I have a client company that has extended it's year end by two months so I need to prepare accounts for a 14 month period. They use Sage for their book-keeping and I am struggling with how to a get reports and a trail balance to cover the 14 month period. The year end accruals and prepayments are quite complicated as they receive and make many payments in advance so I only have figures for these at the new year end. Can anyone suggest a simple solution.
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Assuming you have a version you can do this in ...
... my preference is to not run a year end first, unless there is a compelling need to do so. That way you will get totals for all 14 months, rather than having to add a 12 and 2 month period together. You won't however be able to look at months 1 and 2 in isolation so run off any reports you want for those periods first (or if you have multi-company keep a spare copy pre change just in case. If only single company take a back-up first then at worst case you can restore to interrogate then restore the current version again after.
If your version wont allow the change, you may be able to pay SAGE to do so, or someone on here may be able to help (WitchQueen!).
Transactional report
I think OGA (though I defer to his wisdom) would do what I have just done and use a transactional trial balance to get a TB for the 14 months - this will only work if the year end has not been done.
Depends ...
... if you change the year start, so say y/e was 31/03/2013, and you want 31/05/2013 change the start point to June. When you look at P&L activity, the 01/04-31/05/2012 movement will show in the B/F box on the detail tab.
You can either run a TB at 30/06/2013 which will show the all the transactions for the 14 months and teh closing B/S items, or a transactional TB for the period 01/04/2012 - 30/06/2013 which will only show the movements on the B/S items.
I always rollover my IRIS figures and post the transactional TB, but that is my preference (If it is my first year I will however import the whole TB to date).
When you run a year end in SAGE it just posts a reversing journal in total for any transaction dated before the year end date (or up to the start of the next period if that is easier to understand). SAGE is limited to being able to report on 12 months, so any tranactions earlier than that have not been reversed to 3200 get lumped under B/F, and will appear on the B/S as Prior Year Adjustments.
I look at it from a compliance accountant perspective, i just want the periods tranactions in the easiest way to load into IRIS. A management accountant will have different criteria.
If I get a SAGE backup where the year end has been done, I just reverse the journal (two journals if a year end has been done prior to lengthening the accounting period) and then extract a transactional TB to import as a csv into IRIS.
I think ...
... as someone said on another SAGE thread, the people at SAGE are not accountants. Again though, for people who use SAGE for monthly accounts the 14 month period may not be appropriate, but if SAGE just used for year/period end, or to check reserves for dividends it works best.
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"What puzzles me is why Sage help doesn't suggest doing this instead of the complicated procedure that they advocate"
Because its sage - there to make the simple, complex. And then charge you for sorting it out.
I have I have done it OGA way before - before of course getting to ditch SAGE for something written in the last 20 years.
I must know this
Hi,
I am using 2011 Sage 50 version, can someone help me to know how to close the year end for more than 12 Months?, i see the above comments and could not find the same in sage 50, i think its for the later versions of sage, it is the first year of business for my company and have to close the period end of 18 months. I am getting the year end date only and not the year start date, ....