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sage Financial Year Start and Directors Loan

sage Financial Year Start and Directors Loan

Hi guys,

i have just purchased sage 50 accounts 2011 proffessional.

I need to set my financial year start.

our company started trading in 02/02/2009

I would like to enter all historical data. we dont have many invoices around 20-30 and supplier invoices around 40-50 since 2009.

bearing this in mind do you suggest a date? also when i input customer invoices and supplier incoices do i put down the historical dates?

one more thing... directors loan how do i introduce in sage?

my accountant is on holiday for next 2 weeks... hence me resorting to the web.

your solutions would be appreciated.




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21st Apr 2011 23:03

Re: Sage Financial Year Start and Directors Loan

Hi ds1210

If you started trading on 02/02/2009 and you want your year to run February to January then set the start date as February 2009

When inputting the invoices always use the Tax Point date on the invoice

Did the Loan from the Director get paid into the Bank account? If so do a Bank Receipt to the Current account using a new Nominal code 2340 - (when you type that code a box will drop down - hit New and type 'Directors Loan Account' as the description then hit save - you just created a new nominal in the Loans area of the chart of accounts) it will now go back to the Bank Receipt window where you can enter your description and amount - remember the T/C (tax code) will be T9 so it does not appear on the VAT return.

If you have more than one Director you should also create additional Directors Loan nominals 2341, 2342 etc and use the Directors name in the description.

You say your Accountant is on holiday. Does he use Sage? If he doesn't then he probably would only be able to tell you what needs to be done, now how.

Any further pointers you need, feel free to email me at [email protected] and I'll reply with my phone number. I will be available most of the weekend if you need help, as I work from home. I've been using Sage every day for more years than I care to mention, so can answer just about anything. 

-- Witch-Queen

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22nd Apr 2011 08:28

Wait until your accountant gets back

Although I understand the software can now cope with changing year ends, I would recommend you wait until your accountant returns.

It's not a good idea to start using new software when the accountant isn't involved.

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By occca
22nd Apr 2011 12:21

Company year end

 What is your company's year end?

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