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  • Balance Sheet Not Balancing

    After taking on a new client this year, it was clear that their Balance Sheet was out of balance and has been for years. Additionally, the balance sheet isn't consistently out of balance by the same amount year over year. One of the errors I found was…

  • bad debt showing in client aged report

    After posting YE adjustment for bad debt in GJ, my client aged summary report still shows the client. Here is the adjustment that was made: 1201 (Accounts Receivable) Cr 2000 1205 (Allowance of Doubtful Accounts) Cr 10000 2310 (GST Charged on sales…

  • A/R Data integrity issue

    I have a company ready to move into the new fiscal year however when I check my data integrity my A/R amount and my unpaid invoices/deposits amounts do not match. I have an unpaid invoice for $33.30 (which displays in the unpaid invoices) however it is…

  • Year End Correction

    I have an adjusting entry from the accountant which is to clear an accounts payable account and purchase prepayment entry. If I do an invoice it goes to accounts payment what is the account I charge it to. Should it go to suspense but then how do I clear…

  • Year End carry over

    Client was invoiced May 16, 2019 and paid invoice in full via Interact May 31, 2019 (Year End) . It was not posted by bank until June 4, 2019 (New fiscal year). What do i do for an entry so i can reconcile May and June properly? Thank you

  • I filed my T5018 for my fiscal year end. My year is from April 1 2018 to March 31 2019. Somehow the XML file does not match the report from the Supplier.

    My accountant phoned me to tell me that I had filed the T5018 report 2x for 2018. But I did not. When I am in the Import Export file in the file menu, the box that says Fiscal year/ Calendar Year and there is also a tick box for 2019 or 2018. If I tick…

  • Sales Order in Next Year

    What are the risks to entering Sales orders dated for the next calendar year? Or What are the risks to entering a Ship Date in the next calendar year? Thank you

  • Year End ADJ Entries to Accounts Receivable / Meals ???

    Hi, I am entering the Year End Adjusting Entries from the Accountant. I am almost done. I have one problem left though. My A/R is out by $0.09 interestingly, so is my Meals Expense account. If I could Dr. the A/R and Cr. the Meals everything should…

  • RE: Fiscal/Calendar Year End

    see also https://sagecity.na.sage.com/support_communities/sage_50_accounting_ca/sage50ca-yearend/ The Sage 50 software is designed to work with a maximum of two open fiscal years. (and they have to be the two most recent years). For example, if you…

  • RE: Audit Adjustments

    christine153 said: Is there anything special about it? Be aware of these potential issues: Linked accounts - you will need more information, such as the details of amounts to credit to which invoices to which customers / employees / vendors / inventory…

  • Year End Adjustments - Corrections to A/P or A/R

    My accountant has requested a series of Adjusting Journal Entries, including adjustments to Payable and Receivable Accounts: Here is a sample: 31/12/14 Accounts Receivable XYZ Inc - Account No. 1205 - Debit - 7592.20 31/12/14 Accounts Payable -…

  • 2014 Invoice not paid, clients want to redate to 2015

    Client never paid this 2014 invoice and finally they came back to us stating that they already closed their 2014 books on March 31 and wants us to date the invoice as of April 01, 2015. I understand what they want but our year end is also March 31. The…

  • Year end is March 31, I already paid GST for Jan-March and just received an Invoice for March 31 do I post as April 1st??

    We did not lock the year yet as we didnt send the stuff to the Accountants yet. I already did my GST report and I just got an Invoice dated March 31. Would it be better to enter it as April 1st so it doesnt throw off the books for the accountants?

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