In this session we explained how the Trial Balance, Profit & Loss and Balance Sheet reports calculate. It followed on from the Chart of Accounts webinar.
This event has now taken place, but don't worry, you can catch up with a recording.
View the slides from today's presentation:
Sage 50 Accounts (UK) - Management Reports - 202211 - Handout.pdf
Questions and answers from previous sessions:
| Question | Answer | Article link |
| I dont normally see the blue drillable figures on my trial balance. How do I access that? | If you are running the trial balance from Nominal Codes, then Trial Balance (at the top), you should have the drillable figures. If you are running the transactional trial balance, these figures are not drillable. | N/A |
| How can you run a P&L for the current year 2022 (but the year end ledger has not been done for 2021)? | You can run the transactional Profit and Loss from Nominal Codes, Reports, Profit and Loss - this will allow you to enter a custom date range. | Open the Transactional Management Reports article |
| Can you run all the reports for the current financial year? From your example, your financial year is 1.1.2021 – 31.12.2021, therefore can you run a report for Jan 22, Feb 22…..? | The management reports can be ran for any month in your financial year. | N/A |
| Can you breakdown the P & L on a monthly basis rather than YTD? | There is a report in Nominal Codes > Reports > Profit and Loss called Profit and Loss (Monthly Breakdown) that will do this. | N/A |
| When I run a departmental P&L, the figures are not in blue and, therefore, not drillable. Can you explain why not? | The departmental reports are not drillable i'm afraid due to the way they calculate from the transactions themselves. | N/A |
| One nominal code is not included in our year end procedure? | You will need to check your chart of accounts before running your year end to make sure all of your nominal codes are included. You can do this by going to Nominal Codes, Chart of Accounts, opening your chart of accounts then clicking 'Check' on the top right. If there are any missing, you will need to add them in. | Open the Check Chart of Accounts article |
| I Don't want to see Deleted Transaction in Transactions Tab. | You can hide deleted transactions from your activity screen by going to Settings, Company Preferences, Parameters and then tick 'Exclude transactions'. | N/A |
| What does the previous year adjustment figure represent? | The linked article gudes you through resolving this. | Open the Previous year adjustment article |
| How does the Charity Funds option affect these reports? | You can run management reports from within Charitable Funds | N/A |
| Can you run the trial balance for specific date ranges or is it always YTD? | The TB will always run to a date as it is designed to display the balances on the nominal codes at a point in time. However, if you want something similar where you can select a date range you could download the "Nominal Activity Totals" Report available for free in out reports library online. | Open the Advanced Report Library |
| We have never ran the year end or month end, the accountant always used our figures and ran reports. What is the best way to bring up to date? | I've shared links to guides for both of these procedures, worth noting the Month end procedure is optional. | Open the Month end article Open the Year end article |
| How to obtain data for previous years? | There are a couple of options for running reports for previous years. If you have taken an archive of the data at your year end, you can open the archive for the relevant year (By going to File, Open, Company Archive) and running the reports you want. Alternatively, you can run a transactional report (e.g. transactional profit and loss) and you will then be able to enter a custom date range. | N/A |
| Surely if you have ran the year end it would have cleared the previous year? | Only Profit and Loss nominals are cleared at year end. | N/A |
| Why doesn't the value at the top of the nominal activity equal the value in the trial balance? I have to look down to the history balance and include B/F. | This will depend on a couple of things : your financial year, the date you're running the nominal activity for. | Open the Trial Balance article |
| If I add a nominal by mistake in COA under the default, is there a way to delete. | If you have just added the code to a range just amend the range so it is no longer included, if it is a line under the categories you need to remove select the line and press F8 (or Fn + F8 if using a laptop) on your keyboard. | Open the Edit chart of accounts article |
| How do I reconcile Balance sheet and P&L? | There is a full guide to management reports that should assist in reconciling. | Open the Guide to management reports |