What's New

Sage is pleased to announce the following new features and updates.

May

New feature—GIFI support

The General Index of Financial Information (GIFI) is a list of codes defined by the Government of Canada that corporations must use when preparing financial statements. This information is required when corporations file their T2 returns to the Canada Revenue Agency.

Goodbye to spreadsheets

GIFI codes are now included in the default chart of accounts in Accounting Start. If you are setting up a new business, the codes automatically show in the GIFI Code column on the Chart of Accounts page (go to Settings, Chart of Accounts). If you are using custom codes, click the ledger account to open the Edit Ledger Account window where you can edit the code. Alternately, you can also import a chart of accounts that includes GIFI codes.

If you have an existing business, you now have a way to enter GIFI codes. Go to Settings, Chart of Accounts and then click a ledger account to open the Edit Ledger Account window. Enter the code in the GIFI Code field and then save the account. You need to do this only once to automatically include GIFI codes in all of your future financial reports.

Reporting with GIFI codes

With GIFI codes in your chart of accounts, you can show (or hide, if your business is unincorporated) them on the Trial Balance report. Go to Reporting, Trial Balance, and then use the Show GIFI codes option to show or hide them.

From the Trial Balance report page, you can also export a GIFI file. This is helpful if you are using a third-party application for analytics or compliance. Click Export, GIFI to create an *.gfi file in your computer's downloads folder.

Improvements and fixes

  • You can now transfer funds between two Cash bank accounts.

  • The report headings on the Trail Balance report are now included on all pages when you print to PDF.

  • The report headings on the Aged Debtors report are now included on all pages when you print to PDF.

April

  • The Trial Balance report no longer fails to print to a PDF if it includes forward balances.

  • Invoices with a balance of zero no longer display as overdue.
  • You can now view (but not edit) completed recurring sales invoices.

  • Accounting Start now prevents you from voiding reconciled checks.

March

Improvements and fixes

You can now import a chart of accounts into a new business that includes ledger numbers with partially recoverable ITCs/ITRs information.

See Import chart of accounts for more information.

Update for partially recoverable ITCs/ITRs

Expense transactions

All expense transactions have now been updated to allow for, or to ensure correct accounting of partially recoverable taxes. This includes:

  • Vendor Bills
  • Vendor Credit Notes
  • Other Payments
  • Expense Other Receipts
  • Quick Entry Vendor Bills
  • Quick Entry Vendor Credit Notes
  • Import of Expense Quick Entry bills or credit notes (that include a ledger account configured for partially reclaimable tax)

Improvements and fixes

Sales and purchase invoices are now calculated the same when GST/QST taxes are included for contacts in Quebec.

January

New tax rates have been added for the sale of vaping products in British Columbia (BC):

  • PST 20%
  • PST & GST 25%

You can select the new rates for line items on all sales documents (invoices, credit notes, quotes, Quick Entries, estimates, and other receipts).

If your business address is in BC, you can select the new rates on all expense documents (invoices, credit notes, Quick Entries, and other payments).

Where GST is charged on vaping products, the GST % is calculated on the net value plus PST calculated. For example, with a net value of $1000, the calculation is 1000 + 20% PST = 1200 × 5% GST = $60. This method is different to other rates available, where GST is based on net value before calculation of PST.

The following sales tax and payment reports will also show the new BC tax rates:

  • Canadian Revenue (CRA)
  • Provincial Sales Tax (for BC)
  • Sales Day Book
  • Expense Day Book
  • General Ledger
  • Tax Returns

Improvements and fixes

The following improvements and fixes were made in January.

Description

  • A “tax rates updated” confirmation message no longer displays when you create new invoices.