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SageOne Year End

Opening Balances in P&L

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Currently on hold with Sage... hoping for a quicker response here!

I have processed my first year end in Sage One (which according to the guide is simply 'change your year end date in settings - no need to post journals or move values from your P&L') but when I run my 2017 TB I have opening balances in my P&L codes.  Have I missed something or do I need to journal these out manually?


Replies (4)

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By Gem7321
30th Nov 2016 11:34

Finally got through, there is no process for this so all P&L and equity codes have to be journalled out manually!

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Replying to Gem7321:
By Paul Scholes
30th Nov 2016 12:04

I use 5 Cloud systems and thought KashFlow was antiquated expecting me to run a year end procedure to clear the P&L, but this is so 1980s, but then it's Sage.

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By Moonbeam
30th Nov 2016 14:23

Sage ring me occasionally expressing surprise that I'm not using SageOne and haven't ordered for any clients.

I tell them I only base decisions on buying accounting/bookkeeping software on what I read on Aweb. And I have yet to see any really good recommendations for Sage One. As Xero is beginning to sort out its reports, I would always favour it over Sage One.

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By Gem7321
01st Dec 2016 21:01

I am a fan of Xero (but not the recent price hike) and wouldn't recommend Sage One to anybody, unfortunately I inherited it with the client.

I haven't processed the journal as to correct the opening balances it would mean clearing the 2016 P&L data to nil which is no good for comparative reports and to date it the first day of the current year would distort year-to-date figures. So it's a lose-lose.

Have advised client to only view the TB without opening balances and ignore the balance sheet values it will show!

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