Once again Sage has made some changes which will certainly alleviate issues with the Inventory module. They have included a goods received without an invoice section so customer billing can be implemented immediately and inventory will be updated in real time. When you do receive your actual invoice from your supplier it can easily be converted from goods received to a vendor invoice. They have also implemented the use of delivery of goods to clients section which can be converted to an actual client invoice. Bravo to Sage for finally solving this inventory issue. If you have any questions, concerns, etc. please do not hesitate to reach out to us at Agate Consulting & Training Inc. 1-866-467-2883 or e-mail agate@vianet.ca.

Sage 50 Accounting—Canadian Edition

(Release 2019.2)

This product update covers all product solutions of Sage 50 Accounting (Release 2019.2) and includes the updates from previous

releases.

 

What’s new and product improvements for Premium & Quantum

Sage 50cloud solutions for inventory

 

Goods Received Notes

Use goods received notes(1) to record the receipt of goods (and services) from your vendors

and update inventory before a purchase invoice is received so you can keep your inventory

up to date and sell your goods and services. Easily convert a goods received note to a purchase

invoice when your vendor invoices you.

Journal entries for goods received notes include amounts for Inventory and Expense

accounts, as well as for a new account, Goods Received – Not Invoiced.

 

Delivery Orders

Use delivery orders(2) to record the delivery of goods (and services) and then subsequently

invoice your customers.

Journal entries for delivery orders include amounts for the Cost of Goods Sold, Sales Revenue,

and Inventory accounts, as well as for a new account, Uninvoiced Goods & Services.

These additional amounts and accounts are necessary to meet the new accounting

requirement to recognize revenue when the customer has control of the goods or has

received the service.(3)

 

Resolved Issues

The following issues have been resolved:

When converting quotes or orders, custom messages will now carry over properly.

 

1 You need a service plan that includes goods received notes.

2 You need a service plan that includes delivery orders.

3 This accounting requirement is in effect for Canada and the US, as well as internationally. Sales and Salesperson reports have also been updated to meet this

new requirement. Furthermore, the journal entries for invoices created from a delivery order, will show a transfer from Uninvoiced Goods & Services to

Accounts Receivable, amounts for the GST/HST and PST/QST charged, and gains/losses if the amount charged has changed since delivery.

This new method is substantially different from the previous revenue recognition standard, where revenue was recognized when invoiced.