When you create your company data, you're prompted to enter the month and year of your financial year start date. This financial year setting is mandatory, and once set, your financial year runs for 12 months from the start date you enter.
If your financial year has changed, you'll need to change the start date in Sage 50 Accounts.
In Sage 50 Accounts, the financial year is always 12 months. If you need to shorten it, move the start date back to reflect the new end date.
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How the balances are recalculated
When you use the Financial Year option to change the start date of your financial year the following changes occur:
The system rebuilds monthly nominal code balances based on transactions in your audit trail
The system recalculates year-to-date turnover figures for your customers and suppliers based on transactions in your audit trail
The system recalculates monthly sales balances on product records based on product transactions
Running the Financial Year Change option removes all prior year and budget values from the nominal codes. You can't produce Prior Year or Budget reports without this information. However, you can retain this information for standard budgeting and prior year values. To do this:
Run the reports for the end of the shortened financial year
If you want the new financial year to start in January 2024, set the financial year to January 2023.
For example, if the new shortened financial year starts in January 2024, this means running the standard year-end reports up to the end of December 2023.
Common reports include:
Trial balance
Profit and loss
Balance sheet
Aged debtors
Aged creditors
Change the financial year start date
When you change the financial year start date, set it to the previous year.
For example, if you want the new financial year to start in January 2021, set the financial year to January 2020.
Click Settings, click Financial Year then click Change.
Click Yes to the prompt regarding backups and check data.
Click Yes to the prompt regarding nominal historical data.
Set the required financial year start month and year. For example, if you want the new financial year to start in January 2021, set the financial year to January 2020.
Click OK, click Yes, click OK then click OK again.
NOTE: Run financial reports for the shortened financial year period. Avoid running reports for the whole financial year, as the P&L figures won't accurately reflect the current state.
Run the Year End
This clears the profit and loss figures up to and including the year-end date and advances the financial year start date to the required date.
NOTE: Run financial reports for the shortened financial year period. Avoid running reports for the whole financial year, as the P&L figures won't accurately reflect the current state.
TIP: