Accounting Ideas

Year end procedure to bring necessary balance to zero at start of new financial year

The opening balances on for example the profit and loss are coming forward from the previous financial year. When you run your year end procedures on other accountancy packages these figures are put to zero for the new financial year - can this not be done in Sage Business Cloud accounting, You look at your profit and loss nominals and the balance is coming forward from previous year so you don't get a true figure on your current year figures

  • Guest
  • Feb 28 2023
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  • Guest commented
    15 Mar, 2023 01:59am

    The only way to fix your financials is to do a manual journal entry for the prior years. But that wipes out your history if you pull up your income statement for prior years. A roll over process would be nice so that you can still pull the retained earnings balance but also be able to look at prior year income statements.