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Allyomeally


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SAGE and year end journals
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Hi

Can anyone help on this.

The year end journals for 2010-2011 have been posted dated 31/03/2012 instead of 31/03/2011. The year end 2010-2011 has been done in SAGE.

Can we reverse the YE journals dated 31/03/2012 and repost them dated 31/03/2011?  Is there anything else that should be done to ensure that SAGE balances are correct? Should the TB at 31/03/2011 then match the 2010-2011 accounts?

Will the TB for 2011-2012 be correct if we just reverse the incorrect journal and re enter with the correct date?

Many thanks

 

 



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MarkS


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Yes should work.

Just reverse the journal wrong posted as 31/03/12 and repost it dated 31/03/11 (assume that the year end on SAGE is March??).

Then if you still have 2011/12 year open run the brought forward balances in the TB option in financials and they should agree to the final signed accounts at 31/03/11.  (you may need to get your accountant to give you the year end trial balance for 2010/11 or ideally the brought forward trial balance for 2011/12 in order to agree)

Regards

MarkS



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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.
Allyomeally


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Thanks Mark



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Stardoe


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Of course, if you'd taken a backup immediately before doing the journals and running year end, you could just have restored the backup. I always take a backup before doing anything major.

Pauline

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Pauline
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