what would be the best process to record these till receipts that will be easy to enter, process and file Sage 50 ?

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asked Jul 17, 2019 in Cell Tracking by Munro1998 (9,520 points)

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answered Jul 18, 2019 by ItsBeckahm07 (12,700 points)

I would suggest to you to set up the credit card in Sage and choose it when entering payables. It will post directly to the credit card rather than payables. You will choose the vendor, amount, and account, as usual, just enter the payment method as the credit card.
Not entering them individually means you will have a rough time doing bank recs and you will have to do some math to get them done.

You can keep all the receipts in an envelope and post them as one entry at the end of each month, but you will not be able to manage cash flow easily because you will not have updated your books for a month.  These small items sometimes add up to hundreds of dollars.

You can fill out a spreadsheet of all the receipts and post them as one entry at the end of each month.  This will maintain a total you can subtract from your bank balance each time you need to do cash flow analysis and give you one entry at the end of each month.  If you keep an invoice total on the spreadsheet as well, you can use it to check off the balances as they show up on the bank statement when you do reconciliations.

Generally, I've found it more work to find ways to not post them individually than to just post them as you get them.

Agate's idea of setting up a credit card is a good one also.  You can set it up as DP (Direct Payment) and use the bank account in the setup,  That way you can just pick the payment method from the payment method dropdown.  If you do post them individually, you can keep the original invoices posted under the original vendor name so you can find them easier afterward.

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