Sage 200 Financials Module
The Sage 200 financials module is part of the standard core software offered by Sage. This intuitive and powerful module features a modern interactive interface with easy navigation that is customisable to your exact business needs. Control and track money coming in and out of your business and receive accurate insight into your business’s performance. Moreover, this valuable data can highlight golden business opportunities to increase profits and scale your company.
This Sage 200 financials module is central to the other modules as they work together, supplying critical financial data to the nominal ledger. Not only does this improve internal communication and removes repetitive manual reporting, but you also have access to up-to-the-minute financial data. Watch transactions automatically feed into your Sage 200 account, where you can post or match—saving your team’s valuable time and providing the tools to work smarter and more efficiently.
Features of the Sage 200 Financials Module
With the sudden digital transformation of finance, the need for effective and reliable financial management ERP software solutions is crucial. Sage 200 provides first-class financial ERP software, which functions 24/7, 365 days a year. Furthermore, this software manages the finances at every stage of your business process for complete transparency and insight. In industries such as manufacturing, business intelligence, retail, wholesale and eCommerce, your finances need to be accurate and up-to-date, with scaleable solutions to help your business grow.
The Sage 200 financials module capabilities are incredibly detailed and powerful, with unrivalled customisability and usability. Moreover, applying this module will improve your organisation’s productivity by automating tasks and streamlining workplaces.
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What’s Included in the Sage 200 Financials Module?
This module comprises six key categories, Reporting, Nominal Ledger, Cash Book, Purchase Ledger, Sales Ledger and Payments. These features enable your team to accurately track and manage accounts, payments, standing orders, and direct debits. This financial module can be used on its own or combined with other Sage 200 modules to provide the complete package for your business development.
- Seamless Integration with Microsoft Excel. Coherent and customisable reporting available in Excel. In addition, the drill-down capabilities enable the complete extraction of the data to provide informative and insightful analysis reporting.
- Commitment Reporting. Track committed expenditures against actual spending and budget using innovative Excel reporting. Furthermore, this reporting functionality enables your team to analyse budgets more effectually.
- Fixed Assets. Sage 200 will track and maintain the depreciation of your tangible assets required to operate your business. This depreciation will link back to the Nominal Ledger and provide insight into the asset’s worth. Following one of two depreciation methods (straight line or reducing balance), Sage 200 will consider Initial Value, Residual Value and Asset Life Span until the Net Book Value becomes the Residual Value (possibly zero).
- Budgeting Control and Reporting. Budgets can be set against nominal accounts to compare the final nominal transactions against the budget and track how much of that budget has been used. This can identify under and over-budget accounts and can be projected up to five years in the future. Furthermore, this can be exported into Excel to compare budget vs actuals. Moreover, the capability to drill down into those costs by nominal accounts or departments provides full transparency and accountability.
- VAT Submission. Sage 200 links directly to the HMRC Government Gateway to enable your business to submit and pay your VAT returns online. As Sage is part of the HMRC Making Tax Digital Scheme, this streamlined approach ensures compliance with legislation and on-time VAT returns.
- Flexible Accounting periods. A valuable tool for analysts to observe company performance trends over a set period. These flexible accounting periods can be opened, closed and re-opened, with up to 20 periods per year.
- Transactional & Analysis Codes. Transactions within your business can be allocated a transaction code that quickly identifies whether something is income, expenditure or part of the balance sheet. These codes can be applied to sales credit notes, sales invoices, purchase credit notes, purchase invoices, nominal receipts, nominal payments and nominal journals.
- Foreign Currency Transactions. Sage 200 will have a base currency to which your business will be linked, and you can allocate alternative currencies to foreign suppliers or customers. All payments or receipts with overseas contacts can be entered in their correct currencies through the sales and purchase ledgers or cash book. This qualifies you to take advantage of exchange rate fluctuations. Furthermore, due to the hostile variation of exchange rates, Sage 200 will revalue transactions once it reaches the invoice stage. This ensures it reflects the correct value of balances. Within Sage 200, you can maintain 100 currencies and keep these exchange rates up to date at all times.
- Bank Reconciliation. This function enables full transparency of incoming and outgoing payments ensuring the cash book data is the same as your bank transactions. Moreover, accurate bank reconciliation provides consistency between money spent and money leaving the accounts. This intelligent function can highlight and record potential errors or discrepancies which require further information.
- Cash Flow Projection. Understanding your current and future financial position is essential to maintaining a profitable business. Know how much cash is in your accounts by tracking and measuring short-term cash flow and profits. This intuitive interface can be customised using date ranges for pre-defined periods and can be applied to one or all bank accounts. Furthermore, this feature can identify your financial position to mitigate cash shortage and provide foresight for corrective action if cash is limited. In addition, this can predict a cash surplus, which your team can prepare for and apply to other projects for maximum productivity.
- Bank Feed and Data. Sage 200 will connect to your linked bank accounts and download transactions for reconciliation. Furthermore, the ability to set rules for automatic reconciliation reduces manual repetition and improves efficiency within your team. As a bonus, all accounts will be accurate and up to date.
- Standing Orders and Direct Debits. For regular recurring payments, standing orders and direct debits can be set up in the cash book or nominal ledger to automate transactions. Upon setting this up, you can set the frequency, date of the payments and customer or nominal account, which will link back to your reporting. In addition, this provides instantaneous details of all SO and DD, including date of payment, frequency, outstanding balance and number of payments.
- Rapid Purchase Invoice Entry. Improve the efficiency within your team with improved invoice functionality, making it easier and quicker for multiple invoices to be entered.
- Analysis Codes. Precisely examine and report on individual areas of your business through analysis codes in the purchase ledger to make it easier to link transactions. This can be applied to geographical tags, employee interactions, the value of a sale, industry etc., and can be used against BOM records, sales and purchase documents, stock transactions and stock items.
- Currency Handling. The PO will keep track of the account value in the base currency (your currency) and your operating currency (foreign client or customer) to ensure values are equal. In addition, you have the ability to access reports and drill-down data to understand currency loss and gains.
- Import & Export Data. Improved import routines extend the functionality of Sage. This enables you to import and export data via CSV or XML files across the nominal accounts, customer accounts, supplier accounts and stock items. This is particularly beneficial if you migrate data over, import new data, or start out with Sage 200.
- Credit Reference. The credit reference information ensures you have access to the customer’s payment terms, account terms and credit rating for complete visibility of the customer’s status. Based on historical payments, this powerful tool can also calculate the customer’s average time to pay and effectively monitor all activity.
- Credit Management. In addition to the credit reference, you can manage customers’ accounts who do not pay on time. This software can produce debtors’ letters and statements, and you have the functionality to hold a customer’s account to improve cash flow and bad debt.
- Sage Pay. The ‘Pay Now’ button allows customers to pay you directly, which can be applied to every invoice, chase letter and statement. Sage’s integrated payment solutions are a streamlined approach to receiving payments that enable your customers and clients to pay quickly with minimal effort.
- Sage Payments. This payment solution is a safe and secure way to pay suppliers or HMRC for VAT. Built directly into Sage 200, you can access an e-wallet to add funds and make pre-approved payments directly from your Sage account.