- Enter all transactions up to the last day of your financial year
- Produce reports for your year end accounts. You don’t need to produce any journals or move values to your profit and loss account
- Enter the last day of your new financial year
- Enter a lockdown date to prevent transactions being posted to your previous financial year
If you are familiar with using Sage 50 you may expect to post a Year End Journal. This is not required in Accounting.
Your previous year’s Profit and Loss value is automatically included in the Profit and Loss ledger account when you run your Trial Balance with brought-forward balances.
If your accountant has their own version of Accounting Partner Edition, you can invite them to access your data. They can then access the reports directly and make any adjustments, saving you and your accountant time.
Enter all transactions up to the last day of your financial year
Make sure all your transactions are entered up to the last day of your financial year.
Complete any usual month end procedures such as posting prepayments and accruals or depreciation.
Produce year end report
As part of the year end process, we recommend you run the following reports.
- Profit and Loss report - Shows the value for sales, direct expenses including cost of sales, and overheads for the financial year. It also shows the resulting gross and net profit or loss
- Balance Sheet report- Details your company’s assets, liabilities and equity
- Trial Balance - Run this report for the This Financial Year period. This also shows the balance on each account and includes values from before the first day as follows:
Balance sheet accounts – Values prior to your financial year start date are brought forward and included in the overall total
Profit and loss accounts – All values for these accounts prior to the financial year start date appear against Profit and Loss Account, 3100
Change your financial year end date
Once you've printed your reports, change your financial year end date to the following year. This moves all your reports to your new financial year.
- From Settings, then Business Settings, choose Accounting Dates & VAT.
- Select the last day of your new financial year in the Year End Date field.
- Click Save at the bottom of the page.
Lock the previous year
Enter a lockdown date if you want to prevent transactions from being accidentally entered for the previous year, now you have completed your year end reporting.
For example, if your financial year ends on 31 December, enter 31 December as the Year End Lockdown date. New transactions can then only be entered from 1 January onwards.
If you have transactions that need to be entered for your previous year, simply remove the Year End Lockdown date.
TIP: The lockdown date is entered on the same page as your Yeah End Date within Accounting Dates & VAT.