| Description | At the end of your financial year, you run the year end routine to close the current year. NOTE: When you run the Trial Balance, it includes the previous year's Profit and Loss. Therefore, you don't need to run a year end or post a year end journal. |
Resolution | Enter all transactionsEnsure you post all transactions for the financial year you're closing. These can include: - Adjustments from your accountant, posted as a journal
- Month end postings such as prepayments, accruals, depreciation
- All other outstanding transactions for the financial year
Produce your year end reportsAs part of the year end process, we recommend you run the following reports:
Change your financial year end dateAfter printing your reports, change your financial year end date to the following year. This moves all your reports to the new financial year. NOTE: Don't change the Accounts Start Date. This is the date you started using Sage Accounting and doesn't relate to your financial year. - From Settings, select Business settings.
- Then in the Financial settings section, choose Accounting dates & VAT.
- Select the last day of your new financial year in the Year End Date field.
- Scroll down and select Save.
Enter a lockdown dateYou can set a lockdown date to prevent accidental entry of transactions for the previous year. - From Settings, select Business settings.
- Then in the Financial settings section, choose Accounting dates & VAT.
- Enter the last day of your last financial year into the Year End Lockdown field.
- Scroll down and select Save.
TIP: If you need to enter transactions you missed, remove the lockdown date then select Save.
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