SageForum for UK versions of Sage 50- Help and support.

Hi Guys,

I havee a problem. I have some cost which I have recorded in 2011 .But they belong to previou syear 2010.

Now I have alredy done the year end for 2010. I am confused how can I transfer this prior year cost to 2010 accounts while it is closed now..

Someone told me to do an accrual entry in 3200 in 2010 for this prior year cost and then reverse it in 2011.. but then again we can't have any accrual at the year end.. so it will be wrong.

Can anyone helpppppppppppppppppppppppppp us......

thanks

I've seen your thread on the other forum which was answered, I believe, by a qualified accountant and I couldn't see anything wrong with the answer...

John

Sage 50 is an "Open Item" accounting system

So you can make postings back into last year.

The easiest solution is to redate the transaction so it fell in last year.

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From a tax account point of view, you have already done the year end, the transaction was not in it. So you need to let your tax accountant know about it. Your tax accountant will then manually adjust for it in last and will know what it is when it turns up as a prior year figure in this years accounts.

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From an practical point of view, you need to consider if this transaction is "material" if you have a turnover of a million pounds and this is a transaction for £1000 then it is probably not really that material, it will not make a significant change to things, so you could just leave it in this year.

I am NOT a qualified accountant, if you want a definitive statement then you need to pay an accountant to give you it. In other words talk to your tax accountant.