Financial year end

Summary

How to process the Financial year end in Accounting Start.

Description

In Accounting Start, you don't post a Year End Journal as you do in Sage 50 Accounts. When you run the Trial Balance, the ledger automatically includes the previous year's Profit and Loss and carries the balances forward.

Resolution

Follow the below steps to complete your Year End:

  1. Enter all transactions up to the last day of your financial year.
  2. Produce reports for your year-end accounts. You don’t need to produce any journals or move values to your profit and loss account.
  3. Enter the last day of your new financial year.
  4. Enter a lockdown date to prevent posting transactions from your previous financial year.

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

Before you close the year, run these reports to review your accounts:

  • Profit and Loss report- Shows your total sales, direct expenses (including cost of sales), and overheads for the financial year. It also shows your gross and net profit or loss
  • Balance Sheet report- Details your company's assets, liabilities, and equity
  • Trial Balance- Run this report for This Financial Year
    • Balance sheet accounts: The report carries forward balances from before your financial year start date and includes them in the total
    • Profit and Loss accounts: All balances from before the financial year start date appear under 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 the Settings dropdown, 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 stop users from accidentally adding transactions to the previous year.

Read set a lockdown date for more information.

Related Solutions

Solution Properties

Solution ID
222001000100424
Last Modified Date
Tue Oct 27 12:11:48 UTC 2026
Views
0