Alex Ruben
How to Properly Enter a Purchase Order and Adjust the Accounting Period in Sage 50
Entering a purchase order and selecting the correct accounting period in Sage 50 is crucial for maintaining accurate financial records. This step-by-step guide will walk you through the process of creating a purchase order for raw materials, specifically cloth B from Start Textiles, while ensuring that the transaction is recorded in the correct accounting period. By the end of this guide, you will be equipped to efficiently manage your purchase orders in Sage 50, helping you streamline your accounting processes.
Before you begin, ensure that you have Sage 50 installed on a compatible device running Windows 10 or Windows 11. Familiarity with the Sage 50 interface is also beneficial. You will need the following details ready: vendor information, purchase order number, item description, quantity, and unit price. This tutorial applies to all supported hardware manufacturers such as Dell, HP, Acer, and others.
Step 1: Navigate to the Purchase Order Section
Start by opening Sage 50 on your computer. From the main dashboard, locate the Vendors section. This will lead you to the purchasing options where you can create new purchase orders. Click on Purchases to access the relevant menu.
Step 2: Create a New Purchase Order
Once in the Purchases section, select New Purchase Order. This action opens a new window where you can input the details of your purchase. In the vendor field, choose Start Textiles as your supplier, and set the transaction date to 2nd of January.
Step 3: Input Purchase Order Details
In this step, fill out the purchase order number if applicable. For this example, use purchase order number 124. Next, specify the items you are ordering. Enter the item name as Cloth B, the quantity as 40,000, and the unit price as 150. The total amount should automatically calculate to 6,000,000. Review the details to ensure everything is accurate before proceeding.
Step 4: Save the Purchase Order
Once you have confirmed that all details are correct, click on the Save button. A prompt may appear asking you to confirm the transaction. Click Yes to finalize the purchase order entry.
Step 5: Adjust the Accounting Period
After saving, you might notice a notification regarding the accounting period. To adjust this, navigate back to the main screen. At the top, locate the Relevant Period setting. By default, it may be set to 1st of February to 28th of February. Since your transaction is for January, you need to change this setting to 1st of January to 31st of January. Click OK to confirm the change. This adjustment will prevent repeated notifications about the correct period.
Extra Tips & Common Issues
When entering purchase orders in Sage 50, ensure that you maintain accurate vendor information to avoid future discrepancies. If you encounter any issues with saving the purchase order, double-check that all fields are filled out correctly and that you have the necessary permissions to make changes in the system. Regularly updating your accounting periods can help manage your financial records more effectively.
Conclusion
In conclusion, entering a purchase order and selecting the correct accounting period in Sage 50 is a straightforward process that can significantly enhance your accounting efficiency. By following these steps, you can ensure that your purchase orders are recorded accurately, maintaining the integrity of your financial data. For more guidance on Sage 50 or related topics, consider exploring additional resources or tutorials that cater to your specific needs.
Frequently Asked Questions
What should I do if I entered the wrong purchase order number?
If you realize that you’ve entered an incorrect purchase order number, you can edit the purchase order by navigating back to the Purchases section, selecting the order, and updating the number before saving it again.
How can I track my purchase orders in Sage 50?
You can track your purchase orders by accessing the Reports section in Sage 50, where you can generate reports specific to your purchasing activities and vendor transactions.
Is it possible to delete a purchase order in Sage 50?
Yes, if you need to delete a purchase order, navigate to the order in the Purchases section, select it, and choose the delete option. Ensure that you have the appropriate permissions to perform this action.