Cash Receipt	Sales Tax Control Account		20.00
CR	Cash Receipt	Bank Account	120.00

Type	Description	Nominal Code	Debit	Credit
VR	Credit Card Receipt	Relevant nominal code		100.00
VR	Credit Card Receipt	Sales Tax Control Account		20.00
VR	Credit Card Receipt	Bank Account	120.00

Type	Description	Nominal Code	Debit	Credit
JD	Journal Debit	Selected nominal code	120.00

Type	Description	Nominal Code	Debit	Credit
JC	Journal Credit	Selected nominal code		120.00

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Solution Properties

Solution ID: 200427112208938
Last Modified Date: Wed Jul 24 09:13:52 UTC 2024
Attributes: Product Details
Modules: Financials
Modules: General Ledger
Views: 0

Sage 50 Accounts transactions and their double entry

Summary

Resolution

Sales invoice

Sales credit

Sales receipt on account

Sales receipt

Sales discount

Sales payment

Purchase invoice

Purchase credit

Purchase payment on account

Purchase payment

Purchase discount

Purchase receipt

Bank payment

Cash payment

Visa payment

Bank receipt

Cash receipt

Visa receipt

Journal debit

Journal credit

Learning with Sage

Solution Properties