SAGE - transaction entered after year end closure

SAGE - transaction entered after year end closure

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Can anyone help?  I have taken over as bookkeeper for a client.  They are using Sage 50 with the CIS module.  The year end has been run and then numerous transactions have been posted into that year after it is closed.  How can I best pull out the information for the accountant to prepare the accounts?  My thoughts to date have been that I should run a trial balance at the year end, as well as a b/fwd trial balance.  I could then look at the transaction references of the year end journal, and pull our all of the entries date within the previous year, but with a transaction reference after the year end journal.  These transactions should agree to the b/fwd trial balance - shouldn't they?

Any other ideas / advice very welcome!

Thanks.

Replies (5)

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By hkfinancials
15th Dec 2011 11:38

Should be simple

Take a back up of the existing data set.

Change the Financial year end back to the year which has just been closed.

Reverse the year end journals. They should be easy to identify from the details column which would say "Ledger Year End".

You would now have a data set with all the post year end entries intact but without the year closed. Run the final TB and Close the year.

Thanks (2)
Replying to Peter Anderson:
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By shell990shell
15th Dec 2011 21:27

Sorry, a further question on this one .....

hkfinancials wrote:

Take a back up of the existing data set.

Change the Financial year end back to the year which has just been closed.

Reverse the year end journals. They should be easy to identify from the details column which would say "Ledger Year End".

You would now have a data set with all the post year end entries intact but without the year closed. Run the final TB and Close the year.

Thanks for this.  Presumably my Year End would then be correct, but how would I restore the back up?  Surely my back up would have the old year end figures on it.

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By 68883Bl
15th Dec 2011 13:06

Slightly easier method

I've just had one of these this week and the way I solved the problem was:

Check the Audit Trail to see what the transaction number of the last Ledger Year End journal was and then run the Audit Trail report to have the next number as the lower parameter but only run the report to the previous year-end.  The report then gives you all the transcations entered into the previous, after you had run the year-end.

This then has the advantage of being able to check whether any or all of the transactions would actually need to be reflected in the previous year or if an incorrect date was entered.

Thanks (1)
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By hkfinancials
16th Dec 2011 10:11

Restoring backup

You would not need to restore any backup. The backup taken at the beginning is just for security should anything go wrong with the subsequent steps.

All you are doing is reversing the year end journals that came into existence when the year was first closed. All the post year end transactions will remain intact including the incorrect ones that were posted into the earlier year after the year end was done. Those transactions will now be included in your closing TB.

You do not then need to restore the old backup. Hope it helps.
 

 

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By Eleanor21
18th Dec 2011 19:01

Run nominal activity report

Post a journal to reverse the year end journals. Then run the nominal activity report, the one excluding accounts with no activity. Put the year end as the start date and end date for the report and tick the box to include the balance b/f; then run the report. The result should be that the balance on each account will be the balance at the year end.

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