Just taken on a new client (yay!) and they are a newish ltd company that started in March 2010.
They have extended their first year to finish on 31st July 2011 and have brought me in to process the bookkeeping for the whole period of 17 months.
I use Sage 50 which does have the feature of changing a year end (as it can't handle more than 12 months) while processing but my question is what do you think the best practice would be on initial set up?
A: Set up with year end of Feb 2011, process up to then, then amend year end in Sage to July 2011 and carry on?
or
B: Set up with year end as July 2011, process everything before August 2010 while getting the annoying 'not in financial year' message and use the 'carried forward' tab when printing reports?
I am preparing up to Trial balance with the file going to a real accountant for him to process and finish off. I could just ask him, but don't want to look silly in my first meeting with him.
I've already had to amend a year end while processing for a different client and the reports become a bit messy so interested in your thoughts.
Should be a nice monthly job once this 17 months is up to date, but why don't they come to us at the beginning??????? (I'll leave that for another topic!)
Well done on the new client. I would set up as the July year end as this is the one you will be using for evermore (probably), and put up with that annoying message initially!
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
