How to run the Month End option in Sage 50 Accounts and the postings made.
Description
Each month, you post regular entries to account for prepayments, accruals and asset depreciation. You can set up automatic journal entries to save you time at month-end.
NOTE: Some month end features depend upon the variant of Sage 50 Accounts you're using. For example, depreciation is only available in Sage 50 Accounts Professional. If you're interested in upgrading, leave your details and we'll be in touch.
Resolution
Running a Month End is optional and you can use it to:
- Clear the month to date (MTD) turnover values from your customer and supplier records
- Enter a lock date to prevent posting further transactions into the previous month
- Process any automatic month end postings you've set up
NOTE: Some month end features depend upon the variant of Sage 50 Accounts you're using. For example, depreciation is only available in Sage 50 Accounts Professional.
▼ Month End postings When you run Month End, you can choose to do the following:
| Clear turnover values | This clears the M.T.D. values to zero: - Customer record - Sales tab
- Supplier record - Purchases tab
These values are for reporting purposes. |
| Post prepayments | Any prepayments you've set up, post for the month. |
| Post accruals | Any accruals you've set up, post for the month. |
| Post depreciation | Any fixed asset depreciation you've set up, posts for the month. |
▼ Run a Month End - Go to Tools, select Period End, then select Month End.
- Complete the Month End window as follows:
Prepare for Month End
| Check Data | If you haven't already, run this option to check your data for any problems.
If there are any errors in your data, fix these before you continue. For more information, refer to www.sage.co.uk/mydata |
| Backup | If you haven't already, run this option to take a backup of your data. |
| Revaluation | If you use Foreign Trader, use this option to revalue your foreign bank accounts. |
Month End Options
| Set the month end date | Enter your month end date. |
| Prevent new transactions before this date | To prevent users from posting into the previous period, select this option and enter the required date. |
| Set your month-to-date turnover to zero | This clears the M.T.D. values to zero: - Customer record - Sales tab
- Supplier record - Purchases tab
These values are for reporting purposes. |
| Prepayments | To post your automatic prepayments, select this option. |
| Accruals | To post your automatic accruals, select this option. |
| Depreciation | To depreciate any assets set up within fixed assets, select this option. |
- Select Run Month End, click Yes, then click OK.
▼ Next steps Check your data
Checking your data is in good health ensures that you don't have any errors in your data files. If any errors display, correct these before proceeding.
Back up your data
Ensure you take a backup of your data and call it After month end with the date. For example, After month end - July 2024, and store it in a safe place.
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