If you own or handle your little business in Ireland in Europe which creates or receives expenses by Direct Charge or Credit score Exchange, SEPA is something you should know about.
So what is SEPA I hear you ask?
SEPA (Single European Payments Area) is an initiative driven by the EU to standardize domestic and international electronic expenses to be able to get rid of legal, competitive and cross border barriers that make it easier and more efficient to business and get euro expenses.
From 1st February 2014 all nationwide Direct Charge and Credit score Exchange procedures must be replaced by SEPA-compliant equivalents.
So how does this impact me?
Dependent on your circumstance you might be affected by SEPA in a few different ways. So we’ve created some changes to Sage 50 to make sure you’re equipped for SEPA:
Your Sage 50 Direct Charge – If you already have a Direct Charge set up to pay for your Sage 50 assistance you don’t have to worry. It will keep be valid so you can use Sage 50 as usual.
However, if at any time in the upcoming you set up a new Direct Charge you’ll see Sage 50 new SEPA-compliant Direct Charge pages. For more information about how to get in your immediate debit information, please see our Payments settings article.
BIC and IBAN – If you get expenses via Direct Charge or Credit score Exchange or make expenses to recipients in a country that uses European as the primary forex, as of 1st Feb 2014 you’ll need to start using SEPA-related economical institution information to do so. Two key components of information for SEPA are the BIC and IBAN:
BIC – Bank Identifier Code effectively replaces the conventional Sort Code
IBAN – International Bank Account Number replaces the conventional Bank Account Number
If you use Sage 50 Accounts or Sage 50 Cashbook we’ve added BIC and IBAN place to the specific viewpoint for each economical institution consideration so you can now store these information for each of your information.
For those customers using Sage 50 Accounts Extra, the BIC and IBAN places have been present for a while on the specific viewpoint for Bank Accounts and Contacts, but we’ve also switched the Bank Account and Sort Code places for BIC and IBAN on the banking web page so you will be able to see these information for each consideration without having to look at the specific viewpoint.
If you’re using Sage 50 to run your payroll, we’ve added IBAN and BIC places in to worker information so that when your business transaction data files these information will be involved and your workers will keep be compensated as normal.