"Accounts Start Date" - Help!

I am working through the ‘Using Accounting Software’ Real Life Scenario on the AAT’s Lifelong Learning Portal, using Sage One (as provided via First Intuition)

In the Real Life Scenario tasks, I’m asked to set up the company with the year end set as 31st August, and provided with a Trial Balance date 10th December

I then set up the customer/supplier accounts and opening balances, for invoices all preceding 10th December, and enter the nominal ledger opening balances as at 10th December. To do this, I am having to set the Accounts Start Date as 11th December, because Sage One tells me “Accounts Start Date must be after all opening balance dates”.

But then a later task asks me to record petty cash payments for dates which also precede 10th December, and each time I try to record a payment, I am given the message “You cannot record entries prior to your Accounts Start Date of 11/12/2020.”

Can someone tell me what I am doing wrong? I am going out of my mind with this, because it seems like pretty basic stuff but I am just going round in circles and freaking out because my exam is looming.

Comments

  • Fayexo
    Fayexo Registered Posts: 5
    Not sure why the dates are so out on your real life scenario task (3 months?) - In the exam you would most likely have a year end of 30 xx and accounts start date of 1st of the next month, with all your entries being in that next month.

    I do know when I sat my exam a few weeks ago, there was a note on the exam regarding certain versions of the sage software & account start dates giving errors and advice on what to do in these circumstances! I wouldn't stress too much about it.
    onetruefowler
  • annefoth
    annefoth Registered Posts: 23
    I am due to take this exam on Friday
    I am using sage 50 and when I set up the company use the starting month of the financial year and have been instructed to use the current year
    If you are required to use the financial year end date would that be 2022 you need to enter as the end year
    So the aat practice assessment I enter June 2021 for the start of the financial year
    Then go into settings to change the program start date to 30th June 2021
    When you talk about the accounts start date is that what I am referring to as the program start date in settings
Privacy Policy