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Year End Ammendments

Elliot174Elliot174 BirminghamRegistered Posts: 15
Hi Guys,

Hoping you can help,

While I have been away from work my colleagues have completed year end on sage but due to having a new sage system year end was not set up correctly which left us with incorrect brought forward balances. I have worked out the journal which will correct these but confused on which date to process the journal as.

Am i right in saying if the journal is posted as 31/12/16 this will mess up year ends figures so the journal needs to be processed as 01/01/16?

I am using sage line 50 if this makes a difference

Look forward to your reply guys

Cheers!
Level 4 AAT Complete (MAAT)

Comments

  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    Yes, if you have closed down previous period (which it sounds like you have) then use 1st of new period.

    If you haven't locked the prior period, there is no harm in posting back into it, as long as you use the revised TB to product stat accounts etc. If the stat accounts have already been done using the TB pre-journals and opening balance adjustments have been calculated on that, posting back into the prior year will cause headaches.

    I am assuming your incorrect b/f balances are in the new period; if they are incorrect at the start of the period you have just completed then your stats will be wrong unless these have been picked up/adjusted for.
  • Elliot174Elliot174 BirminghamRegistered Posts: 15
    Thank You for your help CeeJay, Sorry for the late reply been busy with the accounts. We decided to go with posting as at 01/01 to save the hassle with amending previous years TB.

    Thank You for your help
    Level 4 AAT Complete (MAAT)
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