Accounting Ideas


Merged idea

This idea has been merged into another idea. To comment or vote on this idea, please visit S1-I-1857 Year end cleardown.

Year End Closing Retained Earnings Merged

Hi there, Having to manually close fiscal year ends to retained earnings is odd for an accounting program. I have worked with Sage and AccPac, Simply Accounting for 30 years where this feature is automatic. Once the date is advanced to the next accounting year everything closes and you can move on. From there all your history of years previous Profit and Loss are available at a glance, comparisons and all. Having us post this great big journal entry on the last day of our fiscal year also zero's out all of yearly P/L's previously. I was on the chat with one of your support staff and they mention the only fix is go back to the previous year unlock it, change dates, reverse that closing entry and then you will be able to produce previous Year End financials. To go forward you would have to repost and relock everything...This makes no sense from an accounting perspective and a recipe for disaster for junior bookkeepers and small business owners to use this Sage Cloud Platform. Thanks.

  • Guest
  • Aug 17 2022
  • One For The Future