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Sage 50 Journals

Hi

I have been asked to input Journals to correct y/e entries for our previous trading year (2010/2011) which has been closed, before I input journals and close current year (2011/2012) I am using Sage 50 and am not sure how to do this.  Can anyone help?

(I apologise if this has been asked many times before) 

Many Thanks in advance.

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Balance sheet only

As you have already closed the year in question you should only post the balance sheet items and put the balance (being the P&L items) to reserves.

If you have adjustments that effect either supplier accounts, customer accounts or VAT you might want to ask a more detailed follow-up questions.

Date the journal the same date as the year-end for 2010/11.

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09th Jun 2012 15:20

Hi

I think they are all balance sheet items, so should be straightforward then.

Thank you 

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10th Jun 2012 08:39

Hi

Yes. But If those Journal Entries related to any P/L Accounts, that amounts only can be adjusted to your Retained Earnings a/c. 

It is better to effect the entries to the first date of the Financial yaer.

 

 

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Interesting that two differnent dates have come up for the posting of the journal.

I, like Andy have always posted th entries on the balance sheet date, particularly when using Sage 50 as it means you can get a brought forward trial balance that agrees to the last accounts.  I've always thought that if the entries were posted on the 1st of the new year, how can you be sure the brought forward is right and do you have to go through every entry dated the 1st to check the opening entries ahve been input correctly?

Just seems to make sesne to me to post on balance sheet date, but may be missing something.

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