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Prior year adjustments (I think)...

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mlqs

Prior year adjustments (I think)...

Post by mlqs » 04 Feb 2007, 20:21

:?
New to Sage 50 and have just commenced some initial accounts and run two year ends. I have now however noticed one error in posting expenses in the year that I have just finished which is giving a misleading breakdown of expenses. I am very wary of losing a lot of work and so haven't tried to go back and change the nominal codes. Could anyone advise me of the correct procedure for changing entries in the last financial year after the year end has been run (if it is possible!).

Also, I have been exporting .srd files to save the output as well as html versions. However I can't then seem to do anything with these .srd files. What format should I save reporting outputs in so that they can be viewed and printed etc.

Any help appreciated!

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brucedenney
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Post by brucedenney » 05 Feb 2007, 17:56

If you have done a year end, then all expenses will have been journalled in to retained profit and loss so there are no expenses that will be wrong, you need to explain in a lot more details.

If the error is in the prior year, then you can restore data, do a correction, and then adjust the opening balance in the next year.

You don't need to save reports as you can tick the box and create an archive company when you do a year end. (Okay old versions didn't have this)

If you want to save reports then PDF is the best format (If you have an old version then download PDF Creator, you might want it even if you have a new version as it works with every program in Windows.)

http://sourceforge.net/projects/pdfcreator
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mlqs

Post by mlqs » 06 Feb 2007, 11:20

Thanks for your help - in effect during the last year there was a refund of some expenses paid by the company which should therefore have reduced the overall balance on that expense account. However the refund was incorrectly posted to a similar but different expense code. The upshot of this is that the P&L account has 2 expenses listed, one with a debit balance and one with a credit balance when in fact there should only be one expense with a net figure equivalent to the debit and credit balances. Hope this makes sense!?

I have no idea how to reactivate the previous year having run a year end and so have been very wary about dabbling in this respect.

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brucedenney
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Post by brucedenney » 06 Feb 2007, 15:12

So the two cancel each other out and have no net effect on the brought forward balance.

The solution is to backup the current data, restore the backup from prior to year end, do a journal to correct the error, re-run the year end (just to create the archive) and restore your current data.
For just about anything Sage :- Discount subscriptions, pay-as-you-go support, application integration, reports, layouts, linked excel spreadsheets, analysis or any other help making life with sage easier/less time consuming Contact me.

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