Accounting Ideas

Opening balance figure for profit and loss accounts should be zero - currently this is not the case on the Nominal Activity report.

The basic accounting concept of transferring the P&L balance for a year to the balance sheet needs to be adhered to in all the reports. Currently, the Nominal Activity analysils shows a closing balance figure that is incorrect (for the P&L account codes), because it brings forward previous year's balances too.

  • Guest
  • Jan 17 2023
  • One For The Future
  • Attach files
  • Guest commented
    14 May 10:52am

    I agree with all the comments - this should be for now not for the future! The P&L brought forward figures should not be on the nominal activity when running a report for a year. The TB allows to tick a box to summarise the profit and loss so that we do not get brought forward P&L figures can we not get this for the nominal activity report too.

  • Guest commented
    22 Jan 05:29pm

    To my mind a fundamental accounting error. Shouldn't be one for the future - should be immediate. Reminds me of the old fudge one had to do with old accounts packages in the 1980's and by 2024 should no longer be the case. Not had this problem with Quickbooks of any other accounting system.

  • Guest commented
    8 Jun, 2023 03:00pm

    Agree entirely - this is nonsensical to have previous year balances brought forward into the nominal records for the current year. Come on Sage, this is basic - sort it out!!!!!!!

  • Guest commented
    30 Jan, 2023 09:36am

    Folks, does anyone know how to escalate matters for this issue/software? Like the user below, I too have tried an online chat but to no avail ...

  • Guest commented
    26 Jan, 2023 12:34pm

    What is this about?

  • Guest commented
    25 Jan, 2023 03:52pm

    Its a chore and I too have hi lighted this - Year on year its just accumulates.. annoying

  • Guest commented
    20 Jan, 2023 05:15pm

    I too have sent this to Sage via feedback - hopefully someone will understand the basic principal

  • Guest commented
    17 Jan, 2023 12:33pm

    I have already made this request via an online chat, but to no avail.