Extending year end on SAGE

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catja
catja Registered Posts: 17 New contributor 🐸
in General accounting discussion
Is there a way of extending the year end on SAGE, when it was set up we had a year end of 31/03/08 but the company want to extend the year end to 31st December, how do I alter it in SAGE (transactions have been posted from April 07.

Thanks

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  • claudialowe
    claudialowe Registered Posts: 275 Dedicated contributor 🦉
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    Hi Catja

    Sage have a way of changing your year end. You need to send them a back up disc and they do it for you - at a cost. Years ago I asked about it, and the cost was so prohibitive I didn't take it any further.

    The free cost option is to finish the year end at 31 March; start up a new company with a year end of 31 December, and then meld the figures together when the time comes.

    Rather cumbersome, but financially painless :thumbup1:

    Claudia
  • sheelagh
    sheelagh Registered Posts: 133 Dedicated contributor 🦉
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    Extend Year End

    If you are using Line 50 you can extend of shorten the year.
    There is a procdedure to follow in the Help section which takes you through the steps to extend the year end.
    Basically you have to post a journal that moves existing P&L balances to a date which is within 12 months of the new year end. For example, you would run a TB at 31/3/08, post a journal to clear all the P&L balances to the Retained Profit (3200) account dated 31/3/08, then post the reverse of that journal dated 1/4/08.
    The suggested Sage procedure takes you through a very thorough reconciliation process.
    If you are using Instant, I like Claudia's suggestion.

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