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Prepare for year end

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Summary

This guide helps you prepare for a financial year end in Sage 50cloud Accounts.

Description

When you come to the end of your financial year, you run the year end routine in Sage 50cloud Accounts in order to close your current financial year and to move into your new financial year.

Before you do this, we recommend you carry out a few quick checks to ensure your year end runs smoothly, which we list below.

To help you, you can also use this handy printable check list.

Resolution

Enter all transactions

Ensure all transactions for the financial year you're closing have been posted.

These may include:

  • Adjustments from your accountant. You normally post these as a journal.
  • Month end postings, including automatic depreciation, prepayments and accruals. Read more >
  • Opening and closing stock postings. Read more >
  • All other outstanding transactions for the financial year.

Check your chart of accounts

The chart of accounts defines which category each nominal code falls.

This means when you run your year end, the chart of accounts is used to decide which nominal codes clear down, and which balances are carried forward into your new financial year. It's therefore important to check the chart of accounts.

To check:

  1. Click Nominal codes then click Chart of accounts.
  2. Select the chart of accounts you want to view then click Edit.
  3. To check for any duplicated or missing nominal codes or if any ranges overlap click Check.
  4. If a message No errors found in this chart of accounts appears, your chart of accounts is complete. You're OK to continue.

    If you're prompted to print a Chart of Accounts Errors report, you have errors and need to fix them. Read more >

Check your data

If you have any errors in your data, this may cause problems when running your year end and could cause further corruption.

Before you run your year end, we recommend you check your data and fix any errors that appear. 


Archive your data

 You can archive your data at any time, or can choose to archive your data as part of running the year end. Read more >


Run year end reports

Although you can run reports using your archived data after running your year end, we'd recommend printing any reports you need, prior to running your year end.

Including the following management reports:

For a full list of transactions for the year, you can also run an Audit Trail report.

That's it, you're now ready to run your year end. Find out how >

 

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