Hi Roger,

Thanks for using Sage City.

Before I go further - I just wanted to let you know that due to the complexity of your query, and the number of variables involved, you might benefit from contacting us via a real-time channel, like web chat or telephone regarding this one as we'll likely need more information or potentially remote support to have a look through your current Sage 50cloud Accounts configuration. If you'd rather do that now, you can find your contact options here > 

Looking into your query and to answer each point in order:

1. As your program date is in 2019 - You may have missed your 2019/2020 year end too. As the date is a little confusing, could you verify you've completed your last year end and the accounts currently look as you'd expect aside from the need to extend your next FY?

2. There is a process to clear down data and start a new company yes - You would need to export your COA so it can be imported into a new, blank company, along with any other info you want to retain like customers and suppliers etc. Here is more information >  As for the unreconciled transactions - If they aren't reconciled at year end, then don't include them in the year end process. 

3 & 4. The link here contains our full guide for financial year extensions - There's a defined process to follow to ensure your reports are not affected by the change. You should be performing this on a single, consecutive dataset - Not the two you're currently using. If you can restore a backup to before you made that change, and then work forward following the guide, you won't hit the same barrier with the brought forward values TB report. The guide does contain a full text description of each step required, you could work through these steps after restoring the data to before the 'clear down' and then try again.

I hope this is useful. 

Regards,

Anth

Sage UKI.

Anth Richardson said:

Looking into your query and to answer each point in order:

1. As your program date is in 2019 - You may have missed your 2019/2020 year end too. As the date is a little confusing, could you verify you've completed your last year end and the accounts currently look as you'd expect aside from the need to extend your next FY?

2. There is a process to clear down data and start a new company yes - You would need to export your COA so it can be imported into a new, blank company, along with any other info you want to retain like customers and suppliers etc. Here is more information >  As for the unreconciled transactions - If they aren't reconciled at year end, then don't include them in the year end process. 

3 & 4. The link here contains our full guide for financial year extensions - There's a defined process to follow to ensure your reports are not affected by the change. You should be performing this on a single, consecutive dataset - Not the two you're currently using. If you can restore a backup to before you made that change, and then work forward following the guide, you won't hit the same barrier with the brought forward values TB report. The guide does contain a full text description of each step required, you could work through these steps after restoring the data to before the 'clear down' and then try again.

I hope this is useful. 

Hi Anth.

1.  No.  We have not missed our Year End.  Our deadline was extended by 6 months by HMRC due to mitigating circumstances.  My mother was diagnosed with terminal cancer.  She has now passed.  So the YE2020 accounts are on an old PC which actually crashed.

2.  I have already created new dataset and I think I know what I need to do as I was getting quite confused looking at the numbers yesterday.  I posted previous reconciled bank balance to 30/11/2020 and I think it should have been 01/12/2020 even though the balance was on 30/11/2020.  This presumably affects the brought forward figures by the total of the bank account and hence adds that figure to the PNL twice effectively.  That's what seems to have happened.

3&4.  I think it is clear to me now and I am just about to test this that I simply run the PNL to 31/05/2021 and THEN do the final year extension AFTER I have printed the reports off.  I hope I am right because you mention a single consecutive dataset so that means I cannot do the process on the old accounts.  I need to do it so the new financial year starts 01/06/2021 then I should be able to see PNL values which can be journaled as per the video I posted the link to.

One thing that is really confusing me is the transactions to the current account which are not reconciled in old accounts reconciliation window.  Fortunately, the bank statement that year does actually coincide with the year end.  However, one  confusion is the bank also issued another statement the following day, 01/12/2020, and one payment made on the 30/11/2020 of £35.98 actually appears on the bank statement for 01/12/2020 (ie in reconciliation window it actually shows 30/11/2020).

In the new accounts, I have just noticed that I appear to have TWO opening balances for the bank!  JD's to 1200 and JC 9998.  One on 30/11/2020 which has been reconciled and the other dated 01/12/2020 which has not.  I know how to change the reconciliation flag.  Does this then correct the situation?  I suppose there is only one way to find out.

Also, Anth!

Please can you tell me what should happen to Suspense and Mispostings.

As I am adding Opening Balances, I can see that the Suspense and Mispostings is increasing every time I add an amount for the new opening balance of a creditor (to whom we owe money) and the profit and loss is turning towards a loss situation.  That seems to be going in the right director for our current position.  I've only done a few but obviously debtors will start to reverse that trajectory.

Feeling hopeful that I am progressing in the right direction.

Do 0030 Office Equipment, 0031 Office Equipment Depreciation and 1001 Stock simply get journaled out to 9998 too to bring the correct balances into the new dataset?

However, I am not entirely sure how to handle the Debtors and Creditors Control Accounts?  They surely need some special treatment as do maybe all other balance nominal codes below 2101 to 3200?

Is there a definitive list of what to post please?

Hi Roger,

You're right - the Suspense account would build up a balance when entering your opening balances, but when you've finished entering them all - It should then balance to 0. If it doesn't, check out this help file for further help with that as you'll need to check your information and run some reports to identify the cause of the discrepancy.

You'll need to move all of your applicable nominal ledger balances over to the new dataset from the date they were closed off on the older dataset, that way when you finish this process in the new company - It should be in the same starting position as the old dataset was at it's ending position if that makes sense? Then, by extending the year (as shown in the video you've been following) you should be where you want to be.

Regarding the balance sheet nominals you mentioned (0030, 0031, 1001) - When you run a year end, these ledgers would be rolled forward into the next year as a brought forward balance on the nominal accounts. This would also be the case for the 2101 - 3200 range you mentioned. Take a look at the "What happens when you run Year End" guide for more information on what happens to these and other nominal categories during year end. As you're moving these amounts between two datasets, this is more of a "manual year end" type of process I believe. But again, due to the complexity, it's recommended you get in touch via a real time channel so we can ensure the advice given is accurate, or seek advice from your accountant.

Our preparing for Year End guide has all of the info and checks we recommend you complete during the process - You can find this here > 

Hope this is useful.

Regards,

Anth

Sage UKI.