Sage account year end help

Today I ran year end for March 2010.  I changed the year end date to this but didnt change my program date to 31-3-10 which I should have done.  Does this cause problems?

I dont have sage cover to ask sage the question.

 

Hope someone can help?

Comments

Year End

johndon68 | | Permalink

It shouldn't cause any problems - check in Financials that the Year End Journals are all dated 31st March.  As long as they are, you have nothing to worry about.

John

thanks john

paulauk | | Permalink

Yes all journals are dated 31-3-2010 so no problems but why do sage ask for you to change program date before performing year end then? 

Im gathering its for reporting purposes???

 

Anyone??

 

Wish I had sage backup cover to ask lol

Change Program Date

johndon68 | | Permalink

I've no idea to be honest, I've never had a problem as long as the correct date is selected on the Year End screen.

John

be careful and review carefully

kiwilondon99 | | Permalink

having run the year end etc - please please review your ledgers especially the reserves c/fwd and run an opening tb

keep your pre year end back handy and immediately run a post year end for safe keeping - ubtil you are  1000% sure of accuracy

i have expereinced on several ocassions running year ends when not all p+l accounts are correctly  journlled out

also - it ensures that any incorrect postings with wrong dates since year end can be identifed[ having restored data correct entries and run run year end ]

cheers

paulauk | | Permalink

I think to be on the safe side, im gonna restore before doing year end and re-do with program date set at year end....cheers u guys !!

Year end

Optegra | | Permalink

Hi

Following previous post, the only reason some P&L codes wont clear down at the year end is if the are entered incorrectly in the chart of accounts as balance sheet items, ie categories 5 to 9. The year end procedure cleares down all nominal accounts included in the sales, purchases, direct expenses and overheads sections.

To fix this, just ensure all P&L nominal accounts are in the P&L section of the chart of accounts.

As for the program date being shown when performing the year end, I believe this just gives the date that the year end was run. I just leave it as is. It does not need to be changed to the year end date.

Thanks

Jeremy

P&L Codes on the Chart of Accounts

johndon68 | | Permalink

With regards to the P&L codes being cleared as long as they appear in the correct section of the Chart of Accounts, there was a bug on an earlier version of Sage 50 (albeit I can't remember which one now) where, if you had more than one Chart of Accounts, this could cause problems with the codes not being cleared down correctly.

John

CoA - multiple

kiwilondon99 | | Permalink

john - spot on.  i could not recall the circumstances hence my comments earlier about reviewing the "outputs of the year end close and transfers" to ensure the opening position is as required/expected. do not run the process and move on expecting it to be correct - this is sage afterall

  i had used 'that ' version of sage and whilst all p+l accounts were in the p+l [ previous poster]  they all did NOT clear .  yes we were running 2+ structures of CoA @  the time. Not certain whether this stills flows  into current versions of SageFC201*

Year end

mshepheard | | Permalink

 I had a problem with a clients Sage 2010 year end in that it did not do all the year end journal entries. Having said that there has been a problem with the computer crashing. Sage suggested I tick the Archive box and warned me that 2010 does take a lot of time to do the year end. Providing you take backups you should be OK.

Multiple COA's and Year End

19kings | | Permalink

From v14 onwards if you have multiple Charts of Account it is imperative that the LAST chart in the list is absolutely complete and includes ALL Nominal Codes.

This can be done by simply creating a new COA at the end of the list and putting in ranges for each section:

Sales Low (first sales code) to High (Last Sales Code)

Purchases Low (first code in range) to High (last code in range)

Direct Expenses ditto

Overheads ditto

Fixed Assets ditto

Current Assets ditto

Current Liabilities ditto

Long Term Liabilities ditto

Capital & Reserves ditto

To close click Check and make sure that you get the message
'No errors in this chart of accounts"

If this is done on the last COA then any of the other COA's can be incomplete.

 

Year end and Multiple COA

parmstrong | | Permalink

Hi 19kings

I am running v16 and have multiple COA - the first is complete and has no errors, the others are incomplete.  Do I still need to put a complete COA at the end as well?  Thanks for all the comments, they are most useful - Pama

v16 Year end with multiple COA's

19kings | | Permalink

Hi parmstrong,

I must admit I have not tested it without a complete COA as the last one in v16.
I have been recommending this course of action to my clients to ensure there are no carry forward errors.
If I have done the year end for them I have put one in just to make sure.

We sre about to do a year end on our own books within the next week.
Because we have multiple COA's ourselves I will test it without the end COA being complete and let this list know the result.

It may be worth your while setting up a separate company (if you have one spare) and testing it with your data as well.

 

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