Solution Properties
Solution ID:
222001000100424
Last Modified Date:
Wed Apr 10 10:39:27 UTC 2024
Taxonomy Path:
Case category//How do I...//setup/create/run a report
Author:
[email protected]
Financial year end
Description

In Accounting Start, you aren't required to post a Year End Journal like with Sage 50 Accounts. The previous year's Profit and Loss is automatically included in the ledger when you run the Trial Balance. The balances are brought-forward.

Cause
Resolution

Follow the below steps to complete your Year End:

Enter all transactions up to the last day of your financial year

Make sure to enter all your transactions up to the last day of your financial year.

Complete any usual month-end procedures such as posting prepayments and accruals or depreciation.

Produce your year-end reports

As part of the year end process, we recommend you run the following reports:

  • Profit and Loss report - Shows the value for sales, direct expenses including cost of sales, and overheads for the financial year. It also shows the resulting gross and net profit or loss
  • Balance Sheet report - Details your company’s assets, liabilities, and equity
  • Trial Balance - Run this report for the This Financial Year period. This also shows the balance on each account and includes values from before the first day as follows:
    Balance sheet accounts – We bring the values prior to your financial year start date forward and included in the overall total
    Profit and loss accounts – All values for these accounts prior to the financial year start date appear against Profit and Loss Account, 3100

Change your financial year end date

After printing your reports, change your financial year-end date to the following year. This will move all your reports to the new financial year

 NOTE: Don't change the Accounts Start Date. This is the date you started using Accounting and not related to your financial year.

  1. From More, select Business Settings,
  2. Then in the Financial Settings section, choose Accounting Dates & VAT.
  3. Select the last day of your new financial year in the Year End Date field.
  4. Select Save at the bottom of the page.

Enter a lockdown date

Enter a lockdown date to prevent transactions from being accidentally entered for the previous year.

For example, if your financial year ends on 31 December 2023, enter 31/12/2023 as the Year End Lockdown date. You can then only enter new transactions from 1 January onwards.

You don't have to set a lockdown date. If you want to enter transactions for your previous year, just remove the Year End Lockdown date.

 TIP: Enter your Lockdown date on the same page as your Year End Date within Accounting Dates & VAT.


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