Sage 50 Year end

I'm sure this must have been discussed before but I couldn't find the thread.

 

Last year I made a complete hash of year end on Sage 50 2010 because I left it open for so long my new year transactions were messed up . Even so I still wanted to make adjustments after close but there didn't seem to be the facility for that.

 

Is it really that difficult? Do I have to observe strict discipline in finishing one years accounts perfectly in super quick time so as to avoid gumming up the following years processing? Is it any better in later versions after 2010. I come from a Quickbooks background and.... well I wont go there.

 

Advice gratefully received.

Comments
Old Greying Accountant's picture

You just ...

Old Greying Acc... | | Permalink

... post any P&L items to 3200 if they relate to the previous year.

 

Pre year end entries

Myshkin | | Permalink

There was a very long debate a few months ago (I don't know how you search for it) with one complex way of doing it provided for which you would need a PHd in computing to cope with but then someone popped up with the observation that you can just edit the record (nominal ledger/record click the month and type in correct balance and save).  You would obviously need to post the entries into 3200 in the current year to get the opening balance right and any other balance sheet NL accounts plus reversals if any.

Quick Books is far easier of course but Sage doesn't seem to want to provide the same functionality.

Sage 50 Prior Year Entries

Lloyd Sherwood | | Permalink

In relation to prior year entries to be posted after year-end close down, it would be advisable to:

  • Create a nominal code 3201 - Prior Year Entries/Adjustments
  • Post entries dated 1st day of current financial year re:P/Y entries

In the event, you have not processed current years item, I would suggest you process invoices etc dated 1st day of F/Y as 2nd day of F/Y.

Hope this helps

 

 

Witch-Queen's picture

Sage year end process

Witch-Queen | | Permalink

yes there has been a very long thread about this in the past here:

http://www.accountingweb.co.uk/group/sage-50-accounts-discussion-group/prior-year-adjs-required 

If you want help more from someone who knows exactly how Sage works feel free to contact me

Prior year adjustments

Myshkin | | Permalink

That's not how I remember it from that discussion!

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