Sage 200 Standard / Sage for Education - How to extend the Financial Year

In this example the Financial Year starts 1 November 2020 and ends 31 October 2021. All processing has been completed for periods 1 through 12. Periods 1 through 11 are closed and period 12 is currently open. The user wants to extend their financial year by 2 months so the year ends 31 December 2021. 

We recommend the following strategy to mimic the effect of having an extended financial year.

CAUTION: Any Period End Routines you run may be impacted by this process, such as Depreciation or the running of Financial Statements, however once you are in your new financial year you will be able to continue as normal. 

1. Log into www.sageerponlineservices.com and take a backup of your data using this guide.
2. Within Sage 200 Standard click Settings, Organisational and Financial, Accounting Periods and click on the Future Financial Years tab.
3. Select Current Year +1 from the Financial Year drop down menu.
4. Click Period 1 End Date and then Change Period Date...
   
   
   
   
5. At this stage you want to create 6 periods of November and 6 Periods of December.
6. To do this change the end date 1/11/2021.
7. Repeat the above step for Period 2, 3, 4, 5, 6 picking any date in November. 
   
   TIP: The dates don't matter as long as they are within November and take you up to Period 6.
   
   
8. For Period 7 till 12, do the same but with December dates.
   
   NOTE: At this point you have created a new Financial Year for the months November and December, allowing you to change the rest of your future periods to what they should be.
   
   
9. You will need to work backwards from Current Year + 5 amending the end dates to align with your new financial year.
   (E.g. Current Year + 5 period 12 will end 31/12/2025)
10. When you are ready, run the Year End twice, so that it includes November and December, following the guidance in our help files.
11. Check your new accounting periods to make sure they are what they should be.