Sage 50 is not an electronic checkbook. It's a real, double-entry accounting system. Your accountant will appreciate the detail included in Sage 50's financial statements and other reports.
There are some initial decisions you should make with your accountant (see Initial Decisions). Then, at tax time you need to provide your accountant with the information he or she needs.
At tax time, print the following financial statements for your accountant:
- Balance Sheet
- Income Statement
- Statement of Changes
In addition, you may want to print the following reports:
- Aged Receivables
- Aged Payables
- Inventory Valuation
Sage 50 provides most of the other information your accountant may require.