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Re: Previous Income

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Raouf Malek
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Re: Previous Income

Post by Raouf Malek » 23 Mar 2009, 16:28

I'm just in the near of our accounts end (year end – April 2009), we collected Students fees for last financial year 2007/2008 for Courses running this year 2008/2009.
I am using Sage 50 Accounts Professional 2009 v15.01
What the best way to enter them on Sage (last year revenue & what Code (Fees paid in advance or Prepayment as Income) – No VAT involved.

Any assistance would be appreciated.



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Raouf Malek
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brucedenney
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Sage Version: v30 UK/Europe/Africa

Post by brucedenney » 03 Apr 2009, 11:53

Record them as sales against the normal nominal code, then do a journal on the last day of the year to prepayed income in the balance sheet to remove them from the P&L at year end, then on the first day of the next year reverse the journal back into sales, this should be the same procedure you do for a month end.
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