Sage Year End.

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
Please can somebody help me with Year End, using sage.

Does the year end procedure have to be on the year end day? and is it possible for me to carry on as usual,and do it at a later date.

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Sage Year End.

    It isn't essential that you run your year-end on the actual day, however, if you post transactions post year-end date, you will keep getting messages that you are posting beyond your year-end.

    I advise clients to take the system open until the trial balance has been finalised (which can be some weeks/months after the year-end) and then close the books as and when ready (usually when the VAT return for the year-end or year-end bank reconciliation has been completed).

    Kind regards
    Steve

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Sage Year End.

    Steve,Thankyou for your reply,I do not understand what "To take the system open" means. Can I carry on putting next months Invoices in until I have carried out the bank rec and VAT return for year end.

    Sorry to be so obtuse.

    Kinds regards
    Rosemary

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Sage Year End.

    Hi Rosemary,

    Yes there's no problem in you putting invoices on post year-end. "Keeping the system open" merely refers to posting transactions beyond the financial year end date without actually running the year end - this is extremely common and sometimes essential as you may not receive your year-end bank statement until some time after the year-end, also the VAT return would normally be due one month after the year-end (if your VAT quarters are sequential to your year-end).

    Kind regards
    Steve
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Sage Year End.

    Thank you very much Steve, you have been a great help.

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