HI guys am a newly employed accountant in an IT company where there havent been any accounting department . So last week i try to creat an accounting policy manual for the company and the company has decided we will use Sage accounting software so what am i to do next because am really confuse on the next step to take
Accounting policy manual for Sage
- Thread starter rolando
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Werner Reisacher
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I suggest you post your question also under the Software section. You will get answers that deal directly with your Sage app. Irrespective of the software, you do need a Chart of Accounts including the nomenclature that identifies the codes you are using to identify each account in sequential numbers and define the format of the Financial Statements as a starter. An accounting manual is more than just useful to guarantee uniformity and adherence to the policies and procedures of your corporation and GAAP/FASB.
Hi Rolando!
First of all, your accounting policy will not follow GAAP/FASB as stated in the post above. Since you are posting from Cameroon, you would of course follow IFRS accounting which is to be used in Cameroon.
Second, there are two tasks that I see that you can attend to.
Regarding Sage, you can start to read the Sage manuals and become familiar with how Sage works.
For accounting policy, you can start by writing down the existing policies of the accounting department. Example: your company likely has a policy where fixed assets over a certain amount are capitalized and below that amount are expensed. So talk to the accounting staff to see if they can think of similar examples.
Kat
First of all, your accounting policy will not follow GAAP/FASB as stated in the post above. Since you are posting from Cameroon, you would of course follow IFRS accounting which is to be used in Cameroon.
Second, there are two tasks that I see that you can attend to.
Regarding Sage, you can start to read the Sage manuals and become familiar with how Sage works.
For accounting policy, you can start by writing down the existing policies of the accounting department. Example: your company likely has a policy where fixed assets over a certain amount are capitalized and below that amount are expensed. So talk to the accounting staff to see if they can think of similar examples.
Kat