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                • Ritzy IT Celebrating 20 Years
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                • Sage-One-PayrollSage One Payroll Software
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            • 10-25 Employees
                • Sage-One-PayrollSage One Payroll Software
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                • Sage-One-PayrollSage One Payroll Software
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            • 50-100 Employees
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
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            • 100+ Employees
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
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                • Do you need any additional modules?
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            • Accounting Small Company (1-3 Users)
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            • Accounting Medium Company (1-10 Users)
                • Evolution-Standard-Sage Pastel Evolution Standard
                • partner-advantage-annualSage Pastel Partner Advantage Annual
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                • 2 Part Invoice PaperContinuous 2 Part Invoices
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            • Payslips
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        • Knowledge Base
            • Tips & Tricks
                • Sage Evolution
                  • Amending/Designing Documents in Report Writer: Evolution (v 6.5.97)
                  • Bookkeeping – Journals needed to create an HP (Higher Purchase) agreement for the purchase of a Fixed Assets.
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                • Sage Partner and Express
                  • Bank recon says that other users are logged in to the cash book you are trying to reconcile
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                • Sage Pastel Evolution Standard
                    • Excel-Bootcamp-Excel Bootcamp
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                    • Sage-Intelligence-Sage Intelligence Reporting
                  • View All Ritzy Training Courses >>
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                • Sage Pastel Partner Advantage
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                • Sage Pastel Xpress Advantage
                    • Excel-Bootcamp-Excel Bootcamp
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                • Sage One Payroll
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                    • Excel-Bootcamp-Excel Bootcamp
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                • Sage Pastel Partner Payroll
                    • Excel-Bootcamp-Excel Bootcamp
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                    • Advanced-PayrollSage Payroll Advanced Training
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                    • Excel-Bootcamp-Excel Bootcamp
                    • Beginner-PayrollSage Pastel Payroll Beginner Training
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                • Sage Pastel Partner Payroll Advantage
                    • Excel-Bootcamp-Excel Bootcamp
                    • Beginner-PayrollSage Pastel Payroll Beginner Training
                    • Advanced-PayrollSage Payroll Advanced Training
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        • One On One Training
            • One on One TrainingHave you ever had questions about your software but you don’t need a full training course? We offer our clients a chance to book a consultant for one on one training. These training sessions were designed around the clients who know their software but just need some help to navigate the tricky areas that they need to work in.
            • One on One TrainingHave you ever had questions about your software but you don’t need a full training course? We offer our clients a chance to book a consultant for one on one training. These training sessions were designed around the clients who know their software but just need some help to navigate the tricky areas that they need to work in.
          • Close
        • Tailor Made Training
            • Tailor Made TrainingAt Ritzy IT we understand that not all training can be worthwhile to your whole team as not all the information is relevant to all of your staff members. We have created ‘tailor your own training’ classes for your team.
            • Tailor Made TrainingAt Ritzy IT we understand that not all training can be worthwhile to your whole team as not all the information is relevant to all of your staff members. We have created ‘tailor your own training’ classes for your team.
          • Close
        • Sage Pastel Training
            • Accounting
                • Sage-One-PayrollSage One Accounting Training
                • Xpress-StartupSage Pastel Xpress Training
                • Partner-Advantage-Sage Pastel Partner Advantage Training
                • Evolution-Standard-Sage Pastel Evolution Standard Training
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            • Payroll
                • Pastel-Payroll-PartnerPastel Payroll Certified Administrators Certification Course
                • Pastel-Payroll-Partner-AdvantageSage Pastel Partner Payroll Advantage Training
                • Excel-Bootcamp-Microsoft Excel Training
                • Beginner-PayrollE-Learning Courses
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            • Accounting
              • Sage One Accounting Training
              • Sage Pastel Xpress Training
              • Sage Pastel Partner Advantage Training
              • Sage Pastel Evolution Standard Training
              • Sage Pastel Evolution Premium Training
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            • Payroll
              • Pastel Payroll Certified Administrators Certification Course
              • Sage Pastel Partner Payroll Advantage Training
              • Microsoft Excel Training
              • E-Learning Courses
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    • Development
        • Evolution
            • Allocations-SeparatorAllocations Separator
            • Automatic-BOM-ManufactureAutomatic BOM Manufacture
            • Automatic-Invoice-GeneratorAutomatic Invoice Generator
            • Automatic-Recipe-UpdaterAutomatic Recipe Updater
            • Cash-Flow-Age-analysisCash Flow Age Analysis
            • Control-Reports-Control Reports
            • evolveEvolve
            • QuickINQuickIN Invoices
            • Sales-Information-ExporterSales Information Exporter
            • Simple-Stock-ManagementSimple Stock Management
            • SO-to-POSO to PO
            • Spotter-Spotter
            • Allocations-SeparatorAllocations Separator
            • Automatic-BOM-ManufactureAutomatic BOM Manufacture
            • Automatic-Invoice-GeneratorAutomatic Invoice Generator
            • Automatic-Recipe-UpdaterAutomatic Recipe Updater
            • Cash-Flow-Age-analysisCash Flow Age Analysis
            • Control-Reports-Control Reports
            • evolveEvolve
            • QuickINQuickIN Invoices
            • Sales-Information-ExporterSales Information Exporter
            • Simple-Stock-ManagementSimple Stock Management
            • SO-to-POSO to PO
            • Spotter-Spotter
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        • Other
            • Fixed-Asset-CapturerFixed Asset Capturer
            • WEB-ServiceWeb Service
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    • Outsourced Payroll
        • All our services are provide in one fixed fee which includes:

          • A full payroll outsourcing solution
          • Comprehensive On-Site and Off-site Backups.
          • Payroll Year End and final reports.
          • End of Year 501 recon and submissions.
          • Leave Capturing.
          • Formulated and automated transactions.
          • Internet Banking File Creation.
          • Emailing of UIF declarations.
          • E-filling of EMP201 on a monthly basis.
          • Standard Reports
          • SARS (PAYE/SDL/UIF)
          • Bargaining Council Submissions and Reports
          • Specialized Reports and Business Intelligence.
          • Online leave capturing and employee payslips
        • Enquire About Outsourcing Your Payroll:

      • Close
    • Outsourced Payroll
      • All our services are provide in one fixed fee which includes:

        • A full payroll outsourcing solution
        • Comprehensive On-Site and Off-site Backups.
        • Payroll Year End and final reports.
        • End of Year 501 recon and submissions.
        • Leave Capturing.
        • Formulated and automated transactions.
        • Internet Banking File Creation.
        • Emailing of UIF declarations.
        • E-filling of EMP201 on a monthly basis.
        • Standard Reports
        • SARS (PAYE/SDL/UIF)
        • Bargaining Council Submissions and Reports
        • Specialized Reports and Business Intelligence.
        • Online leave capturing and employee payslips
      • Enquire About Outsourcing Your Payroll:

      • Close
    • Contact Us
        • Contact Info

          Ritzy IT Office:
          031 719 2800
          Ritzy IT Share Call
          08600 RITZY (74899)

          Physical Address:
          Unit 3B Romead Business Park
          23 Malone Road
          Maxmead
          Pinetown
          Durban

          Subscribe To Our Mailing List
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    • Contact Us
      • Contact Info

        Ritzy IT Office:
        031 719 2800
        Ritzy IT Share Call
        08600 RITZY (74899)

        Physical Address:
        Unit 3B Romead Business Park
        23 Malone Road
        Maxmead
        Pinetown
        Durban

        Subscribe To Our Mailing List
        View Our Last Newsletter:
      • Message Us

      • Find Us

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    • Home
      • About Us
      • Our Partners
      • Giving Back
      • Earn and Spend
      • Testimonials
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      • Newsletters
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    • Home
          • About Us
          • Our Partners
          • Giving Back
          • Earn and Spend
          • Testimonials
          • Blog
                • Ritzy IT Celebrating 20 Years
                • Tribune Business KZN – March 2014
          • Newsletters
      • Close
    • Products
        • Payroll
            • 1-10 Employees
                • Sage-One-PayrollSage One Payroll Software
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
                • Sage-One-PayrollSage One Payroll Software
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
              • Close
            • 10-25 Employees
                • Sage-One-PayrollSage One Payroll Software
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
                • Sage-One-PayrollSage One Payroll Software
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
              • Close
            • 50-100 Employees
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
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            • 100+ Employees
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
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            • Do you need any additional modules?
                • Do you need any additional modules?
                  • Human Resources
                  • Salary Structuring
                  • Third Party Payments
                  • Multiple Transaction Manager
                  • Self-Service Advantage
                • payroll-advantage-annualSage Pastel Partner Payroll Advantage Annual
                • payroll-advantage-monthlySage Pastel Partner Payroll Advantage Monthly
              • Close
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        • Accounting
            • Accounting Small Company (1-3 Users)
                • Sage-One-Accounting-Sage One Accounting
                • xpress-advantage-annualSage Pastel Xpress Advantage Annual
                • xpress-advantage-monthlySage Pastel Xpress Advantage Monthly
                • Xpress-StartupSage Pastel Xpress Start Up
                • Sage-One-Accounting-Sage One Accounting
                • xpress-advantage-annualSage Pastel Xpress Advantage Annual
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            • Accounting Medium Company (1-10 Users)
                • Evolution-Standard-Sage Pastel Evolution Standard
                • partner-advantage-annualSage Pastel Partner Advantage Annual
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                • Evolution-Standard-Sage Pastel Evolution Standard
                • partner-advantage-annualSage Pastel Partner Advantage Annual
                • partner-advantage-monthlySage Pastel Partner Advantage Monthly
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            • Accounting Large Company (1-Unlimited Users)
                • Evolution-PremiumSage Pastel Evolution Premium
                • Evolution-PremiumSage Pastel Evolution Premium
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        • Stationery
            • Invoices & Statements
                • 2 Part Invoice PaperContinuous 2 Part Invoices
                • 2 part statement paperContinuous 2 Part Statements
                • 3 Part invoice PaperContinuous 3 Part Invoices
                • 4 part invoice paperContinuous 4 Part Invoices
                • Laser InvoiceLaser Invoices
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                • 2 Part Invoice PaperContinuous 2 Part Invoices
                • 2 part statement paperContinuous 2 Part Statements
                • 3 Part invoice PaperContinuous 3 Part Invoices
                • 4 part invoice paperContinuous 4 Part Invoices
                • Laser InvoiceLaser Invoices
                • Laser StatementLaser Statements
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            • Payslips
                • Blue PayslipSage A4 Laser Payslip
                • Blue PayslipSage A4 Laser Payslip Bundle
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                • Blue PayslipSage A4 Laser Payslip Bundle
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        • Support Packages
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                • sage-evo-supportSage Pastel Evolution Support Package
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            • Sage Pastel Partner
                • pastel-partner-supportSage Pastel Partner Support Package
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                • pastel-payroll-supportSage Pastel Payroll Support Package
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                • pastel-pxpress-supportSage Pastel Xpress Support Package
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    • Support
        • Support
            • Telephonic and On-Site Support
            • Remote Desktop Support
            • Refer and Earn
            • Submit A Support Request
            • Support Packages
            • Ritzy Support Contact

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        • Support
          • Telephonic and On-Site Support
          • Remote Desktop Support
          • Refer and Earn
          • Submit A Support Request
          • Ritzy Support Contact

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        • Knowledge Base
            • Tips & Tricks
                • Sage Evolution
                  • Amending/Designing Documents in Report Writer: Evolution (v 6.5.97)
                  • Bookkeeping – Journals needed to create an HP (Higher Purchase) agreement for the purchase of a Fixed Assets.
                  • View all
                  • Close
                • Sage Partner and Express
                  • Bank recon says that other users are logged in to the cash book you are trying to reconcile
                  • Deleting & Consolidating History Files to help speed up processing.
                  • View all
                  • Close
                • Sage Payroll
                  • Pastel Partner Payroll – GL Integration to Accounting (Partner)
                  • View all
                  • Close
                • View all
              • Close
            • Technical Fixes
                • Data Fixes
                  • Data Fixes
                  • How does data become corrupt?
                  • View all
                  • Close
                • Forms Design
                  • What is Forms Design?
                  • View all
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                • User Defined Fields
                  • What are User Defined Fields?
                  • View all
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                • View all
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            • Search Knowledge Base
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    • Training
        • Ritzy Training
            • Accounting
                • Sage One Accounting
                    • Excel-Bootcamp-Excel Bootcamp
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
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                • Sage Pastel Evolution Premium
                    • Excel-Bootcamp-Excel Bootcamp
                    • Evolution-Admin-TeamSage Evolution Admin Training
                    • Beginner-EvolutionSage Evolution Beginner Training
                    • Sage-Intelligence-Sage Intelligence Reporting
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                    • Evolution-Admin-TeamSage Evolution Admin Training
                    • Beginner-EvolutionSage Evolution Beginner Training
                    • Sage-Intelligence-Sage Intelligence Reporting
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                • Sage Pastel Evolution Standard
                    • Excel-Bootcamp-Excel Bootcamp
                    • Evolution-Admin-TeamSage Evolution Admin Training
                    • Beginner-EvolutionSage Evolution Beginner Training
                    • Sage-Intelligence-Sage Intelligence Reporting
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                    • Evolution-Admin-TeamSage Evolution Admin Training
                    • Beginner-EvolutionSage Evolution Beginner Training
                    • Sage-Intelligence-Sage Intelligence Reporting
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                • Sage Pastel Partner Advantage
                    • Excel-Bootcamp-Excel Bootcamp
                    • Sage-Intelligence-Sage Intelligence Reporting
                    • Advanced-Partner-Sage Pastel Partner Advanced Training
                    • Beginner-PartnerSage Pastel Partner Beginner Training
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                    • Sage-Intelligence-Sage Intelligence Reporting
                    • Advanced-Partner-Sage Pastel Partner Advanced Training
                    • Beginner-PartnerSage Pastel Partner Beginner Training
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                • Sage Pastel Xpress Advantage
                    • Excel-Bootcamp-Excel Bootcamp
                    • Sage-Intelligence-Sage Intelligence Reporting
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                    • Sage-Intelligence-Sage Intelligence Reporting
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                • Sage Pastel Xpress Start-up
                    • Excel-Bootcamp-Excel Bootcamp
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
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              • Close
            • Payroll
                • Sage One Payroll
                    • Excel-Bootcamp-Excel Bootcamp
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                  • Close
                • Sage Pastel Partner Payroll
                    • Excel-Bootcamp-Excel Bootcamp
                    • Beginner-PayrollSage Pastel Payroll Beginner Training
                    • Advanced-PayrollSage Payroll Advanced Training
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                    • Beginner-PayrollSage Pastel Payroll Beginner Training
                    • Advanced-PayrollSage Payroll Advanced Training
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                • Sage Pastel Partner Payroll Advantage
                    • Excel-Bootcamp-Excel Bootcamp
                    • Beginner-PayrollSage Pastel Payroll Beginner Training
                    • Advanced-PayrollSage Payroll Advanced Training
                  • View All Ritzy Training Courses >>
                    • Excel-Bootcamp-Excel Bootcamp
                    • Beginner-PayrollSage Pastel Payroll Beginner Training
                    • Advanced-PayrollSage Payroll Advanced Training
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              • Close
          • Close
        • One On One Training
            • One on One TrainingHave you ever had questions about your software but you don’t need a full training course? We offer our clients a chance to book a consultant for one on one training. These training sessions were designed around the clients who know their software but just need some help to navigate the tricky areas that they need to work in.
            • One on One TrainingHave you ever had questions about your software but you don’t need a full training course? We offer our clients a chance to book a consultant for one on one training. These training sessions were designed around the clients who know their software but just need some help to navigate the tricky areas that they need to work in.
          • Close
        • Tailor Made Training
            • Tailor Made TrainingAt Ritzy IT we understand that not all training can be worthwhile to your whole team as not all the information is relevant to all of your staff members. We have created ‘tailor your own training’ classes for your team.
            • Tailor Made TrainingAt Ritzy IT we understand that not all training can be worthwhile to your whole team as not all the information is relevant to all of your staff members. We have created ‘tailor your own training’ classes for your team.
          • Close
        • Sage Pastel Training
            • Accounting
                • Sage-One-PayrollSage One Accounting Training
                • Xpress-StartupSage Pastel Xpress Training
                • Partner-Advantage-Sage Pastel Partner Advantage Training
                • Evolution-Standard-Sage Pastel Evolution Standard Training
                • Evolution-PremiumSage Pastel Evolution Premium Training
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            • Payroll
                • Pastel-Payroll-PartnerPastel Payroll Certified Administrators Certification Course
                • Pastel-Payroll-Partner-AdvantageSage Pastel Partner Payroll Advantage Training
                • Excel-Bootcamp-Microsoft Excel Training
                • Beginner-PayrollE-Learning Courses
              • Close
            • Accounting
              • Sage One Accounting Training
              • Sage Pastel Xpress Training
              • Sage Pastel Partner Advantage Training
              • Sage Pastel Evolution Standard Training
              • Sage Pastel Evolution Premium Training
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Bookkeeping – Journals needed to create an HP (Higher Purchase) agreement for the purchase of a Fixed Assets.

Dec142015
Sage Evolution

Download PDFBookkeeping – Journals for HP and Purchasing Fixed Assets

This complex journal requiring multiple entries is often daunting for most and I will demonstrate how best to do these.

I will pass each journal as a full value with both the credit and debit as well as showing VAT as a separate line.

The Finance Deal Journal example will use the following figures .  (Page 2)

  1. Purchase price of vehicle (Incl. VAT)                                                R228,000.00
  2. Cash Deposit Paid                                                                              R  35,000.00
  3. Amount that will b financed via bank                                                            R193,000.00
  4. Interest rate per year                                                                           12%
  5. The finance deal will be over                                                              4 years
  6. The full finance charges in advance. (On HP Agreement)                 R  50,956.65
  7. HP Document Fees / Bank fees on HP Agreement (Incl VAT)         R    1,710.00

The Monthly Debit order paying off the finance deal will use the following examples. (Page 3)

Deal DescriptionBakkie
Account No1
Principal DebtR 193,000.00
Interest Rate Start / Yearly Rate12.0000%
Months / Periods to repay48
Start Date First Payment2009/11/01
Initial Monthly/Periodic PaymentsR 5,082.43
Total To Pay Including InterestR 243,956.65
Initial Deffered Finance AmountR 50,956.65
PeriodDateCapital Outstanding Pre Payment via Debit OrderInterest Rate Interest Amount for that Period Monthly RepaymentDeffered Finance Pre Monthly PaymentTotal Still Owing
1Nov 2009R 193,000.0012.0000%R 1,930.00R 5,082.43R 50,956.65R 243,956.65
2Dec 2009R 189,847.5712.0000%R 1,898.48R 5,082.43R 49,026.65R 238,874.22
3Jan 2010R 186,663.6212.0000%R 1,866.64R 5,082.43R 47,128.18R 233,791.79
4Feb 2010R 183,447.8212.0000%R 1,834.48R 5,082.43R 45,261.54R 228,709.36
5Mar 2010R 180,199.8712.0000%R 1,802.00R 5,082.43R 43,427.06R 223,626.93

The above excel schedule that creates and calculates monthly figures can be requested from us. Email us to get your copy. The above only shows 5 months out of the 48 months the deal is for. The above excel schedule also caters for interest rate changes and will recalculate all figures from that point onward.

With the exception of the Green Deposit figures that needs to be captured in the appropriate cash book, so that this figure is present in the bank recon, all the other entries would be as a journal.

Finance Deal Journals

Example Acc No.Account DescriptionBS
or
IS
DrCrDescription / Notes
6000/000Fixed Assets Vehicles – Net Valuebs
6000/100Fixed Assets Vehicles @ CostbsR 200,000.00Full Excl Value of Car
9300/000HP Finance Deal no 1Main Account of Finance Deal GL accounts so you can see approximate NET settlement deal if you settle early (Excluding penalties)
9300/100HP Finance Deal – Statement ValuebsR 35,000.00Deposit reducing amount owing to bank (Captured in Cash Book)
9300/100HP Finance Deal – Statement ValuebsR 200,000.00Total Purchase price of Car Excl VAT Contra from the Fixed Assets Entry
9300/100HP Finance Deal – Statement ValuebsR 28,000.00Full VAT portion of purchased Car. This entry could be included with above journal using Tax Type (Capital) and the contra account is the FAR
9300/100HP Finance Deal – Statement ValuebsR 1,500.00Document fees added to Bank HP aggrement (Excl VAT)
9300/100HP Finance Deal – Statement ValuebsR 210.00VAT portion of Document and Bank Fees on HP Tax Invoice
9300/100HP Finance Deal – Statement ValuebsR 50,956.65Future Finance Charges (Shown nn HP Agreement)
9300/200HP Finance Deal – Deffered FinancebsR 50,956.65Future Finance Charges (On HP Agreement)
3500/000Bank FeesisR 1,500.00bank Fees / Document fees on HP Agreement
8400/000Bank Account – MainbsR 35,000.00Deposit Value Paid from Bank Bank (Capture this in Cash Book not Journal)
9500/000VAT Control AccountbsR 28,000.00Only if VAT registered and Car is Commercial
9500/000VAT Control AccountbsR 210.00VAT Portion of Doc fees / Bank Fees
R 315,666.65R 315,666.65

The Account numbers above is example account numbers and not actual GL account numbers you might have. You might have to even create new GL Accounts before doing the above journals.

1st Month Debit Order Payment Journals and Cash Book

Example Acc No.Account DescriptionBS or ISDrCrDescription / Notes
8400/000Bank Account – MainbsR 5,082.43Debit Order of Monthly Payments (Captured in Cash Book)
8400/000HP Finance Deal – Statement ValuebsR 5,082.43Allocate Payment to this Account – This reduces total Owing on Finance Deal
bs
3600/000Finance Charges – ExpenseisR 1,930.00Expense Actual Interest Value for that Month. See schedule on Page 1
9300/200HP Finance Deal – Deffered FinancebsR 1,930.00The Contra of actual Interest now reduces the Deferred Finance.
R 7,012.43R 7,012.43

 

2nd Month Debit Order Payment Journals and Cash Book

Example Acc No.Account DescriptionBS or ISDrCrDescription / Notes
8400/000Bank Account – MainbsR 5,082.43Debit Order of Monthly Payments (Captured in Cash Book)
8400/000HP Finance Deal – Statement ValuebsR 5,082.43Allocate Payment to this Account – This reduces total Owing on Finance Deal
bs
3600/000Finance Charges – ExpenseisR 1,898.48Expense Actual Interest Value for that Month. See schedule on Page 1
9300/200HP Finance Deal – Deffered FinancebsR 1,898.48The Contra of actual Interest now reduces the Deferred Finance.
R 6,980.91R 6,980.91

 

3rd Month Debit Order Payment Journals and Cash Book

Example Acc No.Account DescriptionBS or ISDrCrDescription / Notes
8400/000Bank Account – MainbsR 5,082.43Debit Order of Monthly Payments (Captured in Cash Book)
8400/000HP Finance Deal – Statement ValuebsR 5,082.43Allocate Payment to this Account – This reduces total Owing on Finance Deal
bs
3600/000Finance Charges – ExpenseisR 1,866.64Expense Actual Interest Value for that Month. See schedule on Page 1
9300/200HP Finance Deal – Deffered FinancebsR 1,866.64The Contra of actual Interest now reduces the Deferred Finance.
R 6,949.07R 6,949.07

Every month thereafter follows the above pattern and you need to just check the excel schedule that calculates the periods interest rate for you. Email us to send you this excel spreadsheet that calculates the Finance deals monthly values for you.

Category: Sage EvolutionDecember 14, 2015
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