Running the Accounts Year End

The Year End option takes care of all of your financial Year End accounting.

Remember
Before running the Year End option, make sure you have completed all of your month end procedures first.

To prepare for your Year End, run your month end procedure choosing not to clear the audit trail. When you are sure that your month end figures are correct, change your program date to your Year End date. You are now ready to run your Year End. The Year End applies to all chart of accounts.

To run your Year End

Open the Tools menu, select the Period End option and then choose Year End. Alternatively, click the appropriate option from the Period End window.

The Year End window appears.

When you run the Year End, Sage Line 50 automatically resets the balances on all of your profit and loss nominal accounts to zero for your new financial year.

If you want to update your budget figures for each nominal ledger profit and loss account and/or each product record with the actual values from the year just ending, select the 'Transfer Actuals to Budgets' check box.

If you selected this check box and want to increase the budget values for the current year, enter the percentage increase you require in the 'Percentage Increase' box. Any percentage you enter here will increase the budgets for your nominal accounts and/or product records as selected.

Leave these as zero if you don’t want any increase in your budget figures.

In the 'Year End Journals Date' box, enter the date you want to appear on your Year End journals. Your financial Year End date appears here automatically, but you can change this if you want to.

If you want to keep last years data for purposes of comparison (it becomes read-only), tick 'Archive Company Data before Year End’. For a full explanation of this, read the next section.

An updated Audit Trail report is produced for you to view the Year End postings. Select the type of output you require: either Printer or File. To carry out the procedure, click OK. A confirmation message appears.

To continue with your Year End, click OK. When your Year End postings have been made, a warning message appears reminding you to change your Program Date back to the correct date. After you have entered the correct date, click OK to continue.

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