The companys year end is 31st Dec 10. But the vat does not conincide with this and the period i need to submit is nov, dec & jan. I havent yet done the year end procedure. I am about to start entering Jan 11 sales and purchase, and its telling me is not the correct financial year. Does this have any effect on the year end figures? Thank you
No you can carry on inputting transactions for the current year before closing the last year. When you do close the last year, the annoying warning that you are entering a date outside of the current year will disappear. Remember to input the correct date in anything that you input for this year - i.e. ignore the warning.
As for making the VAT return, regardless of whether or not the year end has been closed, you should just be able to process as normal.
Hi, Firstly - out of financial year msg: if you have a recent version of sage there is a box you can tick to stop message: settings/company preferances/parameters - tick box - pause outside financial year message. Unfortunately there is not a box for older versions.
Second: VAT return - year end during VAT quarter. I always run the VAT return in parts to help prove year end figures. Calculate a VAT return just for 2 months - November & December and save a PDF copy reports - this will confirm year end figures (subject to finding late invoice entries) - do not reconcile it is just to prove records. Then complete a true VAT quarter: November to January - complete in normal way. When completing transfer wizard you can either complete full quarter in usual way or into 2 transfers (November & December as per reports and transfer date 31st December, then 1 x January only)
Hope helps.
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Donna Curling - Complete Book-Keeping Ltd (CBKLtd) - 07939 101900
