Running a Sage Year End

3rd March 2015

Running a year end on Sage Instant or Sage50 is something which you will probably not do often enough to remember the order of events. Let us help you:

  1. Post all transactions for the year onto Sage (it does not matter if you also post next year transactions).
  2. Reconcile all bank and cash accounts up to the year end date.
  3. Reconcile the VAT account.
  4. Make sure that all nominal accounts are included in the Profit & Loss Account or Balance Sheet, by checking entries in: Nominal > COA > Edit > Check.
  5. Run the year end procedure via: Tools > Period End > Year End.  This procedure can also be used to convert last years Actuals into this years Budgets, archiving this data and locking the year just ended.
  6. If you wish to compress your data, by removing the detail of all of the transactions for the year just ended, run: Tools > Period End > Clear Audit Trail (checking that the disclosed date is your year end).
  7. Now is an ideal opportunity for Sage housekeeping, such as removing old accounts and restructuring the nominal ledger.
  8. Before posting new transactions, make sure that the brought forward position is as expected. Sometimes, manual journals will also be required, eg to zero down dividends.

We offer full on-site and remote Sage consulting support services, to help you with your year end. We are available for one-off problem solving or assisting you with ongoing maintenance. Unlike the support provided by Sage directly, we can advise, both, on your specific accounting problems, as well as you software usage problems. In addition, we only bill for the actual time spent helping you, unlike Sage, who charge a fixed annual fee in advance. We can therefore advance you up the Sage learning-curve, so that you get the most from this software

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