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Financial year end

Created on  | Last modified on 

Summary

How to process your financial year end in Sage Accounting.

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 transactions

Ensure 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 reports

As part of the year end process, we recommend you run the following reports:

Change your financial year end date

After printing your reports, change your financial year end date to the following year. This moves all your reports to the new financial year.

  1. From Settings, select Business settings.
  2. In the Financial Settings section, choose Accounting dates and VAT

    .

    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.

  3. Enter the last day of your new financial year in the Year End Date field.
  4. Select Save.

Lock the previous financial year

If you need to, you can set a lockdown date if you want to prevent transactions from being entered accidentally for the previous year.