Prior year adjs required

2009 + 2010 yends have been closed and rolled over

We have discovered that audit finals adjs for 2009 were never input 

Presumably a nominaljournal with a yend DEC09 date can be input [ CR Accruals Cr CT liablity DR REV RESERVES ] Just concerned as to the entry process for this adj

tia

Comments
Witch-Queen's picture

Year End Adjustments

Witch-Queen | | Permalink

Hi Tia,

Your Accountant should have let you have a journal to enter to adjust the closing Balance Sheet for 2009 and 2010.

Your presumption that ' [ CR Accruals Cr CT liablity DR REV RESERVES ]' is only part of it. There are usually adjustments for other Nominals like Depreciation, Directors Loan, Deferred Taxation etc. etc. If you want your Sage to be correct then you should post the whole journal that was provided. 

You should post the journal as 31 Dec 2009 then reverse any prepayments and Accruals as 1 Jan 2010. 

These journals should then be repeated for your 2010 year end as 31 Dec 2010 and 1 Jan 2011 respectivly.  

Any problems or is you need further help my email is witch@witch-queen.com and I will reply with my phone number.

-- Witch-Queen

Prior Year Adjustments

Myshkin | | Permalink

 Don't really understand what which queen is saying here.  Sage doesn't do proper prior year entries which is a pain because by the time auditors have got round to giving clients their adjustments (that is if they ever do) everbody will have long since done their year end because otherwise they won't have been able to get their monthly accounts out.

 

Sage is unique in not allowing previous year journals and not allowing you to get monthly accounts out without closing off the prior year.  A combination which is pretty dire for anyone wanting accurate management accounts with prior year figures.

 

All which queen's "solution" will do is give you an extra line in your balance sheet called "Previous year adjustments".  The journals won't show up in any comparative figures in your management accounts.   The solution to adjust the opening reserves figure is much neater.

Witch-Queen's picture

Re: Prior Year Adjustments

Witch-Queen | | Permalink

Myshkin you are incorrect.

"Previous year adjustments" will only show on the balance sheet if adjustments have been made to any of the P & L nominals NOT the Balance Sheet nominals.

As the year end routine has already been run in Sage, then the P & L nominals have already been zeroed and therefore the journal required to correct the closing balances is for Balance Sheet Nominals only.

-- Witch-Queen

petersaxton's picture

Management accounts

petersaxton | | Permalink

"Sage is unique in not allowing previous year journals and not allowing you to get monthly accounts out without closing off the prior year."

I've always been able to produce the next year's management accounts before closing the previous year.

Prior Year Adjustments

Myshkin | | Permalink

 Shheeeesh - I know all that.  BUT what clients want are prior year comparatives correct in their management accounts.  Sage can't do that.  If an auditor adjusts a clients error in June 2010 in his 31/12/10 audit then I would want that correction to show up in the comparative column in the 2011 June accounts - not in a useless line in the balance sheet.  Sorry can't put it simpler than that for you.

Future accounts

Myshkin | | Permalink

 You can only produce accounts without closing off the previous year by choosing "future" - you can't do it by month, with budgets or with comparatives.  

Transactional Profit and Loss    1 thanks

19kings | | Permalink

It is possible to do 'future' period reporting of P&L by using the Transactional Profit & Loss Report.

The month, quarter or even week will be correct, even though the 'YTD' will show the current finanancial period open in Sage plus any future postings, so has to be discounted.

By modifying this report to show only the Period figures and not printing the YTD figures this report can be very useful to management even if the financial year period in Sage has not been closed off.

Prior Year Adjustments

Lloyd Sherwood | | Permalink

It is imperative to request audit adjustments from auditors and process into Sage (books of records) before closing down for the year-end. The end result of close downs are: P&L is set to ZERO, Baance Sheeet is CUMMULATIVE. Therefore, brought forward figures is only balance sheet.

If you are interested in comparatives, I would suggest to extract Trial Balance for prior/comparative year into Excel and process Audit Adjustments for year of reporting to give you final/actual year audit figures to be used to report as Comparatives in your management accounts.

Request latest statutory accounts with adjustments from auditors, collate balance sheet adjustments between auditors and what you have on Sage, process differences as a journal on Excel to verify accuracy and finally onto Sage as a journal with 1st day of new financial year. Alternatively, you could use the nominal record and process via the balance/opening balance window.  Differences in P&L can be posted in 2 ways: process into defaulted P&L reserves (N/C 3200) or create Prior Year Adj nominal account (eg N/C 201) and process difference in P&L (auditors and Sage)

I would advise you take a back-up before undertaking this exercise.

 

 

Posting Date

19kings | | Permalink

@ Lloyd. I would have to disagree with the date of posting as being the 1st day of the new financial year.
If the journal is posted as the last day of the financial year that is being corrected then a Brought forward period Trial Balance will reflect the balances as per the auditors. This will work even if the year is the year prior as one can always produce a Transactioinal Trial Balance to that date.
This is always the way I have done my own four companies over the last few years and it works fine.

Auditors adjustments

Myshkin | | Permalink

 Lloyd that is all very well but in the real world it can be 9 months before auditors can have their adjustments ready.  In all that time,  as I said above, it is impossible to produce management accounts if you haven't closed down the previous year.

 

In Quickbooks for instance (but all other accounting packages handle this fine) you go in via a password to previous years figures and hey presto you can have meaningful management accounts.

 

(The reason you can't do this in Sage is because it is still running on a 1970's flat style database and previous years need to be "archived".  Sage nearly went to SQL which would have solved all their problems but their developers found it all too difficult so they pulled the plug.)

petersaxton's picture

Do close until all entries in

petersaxton | | Permalink

Sage isn't as good as QuickBooks for management accounts, but if I was using Sage and wanted management accounts I would not close the year end until I have all adjustments and I would use transactional trial balances to get my management accounts information. If a company is that into management accounts I would expect them to submit accounts quickly and not wait nine months.

I don't use Sage for management accounts

paulwakefield1 | | Permalink

It is much easier just to dump the TB into Excel which gives the ability for much better, informative and complex reporting (necessary for my clients) and better presentation. So I get the year end management accounts done at clients and then close Sage pdq. Any late adjustments can follow later. No need to worry about comparatives as these are held in Excel.

In the real world

Ketchup | | Permalink

If in the real world your auditors are taking nine months before your closing entries are ready then it's time to change auditors.  If a business has not finalised its accounts - final accounts adjustments and all - within one month after year end then its also time to start employing an FD/FC/HoF who can achieve this.

9 months

Myshkin | | Permalink

 Hang on I was just  using 9 months to empahasise the point (though I have taken on clients where auditors have never passed on their own adjustments - in one case 3 years).

If we take a more normal case of audit being finished after 3 months I still think it ridiculous that the clent can't have management accounts because us accountants are telling them not to close off Sage.

 

I don't really get this debate - surely we should all be pressing Sage to improve their software? 

petersaxton's picture

Carry on

petersaxton | | Permalink

“If we take a more normal case of audit being finished after 3 months I still think it ridiculous that the clent can't have management accounts because us accountants are telling them not to close off Sage.”

Sage never did good management accounts but it provides the information to provide better management accounts in Excel even without running the year end.

“I don't really get this debate - surely we should all be pressing Sage to improve their software?”

I think you will find a lot of accounts do tell Sage. Surely, we still have to continue and accept reality today?

Old Greying Accountant's picture

Personally ...

Old Greying Acc... | | Permalink

... clients can close off SAGE when they want, I extract a transactional TB and import into IRIS against my rolled over balances.

The beauty of IRIS is if you start a new posting batch for any amendments it is a doddle to peel off the net adjustments to give to the client to post back into SAGE.

Again, personally I think SAGE as a book-keeping package is fair, but as a management reporting tool it is a crcok of smelly stuff. I wish they would have open period accounting, and that they would concentrate on the book-keeping functions rather than managemnt reporting ones - big bug bear is (as is very easy) you post a batch of payments to the wrong bank account, you have to go through one by one amending, where a facility to amend a series of consecutive postings would be good. This also happens with one client that provides me a number of csv's from their invoicing/costing program to post each month, some with hundreds of invoices on, I add their batch reference on as an additional reference in case I need to refer back to their sheets, but sometimes I forget if time is tight (say for a VAT deadline) and that is a real pain!

I had bad experiences with Quick Books years ago, it may have improved but I am scarred for life and I have yet to see a meaningful set of accounts prepared on it, it purports to be easy to use, but all I see evidence of is that is is easy to screw things up big time.

I do think though that it is the duty of accountants to give feed back to software house if we want improvement, SAGE and IRIS both have a feedback facility, use it. You can't moan about a program if you don't tell the makers what the problems are, or what enhancements you want.

petersaxton's picture

Who wants the improvements? Users or Sage?

petersaxton | | Permalink

"I had bad experiences with Quick Books years ago, it may have improved but I am scarred for life and I have yet to see a meaningful set of accounts prepared on it, it purports to be easy to use, but all I see evidence of is that is is easy to screw things up big time."

Plenty of good sets of accounts have been prepared on both Sage and QuickBooks. Unfortunately, that has got nothing to do with whether an accounts package is good or bad. QuickBooks is far superior to Sage.

"I do think though that it is the duty of accountants to give feed back to software house if we want improvement, SAGE and IRIS both have a feedback facility, use it. You can't moan about a program if you don't tell the makers what the problems are, or what enhancements you want."

I've told Sage plenty of times about problems and they have said they have put things on their wish lists. They never action them though. They can't be bothered. Whoever would use the bank account as a means of making contra entries? Only Sage.

Sage reporting

Myshkin | | Permalink

"Surely, we still have to continue and accept reality today?"

 

Oh no no no. A milion times NO.

 

 

 

 

petersaxton's picture

Some people deal with reality and others don't

petersaxton | | Permalink

<<<<"Surely, we still have to continue and accept reality today?"

 Oh no no no. A milion times NO.>>>>

So we should pretend that Sage does everything we want?

What a Carry On

Ketchup | | Permalink

I must be on a different planet here. In all the years using Sage in an client environment the objective and process is simple, get the year end work out of the way asap.  In fact the year end processes should not be very different from month-end / quarter-ends in terms checks and balances to be undertaken.

1. Finalise draft accounts for audit with full audit file within 30 days of year end and do back up for 'Company 2010.

2. Set up new Sage company for 2011 e.g. 'Company 2011'.

3. Restore 'Company 2010' data into 'Company 2011'

4. Rollover year end as at 31 Dec 2010 in 'Company 2011'.

5. Continue to post any 'audit' 'accounts clearance adjustments in 'Company 2010' and also as short-versioned journals in 'Company 2011'

6. Produce new year's Man Accs in 'Company 2011'

Just what IS the problem.

 

 

 

Old Greying Accountant's picture

Ketchup ...

Old Greying Acc... | | Permalink

... that's OK until you run out of slots, wasn't a problem with the old unlimited numbers!

Peter, you don't have to take me literally, but I have yet to see a set of accounts in Quickbooks that made sense, not saying there are none, but as a product sold at the lay person, it is incredibly easy to make a big hash of it, and in the earlier versions it was a nightmare trying to untangle them which is why I steer away from it. SAGE is not perfect for sure, but it is at least logical and easy to unravel.

Quickbooks has probably improved no end, but I admit I am prejudiced against it and really can't be bothered to go through the learning curve unless I ever have a pressing need to.

petersaxton's picture

Making corrections

petersaxton | | Permalink

"SAGE is not perfect for sure, but it is at least logical and easy to unravel."

It's much easier to make corrections in QuickBooks than Sage.

Old Greying Accountant's picture

Must be incredibly easy then!

Old Greying Acc... | | Permalink

I've never had a problem with corrections in SAGE, and the later versions are even better as te amendments page works like the financials view.

Anyway, its not making the corrections that's the problem - it's the finding the error in the first place.

End of posts from me now as I'm bored with this, neither are perfect, both have good and bad points, and we all have our on views and opinions: at the end of the day they are only a book-keeping packages and not worth fussing over.

petersaxton's picture

Low boredom threshold? It's always worthwhile looking for a bett

petersaxton | | Permalink

"Must be incredibly easy then!

I've never had a problem with corrections in SAGE, and the later versions are even better as te amendments page works like the financials view."

With Sage you have to note the audit number and go into the File Maintenance section. Certain transactions can't even be corrected so you have to do correcting entries.

With QuickBooks you just change the transaction to what it should be.

That's one of the reasons why QuickBooks is a lot better than Sage.

Prior Year Adjustments

Myshkin | | Permalink

"Just what IS the problem."

Er well what you say doesn't give you proper management accounts with prior year comaparatives (as every other software on the market does).

No wonder Sage never feels the need to improve its product!

 

Sage can be adjusted to reflect prior year adjustments in manage

karlhobbins | | Permalink

its tricky!

It requires Sage Professional (I believe).

You change the year start date to the year in question that requires adjustments posting. You then reverse the year end journals posted by Sage for the prior year in question and any other year end that has been processed since.

You are now in the prior year.  Post the journals/adjustments required and run the year end again until you are in the current year.  This will now reflect the adjustments in prior year on the management accounts.  I have done this for many clients and it has worked well.

What people have to remember is Sage is a computer programme like any other.  There are some things it will help you do and some things it will not help you do.  BUT most things are possible if you sit back and think about it as anyone can tell a computer what to do. 

If anyone would like detailed notes on this proceedure please feel free to email me at khobbins@ntlworld.com .

As always, take a backup first!!!

 

But this does not answer the inital post.  You can post journals dated in the prior year however these will not be correctly reflected in the management prior year adjustments (if you require this see above :) ).  I would however contact your auditor/accountant for the required journals.

Prior Year Adjustments

Myshkin | | Permalink

 I think you have dumbfounded everyone into silence.  Your solution is the only answer to the problem right enough but why on earth should we all need to go through that rigmarole just to get our management accounts correct?  What you say about software is partially true but we are talking about a package that has been on the maket for 30 years and is by far the leader in the field - and all competitor packages don't have the same problem in this regard at all.

 

I am beginning to get the impression from this thread and others that people just don't care that Sage is inadequate which is a sad state of affairs for our profession.  ( I was shot down in flames once before for saying that the Sage apologists that appear on Accounting Web are actually employees of Sage so wont repeat that.)

 

(The only doubt I would say about your solution is that Sage is very prone to data corruption and changing year ends is one of the best ways of doing that but I note that you have not had this problem.)

petersaxton's picture

Don't get too upset

petersaxton | | Permalink

"I am beginning to get the impression from this thread and others that people just don't care that Sage is inadequate"

Can you care to justify that view?

You seem upset that Sage doesn't do what you want. I think other accountants think there's a lot wrong with Sage and they tell Sage but Sage doesn't listen.

I usually recommend QuickBooks for my small business clients but I still need to use Sage for businesses who want to use Sage.

What are your suggestions?

Sage's Inadequacies

karlhobbins | | Permalink

"and all competitor packages don't have the same problem in this regard at all."

I might not have made myself clear on this point.  I find every package I have worked with has its flaws but not necessarily the same flaw (granted Sage has more than most).  I don't think it is that people just dont care about these inadequacies, but people have to work with what they are given.

As the previous post highlighted, some clients will want to use Sage, some will want to use Quickbooks.  No matter how good a programme gets there will always be issues with it.  You are right in that we should not need to go though the rigmarole just to get the comparatives on our management accounts correct but...

As for data corruption.  Take a backup first!  I completely agree with Myshkin about Sage and its high frequency of data corruption but as suggested this has not yet occurred when using the solution.  Sage data is just as likely to corrupt when posting an invoice over a networked version so I just take what precautions I can.

Old Greying Accountant's picture

Talking of data corruption ...

Old Greying Acc... | | Permalink

... we managed to cancel the same SAGE entry twice today, made for an interesting 10 minutes!

Personally, I can't see this pre-occpation with comparatives for prior years, as the saying goes, "The past is a different country, they do things differently there" - especially in the current times when business models change by the week.

To my simple mind, the only relevance of historical accounts is for compliance and tax payment. What matters is knowing your capacity, the cost of that capacity and filling as much of it as you can and reducing it if you can't. All those neat columns and pretty graphs mean squat if you can't fill your order book. 

A modern business needs to look where it is going, not where it has been.

Historical Data

karlhobbins | | Permalink

"A modern business needs to look where it is going, not where it has been."

I can agree in part to this statement but historical data isnt about seeing how the business performed in the past, its about using it as a benchmark to measure future performance and also a tool to ensure accurateness of current data and performance measures.

Historical data should be used as a tool to help guide where a business is going in the future and ensure when it is there the results recorded are accurate and can be used to help take the business even further into the future.

There is a reason comparatives and analytical reviews are such an important part of an audit.  They dont just help ensure the financial statements are accurate but help find weaknesses in systems, fraud, areas for improvement.  A "modern business" needs to look where is has been to ensure where it is going is the right direction.

I think it is a balance of looking to the future whilst using the past to ensure you are looking in the right direction.

Witch-Queen's picture

Prior Year Adjustments showing on Balance Sheet and Prior Year C

Witch-Queen | | Permalink

I have been reading this thread and trying to resist the temptation to correct you all, because there is one who has contributed that will probably accuse me again of trying to profit from my advise, or say I work for Sage, which I don't, or in some other way malign me as they have done in the past.

But now I feel the thread has gone too far and can see how many of you could use a lesson, so I will stick my oar in again and hope not to incure any negative feedback by doing so.

Prior Year Comparatives - Go to Company/Financials click the Button at the top of the screen called PRIOR YEAR - choose the period you want for the current year and BINGO! you have two sets of columns, the left shows the period you chose and the right shows the year to date. These give Current year, Ratio, Prior year and Comparatives, in Profit & Loss format. Pretty self explanatory really. (I know this is available in the Professional version, not sure about any of the cheaper versions.)

Prior Year Adjustments showing on Balance Sheet - This is simple to fix and does not require the method described by @karlhobbins which should only be used if the client has already run the Year End before giving the Accountant the Backup or if the client has run it too early by mistake.

The method I insist my clients use for their Year End procedure is to take 2 backups, one of which goes to the Accountant, then immediatly run the year end in Sage. At this point I tell them the year is now locked and any late entries should be notified to the Accountant and not entered into their Sage. It is these Profit and Loss adjustments/Late entries that will make up any Prior Year Adj on the Balance sheet. This method also enables the client to product whatever current year figures they require for management accounts etc. much earlier than waiting for the Accountant to finish before running the year end. It should also prevent the bookkeeper entering anything into the prior year without thinking to inform the Accountant.

Once the Accountant has finished with the year, do the following to clear any Prior Year Adj on the Balance sheet caused by changed to the Profit and Loss Nominals.

1) Post the year end journal as provided by the Accountant

2) Print a Brought Forward Trial Balance

3) Do a journal dated the last day of the prior year to reverse any balances showing in Nominals 4000 to 9999 the net balance of these to be posted to 3200 Profit & Loss Nominal.

If you think about this logically you will see that journal posted to 3200 by Sage during at Year End did not include these adjustments/late entries so when the Accountants journal is posted, which represents the actual profit figure for the year, Nominal 3200 will be out by the value of the adj/late entries. The above journal corrects this and 3200 should now show the actual profit as published by the Accountant.

Sorry, I've written a book again, but I hope this will prove to you doubters that there is ALWAYS a way to get Sage to do whatever you want it to.

I will now duck to aviod the expected flack I will get for daring to reply.

-- Witch-Queen

Old Greying Accountant's picture

Karl ...

Old Greying Acc... | | Permalink

... I would have thought that any business that has material adjustments to be made to the prior year in SAGE does not have the quality of data to make any meaningful analysis.

In the current climate my caveat is still that last year is barely relevant as things change so fast the past is at best a rough guide and not worth hand wringing because a percentage has changed by some minor percentage.

As I say, if the changes made are significant you have more to worry about than making sure prior year adjustments are reflected properly.

Just a quick burst on the old Ack-Ack at WitchQueen. Yes it is possible to make SAGE do what you want, but at the prices they charge it should be able to do it easily, without having to be a SAGE anorak. Quick example, today, I found that a payment on account had been set against the wrong invoice on a VAT cash accounting client! Audit trail looks like a pile up on teh M25 now, and that links to another gripe, say a cheque is paid that clears a load of invoices and credit notes, but gets lost and the subsequent payment is made with a different allocation, when you cancel the cheque does it reverse things back to before, does it heck - oh no, any credit notes are left deducted from a random invoice, meaning they are not available for the amended re-allocation - one of my biggest bug bears that!

petersaxton's picture

Profit and loss for several months

petersaxton | | Permalink

Unless a business is seasonal and it may be more important to compare a current month with the month a year previously I like to use a spreadsheet which shows each month of the profit and loss account. I do that whether I am using Sage, QuickBooks or MYOB. It's always good to compare the past with the present. It helps in understanding whether it is accounting, politics or numerous other activities. I don't understand why accounting programs don't provide this. The only accounting program I know that provides this is FreeAgent/Irisopenbooks.

Prior Year Adjustments/Data

karlhobbins | | Permalink

@ Witch-Queen

Your method would work fine but the process I described in effect does what you have explained, simply without the need to reverse the year end journals.  I can see how your solution would work though, if the program will not allow you to change the year end.  Will be giving this a try next time I come across this issue!

And I completely agree with you when you say "there is ALWAYS a way to get Sage to do whatever you want it to".  It's simply a shame we have to put effort and time into it when we have paid for a program to do it for us.

 

@ Old_Acc

I agree with you, historical data would not be useful for all businesses but I was simply trying to make the point that it is not something that should be dismissed out of hand.  It can have some important and meaningful uses.

Prior Year Comparatives

Myshkin | | Permalink

 Witch Queen still doesn't understand that doing that what she says will produce inaccurate management accounts because the comparative figures will be wrong.  I admit I am of the old school that likes their accounts to be accurate and I might just be out of date in that regard.  I'm not changing though.

There is an alternative

peterdragonetti | | Permalink

Sage keeps quiet about TAS, because it does all these things you guys are unhappy about - prior year adjustments can go back about 5 years, and you don't have to do any of the workarounds that you have had to come up with. Takes about 2 minutes. It also can show 12 monthly p&Ls on one screen / report. Corrections can also be generally easily done for the sort of allocation situation that OGA encountered . I don't work for TAS, but I used it for  a time and then had to work with some one elses Sage50 and it was the same feeling you get when using a manual typewriter again. Sage50 must be costing the SME sector of the economy billions of pounds, much more than the government regualtion the Federation of Small Business gets so worked up about.

petersaxton's picture

Accounting software still needs Excel for useful management acco

petersaxton | | Permalink

“Yes it is possible to make SAGE do what you want, but at the prices they charge it should be able to do it easily, without having to be a SAGE anorak.”

I totally agree.

“Quick example, today, I found that a payment on account had been set against the wrong invoice on a VAT cash accounting client! Audit trail looks like a pile up on teh M25 now, and that links to another gripe, say a cheque is paid that clears a load of invoices and credit notes, but gets lost and the subsequent payment is made with a different allocation, when you cancel the cheque does it reverse things back to before, does it heck - oh no, any credit notes are left deducted from a random invoice, meaning they are not available for the amended re-allocation - one of my biggest bug bears that!”

When you say “random invoice” I suppose it is still an invoice that was being matched so you just tailor the new matching to take that into account.

“Witch Queen still doesn't understand that doing that what she says will produce inaccurate management accounts because the comparative figures will be wrong.  I admit I am of the old school that likes their accounts to be accurate and I might just be out of date in that regard.”

Trying to get any accounts package to produce accurate management accounts is a pointless exercise as they are just not sufficiently sophisticated. That is why it is always best to use Excel so nuances can be used the way you think best.

If there is a material error in the statutory accounts I prefer to show the “real” profits in my monthly management accounts and then below I have the error reconciling to the statutory accounts.

petersaxton's picture

TASBooks

petersaxton | | Permalink

I forgot about TASBooks.

After Sage bought it I couldn't find any new clients using it and they upped the professional advisor fees so I stopped using it.

TAS Books

Myshkin | | Permalink

 I used TAS for one of my clients for about 8 years.  Shifting between that and Sage was always like going back to the dark ages.  I had assumed that when Sage bought TAS their intention was to port everybody over to TAS as Sage was so broken it just wasn't fixable.  They did try until last year to get Sage on to MySQL but failed - perhaps they should now try again getting eveybody over to TAS.  Oh what bliss that would be. 

petersaxton's picture

No

petersaxton | | Permalink

" I had assumed that when Sage bought TAS their intention was to port everybody over to TAS as Sage was so broken it just wasn't fixable."

That would never happen.

How to Change your comparative after you have closed down No Jrn

sarah douglas | | Permalink

 

Hi

I hope this helps and gives you  options you do not necessarily need to to Journals and reverse journals you can go back as many years as you like.  If you find some of your individual comparatives are incorrect in your reports.  You can go into the nominal code in question and edit the comparatives , which I have detailed how to do.  When you print off your reports these will now be corrected.

To Change your comparatives after you have closed down and received further Journals from an accountant .

1) Go into Nominal Ledger , highlight Nominal Code , Details Tab , 

                          and then 

Go to the Column where you have each year end and you can highlight each month and change the figures to want you want them to be .  Use a - minus if you want it to be a credit Balance.   

When you print off any comparative or prior reports these will now be changed.

Also if you right click the grey heading box you can add up to five years 

It is also worth mentioning that if you switch over to sage and you have no history, this is also the way to enter this history over the years or if you have found yourself having reconstructed the nominal codes due to bad set up from previous accountant or bookkeeper.

 

I can confirm you do not need to close  the year down to produce management reports 

In the Financial under reports you use the tb , profit and Loss , Balance sheet .  Transactional and date reports where you set the criteria 

 

 

-- Kind Regards Sarah@ Douglas Accountancy & Bookkeeping Services, Glasgow

Sage Line 50 2012

sarah douglas | | Permalink

Hi All and Peter 

Have been in the sage User group for Sage Line 50 2012 .  There is a major improvement in Management reports and the way they can be set.

The biggest and Huge improvement is in the COA where you can have more sub headings and you not limited to just overheads after the cost of sales and Direct Sales.  

A lot of the upgrades sometimes do not make a huge difference.  But 2012 is going to make a big difference in the presentation and preparing of management accounts.  

Hopefully when I get back from holidays I can cover it in more detail if anyone is interested.

 

 

 

 

petersaxton's picture

webinar

petersaxton | | Permalink

I saw a webinar today and there are quite a few good improvements. I like how the client manager now has all versions of sage so you can always work on clients data.

Client Manager

sarah douglas | | Permalink

Hi Peter and all 

If you are interested I paid £395 net annual fee for 25 companies 2 users .  I timed it as I knew through the user groups that there huge improvements in 2011 and 2012 that benefit my clients.

It includes my upgrade and cover,  which is excellent as I ask them hundreds of questions.  

 Also inconjuction the new Sage App is really good .  Personally I thought the App was easier on Iphone than the Blackberry.  Its amazing you can actually email copy invoices to your customers from your I phone and see your debtors and creditors.  I know I am smartphone mad, but I have had really good feedback form clients especially directors who have I phones and Blackberrys

Most of my clients who are directors cant wait to use it.  Also this will be really handy for Sales staff as they see on their I phone or blackberry how much money a customer owes prior to visiting them, all you need to do is make sure your access rights are set up correctly.

Again more than happy to cover in detail when I get back from holidays.

 

 

In relation to sage not allowing corrections

sarah douglas | | Permalink

Hi Peter 

You mention that sometimes it does not allow you to make correction.  This is usually if you are doing cash accounting for the Vat.  Your vat return has been reconciled for Cash accounting and in order for any changes to appear correctly or adjustments the next return if you delete the sales Receipt or Purchase Payment against the item you are fixing it then allows you to fix invoices tax codes amounts extra.  You then reallocate the Sales Receipt or Purchase payment .  This will not complete any adjusments required for cash accounting Vat returns.  Remember to make sure you rec the item again in your bank rec.  It should appear in the top line as unreconciled.

petersaxton's picture

Sarah

petersaxton | | Permalink

Sarah

I was thinking about journals. Sage doesn't allow journals to be altered. With QuickBooks you can.

Journals

sarah douglas | | Permalink

Hi Peter and all.

Sorry for all that info , but it may help someone if they are reading it .  It is common question my clients contact me about.

I stand to be corrected I think you might now be able to as they have also done a lot of work on the maintenance screen  also.  In the user group they said you could maintained without everyone logging out as long as no one else was using that exact record. Which is a real bug bearer of sage.

I can test it out and let you know.  Also the 12 months reports is been looked out in the Profit and Loss Monthly Breakdown reports that is already there.  I am just checking out quite a few things on it at the moment as so much has changed expecially the COA.  They have also cleaned up a lot of the reports.

Yes I know it is not ideal using the Journals Reversals button in the nominal Ledger Module.  But I do not is been looked at.  My understanding is they fix the things that annoy Business the fastest as these items are the ones that most business put on their wish list.  The majority of business who use sage are using it for loads of purposes and not just to the accounts.  I know I never liked when they pushed the Financials module back after Sage Version 10.  

I am hoping to see the Financial module back to front position.

Because sage is used and has so many modules, sometimes it is the Invoice Module , Converting Quotes ,SOP POP and Stock and Project costing .  

Whilst I appreciate Accountants feel their areas our down the list and when I am using it for that purpose sometimes I agree , but when I am using it as day to day level and pulling reports that different clients use it is extremely good.  For example Quotes Won, lost in Progress, stock and department reports it is excellent.   

For comparative reports I tend to export my sage line 50 data in Sage Accounts Production where the comparative reports are much better, once

you set the mapping it is a touch of a button and makes the Financial Statements easy to complete and work on for various uses. As it pulls over the 5 years comparatives if you have them set up in your line 50 .

 

 

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