Accounting Year End Guide
Find answers in our fully packed financial year end guide to learn how to close off the your financial year in Sage One.
Year End FAQs
The Year End guide above will assist with your year end preparation.
Yes, the message below will appear. Simply click on the Yes button on the message to allow the application to run the year end on your behalf.
This is possible yes. Click on Company…Change Company Settings…General Settings…Financial Years. Select the plus sign ( + ) next to the last financial year to add the new 2017 / 2018 financial year.
Sage One Accounting is date driven. With that, the application allows you to process entries in the previous financial year.
Account for differences between your Opening and Closing Inventory Values First you need the following: Reporting Date: The date at which you will be running your financial reports Inventory Value: The value of your inventory on hand as at the reporting date Valuation report Inventory Opening Balance Account Value: The Sage One system account that records the value of any inventory opening balances when you added items To ensure that you report your Inventory Value accurately: The value in the Inventory Opening Balance Account is included as part of your Inventory Value. Because this account is displayed on your financial reports in a separate line, you will need to process a journal entry to account for the difference between your Inventory Value and these opening balances. Inventory Value – Inventory Opening Balance Account Value = Difference to be accounted for (the Closing Balance entry) You will need to process the following journal entry: Debit Inventory Movement - Asset by affecting Inventory Movement - Cost of Sales. Click the link below for details on how to process this journal entry. Go to Online Help for help to create inventory accounts and process journal entries
Accounting Year End Webinars
Book your seat for free
All you have to do is book a session and connect to the presentation using the internet. You will be able to ask questions and get real-time answers wherever you are.
|20/02/2017 13h00-14h00||Running Year End in Sage One This webinar will assist you with running a year end in the Sage One Accounting software.||Register|
|24/02/2017 10h00-11h00||Running Year End in Sage One This webinar will assist you with running a year end in the Sage One Accounting software.||Register|
|24/02/2017 13h00-14h00||Running Year End in Sage One Session 2 This webinar will assist you with running a year end in the Sage One Accounting software.||Register|