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Sage Line50 entering/adjusting previous years' balances

We dont normally use Sage but a client has asked us to tidy up their Sage Opening Balances. They have used the dates as 1st of April current year and sometimes used the last date of the previous year (31st March) to put in info they had to hand, eg bank balances.

Does anyone have tips on entering opening bals or previous year adjustments that we can read?

Many thanks.
liz

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By yeboyye
14th May 2006 11:30

prior year adjustment
Emily
Many thanks for this simple explanation. When I first came across Sage some 5 years ago the PYA entry was one that I encountered on my opening balance sheet. Sage support was not in place and the entry has puzzled me ever since.

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Individual accounts
You need to find out which P&L codes entries were made to and do journals to those specific codes, to remove the prior year adjustment. There's no one PYA code on Sage.
I hope this is useful,
Emily

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By yeboyye
07th May 2006 10:28

Prior year entries on sage
James/Emily
I have just received your comments dated 03 April 2006. Many thanks.
I assume the PYA entry in the sage Balance Sheet reserves is moved by journal entry to brought forward Profit and Loss balance. But is there a nominal code on sage for PYA to enable a journal to be made or is this a "magical" entry that can't be located in the current year?
Thanks again in anticipation.

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I agree with both comments, and would probably use a combination of the above - re-date any transactions that can be re-dated, and reverse any journals that were dated 1st April and re-post them with 31st March.
I would always post year end adjustments as at the last date of the previous year, so that the balances on the "brought forward" TB match the statutory accounts.

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30th Mar 2006 15:10

Might be nasty
If they have used a mix of 1/4 and 31/3, you're going to have to clean this up first.

I suggest going through the nominals one at a time and checking for all of these and changing them ALL to 31/3.

Then print Financials/TB Opening Trial balance, and this is the one you simply journal from. Use an Extended trial balance to get the correct journals. I suggest all journals should be 31/3 to make it much easier in future.

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30th Mar 2006 21:31

Alternatively ....
Run brought forward TB in Financials and export to Excel via CSV file. Enter correct opening balances in adjacent columns and formula to give diffs = journals needed.

Post these journals as at 31/3 and then run b/f TB again to check Capital Account correct.

Once opening balances correct you just need to deal with current year entries - in Nominal, Reports: run Daybooks:Nominal ledger to print off
journals dated 1/4 and then reverse as necessary.

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By yeboyye
03rd Apr 2006 21:30

year end routine
Emily
From your reference to previous year I assume that the year end routine has been run. Can entries be made in the previous year following the year end routine? If so will brought forward balances be amended? I thought that running the year end put a stop to further entries. I recall something like a "prior year adjustment" entry appearing with capital and reserves.
Thanks in anticipation.

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03rd Apr 2006 22:49

Yes....
You can make entries in previous years after the year end routine has been completed (although you will get a warning). Any entries to P&L accounts will be shown as PYA but BS entries will amend the opening balances.

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James is right
I agree with James's comments.
I believe prior years can be frozen on Sage but simply rolling over the year end will not prevent postings being made in prior years - or prior years' postings being altered (don't tell clients about that bit!)
Emily

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