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DarrenF

Post year end adjustments - After running year end - Question on 'Ledger Year End' journal posting

Posted By

Hi,

I'm trying to find an answer to my question, but somewhat struggling.

I need to post some year end adjustments to our accounts, normally the accountants advise us to post these on day 1 of the following accounting year, but this messes up my accounts for the current year meaning that I need to perform a load of adjustments off system to balance P1.

What I want to do is post the adjustments in the final day of the year, but since we have already posted the year end ledger cleardown, this will leave a b/f balance in all of the P&L nominals with adjustments in the.  I have read this post https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200427112207652&guest=0 which suggests that I can post, but then I will have to journal out the balances of the P&L nominals to retained earnings.

My question is how would this report in the system, surely if I post say a debit to Payroll, then immediately credit it by journaling the balance to retained earnings, the movement will be NIL in the period?  How do I get the system to recognise that the journal transferring the balance to retained earnings is a Year End cleardown and not just a normal journal?  i.e. when i use an ODBC connection and look at the prior year movements in the P&L for P12, these movement specifically exclude the system generated cleardown journal.

I hope this makes sense.

Darren

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    Post your year end journals dated the last day of the closed year, with your usual journal references, eg debit wages, credit accruals. Then simulate the year end process by posting another journal, same date, crediting wages and debiting retained earnings.  But this journal must have the reference and details Ledger Year End so it is ignored by certain reports (I'd normally also add LATE in the Ex.ref).

    Neither or these journals will update the stored prior year value in the Nominal ledger account, but you can update that manually if you want to report accurately on the prior period.  Just go to the Nominal account, Edit and on the Details screen you can overtype the values in the prior period section.

    Having said all that, i don't use ODBC but can't see why this shouldn't work. You may want to test it on a small journal first, or try it in the Demo company.

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  • 0

    Post your year end journals dated the last day of the closed year, with your usual journal references, eg debit wages, credit accruals. Then simulate the year end process by posting another journal, same date, crediting wages and debiting retained earnings.  But this journal must have the reference and details Ledger Year End so it is ignored by certain reports (I'd normally also add LATE in the Ex.ref).

    Neither or these journals will update the stored prior year value in the Nominal ledger account, but you can update that manually if you want to report accurately on the prior period.  Just go to the Nominal account, Edit and on the Details screen you can overtype the values in the prior period section.

    Having said all that, i don't use ODBC but can't see why this shouldn't work. You may want to test it on a small journal first, or try it in the Demo company.

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