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Sage post year end journals

Sage post year end journals

Hi

I have a couple of Sage post yeare end journals to post. 

I have attempted to post one, I thought you could just post with the last day of your year end date and it would automatically hit last years accounts for you.  It hasn;t done this, it has put the journal in 2011 accounts. 

Please could someone tell me how to do this correctly, so I am adding to last year's p&l and not this year's. 

Thanks

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11th Jul 2011 13:07

Journals

I assume this is Sage 50/Sage Instant?

If you post a journal with a date of the last day of the last year to a nominal code that is included in the P&L it would show as a brought forward figure.  To remove the brought forward, you'd journal it the Retained Profit nominal code as at the year end date.

John

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By Old Greying Accountant
11th Jul 2011 16:08

Just to add ...

... on a standard chart it will be 3200

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12th Jul 2011 07:23

Sage y/e

 

 

 

 

the fix i have always followed is resisting running the y/e until the accounts are signed off.

 

but then u get teeeedious warning messages from sage when posting current stuff.

the korekt answer is that when you post your adjusting entry , you DO use a date in the 'closed' year, but instead of posting the p&l effect you post the bs side to real accounts - as they have b/f status, whereas the i&e ones do not- you then post  what would have been expense items to retained profits acct in bs (3200?). The collateral fallout is that any reports run on the previous year will of curse never have the final nos. on!

 

Of course the real fix is don't use Sage - it's crepe except perhaps for M Assive plc - try VT or Kashflow. VT y/e function is flawless, possibly better than that.

 

 

 

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12th Jul 2011 09:01

Sage post year end journals

Thank you for the replies.  Last system I used automatically updated, and hadn't used Sage for years, so just assumed it did the same. 

Will be looking to update the system some time soon. 

 

 

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