Preparing for a smooth financial year end in Sage 50cloud Accounts

1 minute read time.

For a lot of businesses, the end of the calendar year coincides with the end of their financial year. To help your year end run smoothly, you can get ahead by completing some quick tasks now.

  • Post all outstanding transactions – Make sure your accounts are up to date. Post all outstanding transactions including any adjustments you may have received from your accountant.
  • Check your Chart of Accounts – When you run a year end, the Chart of Accounts defines which nominal codes relate to your profit and loss values. These values are transferred to your retained profit account as part of the year end process. You can check your chart of accounts now to make sure no codes have been missed or duplicated.
  • Check your data – A quick check now to ensure your data is error free can really help the process run smoothly.

When the time comes to completing your year end, just follow the steps in this handy guide. We’ve included a short video overview as well.

If you’re not ready to run year end as the year closes, don’t worry, in Sage Accounts you can post transactions into the new year before closing the old year, giving you more time if needed.