How do you run a month end? Do you even need to?
Join this session and you 'll learn what you need to know about the Month End option in Sage 50 Accounts.
This webinar has now taken place, but don't worry a recording is available:
Open webinar recordings article
Slides from the presentation:
Month End - Handout.pdf
Questions and answers from recent sessions
| Question | Answer | Article link |
| What happens if you post in the locked period? | You receive a warning when trying to post. | Open the Lock Date message article |
| Do you input an purchase invoice and then add a line item to the prepayments within the Nominal Code page - there is no connection to the actual invoice? | The accrual or prepayment has no direct link to the the invoice in the software. You are setting up the accrual/prepayment manually. | N/A |
| Fixed Assets Depreciation, if you dont run the month end reports can the depreciation be posted for year end? | No, the fixed assets register is used so that you can process depreciation on a monthly basis - for annual deprecaition you'd need to post this manually. | Open the fixed Asset Register article |
| I dont see a prepayment/Accrual function in the Nominal code module. Is it only available on the Professional version? | That's correct, it's only available in the Professional variant of Sge 50 Accounts. | N/A |
| Do all prepayments and accruals have tax code of T9? | Yes - you are posting journals to adjust your nominal balances - you do not want these transactions being included on your VAT Return. | N/A |
| We have never run month end can I start from April going forward ? | You can, you'd just need to ensure your prepayments etc. start from the date you'll start processing. | N/A |
| Is it possible to run the prepayment / accruals without actually closing the month end yet? | If you use automatic prepayments/accruals you'd need to run the month end to post those. If not, you'd be able to do it manually. | Open the manual prepayments and accrual guide |
| If my phone bill is dated 01.04.2022, what dates should I use on the accruals? | Usually if it covers the previous period (quarter) you'd set it up to begin posting on month 1 of the 3 month period. |
N/A |
| If you don't do a month end but want to do Fixed assets will it just be calculated at the year end? | The fixed asset depreication posting must be done as part of the month end process. | Open the manual prepayments and accrual guide |
| ..and is that the same for Prepayments and Accruals? | To process prepayments/accruals/ fixed assets you must run a month end. If you just want to process these on an annual basis you must process these manually. | Open the manual prepayments and accrual guide |
| How do you manage small amounts which will not calculate evenly? | The Prepayment/Accrual will be adjusted in the last month for the pence rounding difference. | N/A |
| Could I cancel a depreciation journal if item was sold? | You'd need to do a disposal of a fixed asset in that case. | Open the fixed Asset Disposal article. |
| Where is this prepayment function please? | The prepayment option can be found in the Nominal Codes module. | Open the Prepayments and Accrual article |
| Can the prepayments/accruals be set up per invoice? | The prepayment/accrual is in effect, one invoice that is spread across a number of months. | N/A |
| Is there a limit to the number of prepay/accrual lines? | There is no limit. | N/A |
| What happens if your estimated accrual turns out to be incorrect once the invoice arrives? | Usually you'd just absorb the difference in the period when the invoice is received. Otherwise, you'd have to post a manual adjustment to each period. | N/A |
| If you have run a month end and you discover something you want to change can you post into this period. Am I correct in thinking if you start doing month end do you have to continue? | You can still back date transactions to a period where you ran a month end - the purpsoe of the month end function is to process the Prepayment & Accrual option and depreciation via the fixed assets record. | N/A |
| Is the depreciation rate a % or is it number of months? | You normally enter the annual percentage rate - and depending on the deprecaition method selected, Sage 50 Accounts will calculate the relevant monthly depreciation value. | Open the Asset Depreciation article |