To Transfer the Brought Forward Values from your Nominal Accounts
Note: We recommend that you make a note of the figure in the retained Profit and Loss nominal account before continuing with this procedure.
1. From the Sage Line 50 toolbar, click Financials.
2. From the Financials toolbar, click Trial.
3. From the Period drop down list box, select Brought Forward and print the report.
4. To return to the main Sage Line 50 desktop, click Close.
5. From the Sage Line 50 toolbar, click Nominal.
6. From the Nominal Ledger toolbar, click Journals.
7. Enter a date before the new financial year start date. In our example this would be a date before July 2000.
8. To transfer the balance from each profit and loss nominal code that has a brought forward balance post a journal entry.
For example, if you have a debit balance on the Brought Forward Trial Balance report of ú100 on the nominal code 7000 Gross Wages then enter the following journal entry.
Note: You must post the following journal with a date before July 2000.
|
N/C |
Name |
T/C |
Debit |
Credit |
|
7000 |
Gross Wages |
T9 |
|
100 |
|
3200 |
Retained Profit and Loss |
T9 |
100 |
|
9. To save your journal entry, click Save and then click Close.
10. To return to the main desktop, click Close.
You have now removed the brought forward balances from your profit and loss nominal accounts and placed them in the retained profit and loss account. You should now record these balances in the first month of your new financial year. To find out how to do this, refer to the section To Record Balances In the First Month of your New Financial Year.
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