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Post Info TOPIC: Posting Journals Outside Financial Year
jac83


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Posting Journals Outside Financial Year
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Hi - I'm looking to post the final wages journals in Sage. Our financial year for the company ended on 31st March but the last date of wages are paid tomorrow, 2nd April - this is outside of the company financial year. When I tried to post this journal, Sage brought up a warning sign. It asked if I wanted to continue. Can someone advice if it's ok for me to post the journal and/or band payment showing this? How would it effect the accounts going forward? Many thanks!



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Wella


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What you should do is do a journal entry to accrue the wages in the current year, as they are not due to be paid yet but relate to this financial year.

DR Wages/ Tax/ Ni and Cr Accruals

In the new year post the wages/ tax/ Ni to the accruals account to cancel the balance.

HTH

Bill



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Marky65


Guru

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Hi

This is ok to continue all this warning is doing is reminding you that you are about to make an entry outside of the systems current financial year. It will continue to show this message all the while the Sage financial year is to March 31st 2011. If you post this journal with the date of April 2nd it will still post it in the new year and will be ok once you run the financial year end.

Hope this helps

Regards

Mark

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M & G Associates

Website www.mgassociates-accountancy-services.co.uk/

Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 
MarkS


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Hi Mark

Looks like you have picked up jac wrongly.

If they post it dated 2 april 2011 it will be in the wrong year as they want it in the year to 31 march 2011.

Agree with bill in that an accrual should be put through then cancelled when payment is made on 2 april

Regards

Mark



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
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