Hope someone can help me with this one......Ive been doing the books for a limited company via Sage for the last few weeks and had to start at the beginning of their year. I keyed everything to the year end, which was end of May (and took a back up), then carried on keying invoices in and out to end of July to get the VAT return figures.
I need to send the files to the accountant so he can do the year end work and advise me of any adjustments to be keyed, but obviously it may be some time before I get this back, but am confused as to what order I do the work on Sage.
What is the order I must follow for:-
Changing the year end date (ie to start a new financial year from 1 June 2012) (and how do I do this?)
Completing the Year end routine
NB - If I shouldnt have keyed the post year end invoices I can always restore my year end back up and do the change date/year end routine, or does that not really matter?
Is there anything else I must do at the year end?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
1 Take a back up before you do the year end close down and send this to the accountant to do the year end accounts (in fact you should probably take a couple of back ups).
2. Do the year end close down. Tools/Period End/Year end. Make sure you tick to archive data. When you click ok SAGE will have balanced your year forward.
3. Doesnt matter that you have put new year invoices in before you have closed your year down. You can do your year end close down some time after the actual year end and post invoices into the next year without any problems.
4. Any adjustments needed to SAGE once the accountant completes the accounts either get them to come out and put the adjustments through your SAGE system or get them to give you the relevant journal and other adjustments. (I have always dont this for my clients as part of the accounts yearly fee and most accountants should also do this as it is in their interest to ensure that year end adjustments are processed correctly so things are ok for the next years accounts.)
Run the year end on Sage (you shouldn't have to change the year end date, as it's done as part of the year end process). Take a backup (may be two!) before you run the year end, though. Send this backup to the accountant. (or if they are not running Sage, then you will have to run the relevent reports off for them in csv or pdf BEFORE running the year end on Sage. They should tell you what reports they require, and typically include a TB, P&L, BS, aged debtors&creditors and detailed transaction listing)
