I consider myself pretty knowledgable but this is something I've never got my head around!
A client of mine wants me to run year end immediately so that I can produce monthly P&L reports rather than transactional ones. His accountant says to run year end but not to lock it as he wants any year end adjustments to be posted on that year. Does this mean that when I get those year end adjustments I have to roll back the year end on Sage (I know how to do this), enter the adjustments and then run the year end again?
Another option is to use one of the several 3rd party Sage to Excel reporting solutions available to avoid the need to close the previous year just to get monthly reporting for the current year. You can then wait until you're ready to close Sage before performing the procedure. Most products offer free trial periods so you can "try before you buy". It may be worth taking a look at what's on offer from Onion Reporting Software; Optegra Financial; Trax UK; BvXL; Pendragon Systems; and, others to see if this facility and the other benefits on offer would make it worth your while.
Hi Jon
If you dont lock the period down when you run the year end, then it will allow you to post the year end adjustments from the Accountant - you key them on the last working day of the period, but will just get the warning message that you are keying something outside of the current period. Just make sure, as usual when you have sent the info to the Accountant, that you no longer key anything in that prior period. Also make sure you pull some reports off sage and take a few backups, suitably labelled (sage will prompt you to do this).
__________________
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
