Sage Year End Procedure

To correctly carry out your year end procedure on your Sage programme, we have drawn up the following procedures which will help you:

1. Please ensure that all invoices, receipts and other transactions have been posted into Sage and ensure that there are no other information which could alter your records.

2. Please ensure that all bank accounts have been correctly reconciled up to and not past the year end date, and also that the VAT return have been prepared up to date and reconciled up to and including the last prepared VAT return.

3. Then take at least 2 backups of the sage data, ensuring that at least 1 is on an external data storage device (pen drive, CD etc..).

4. From Sage menu bar, select Tools > Period End > Year End.
The Year End window appears.
When you run the year end option, your program automatically resets to zero the balances of all your profit and loss nominal accounts for your new financial year.
If you use the month end option to record your accruals, prepayments and depreciation on a monthly basis then you will be required to run the month 12 option before running the year end procedure.

5. If you budget using nominal accounts and departments and want the software to set up budget figures for the coming year, select the nominal & department budgets copy current year budgets option.

6. If your budget against your product records and want the software to set up budget figures for the coming year select the stock budgets copy current year budgets option.
Choose the figures you want the software to use. To increase or decrease those values, enter a percentage change in the percentage change box.

7. In the year end journal date box, enter the date your want to show for your year end journals. Your financial year end date appears here automatically but you can change this if you want.
Use the calendar to select the date you require.
We recommend that you use your year end date as using any other date may cause complications in the preparation of your next periods accounts.

8. A year end update Audit Trail report is produced for the year end postings. Select from the output area the type of output you require: printer or file.

9. If you want to archive the closing year's data, select the Archive Company Data before Year End check box.

10. To carry out the year end procedure, click OK. To exit without running the year end procedure, click Cancel. A conformation message appears.

11. To continue with your year end click Yes, or to cancel click No.


You are now ready to complete the year end process.

If you have any problems with following this procedure, then please do not hesitate to contact us on (0151) 420 6666. Ask for Ian Lowe or email Ian on ianlowe@hollandandcompany.co.uk

 

OUR SERVICES

We specialise in the following areas: