The Sales Cost and Actuals from the Sales
Value columns.Change Financial Year Questions
What happens to my data when I change the Financial Year?
When you use the Financial Year option to change the start date of your financial year, your monthly nominal code balances are rebuilt according to the transactions that appear on your audit trail. The year to date turnover figures for your customers and suppliers are recalculated based on the transactions appearing on your audit trail report.
If you have previously cleared your audit trail using the Clear Audit Trail option it is impossible to retain all of the monthly nominal code balances because the transactions which make up these balances no longer appear on your audit trail report. If this is the case, you can not produce accurate financial reports for the months you have cleared the audit trail up to. It also means that the customer and supplier year to date turnover figures will be incorrect. Any future financial reports will be correct.
If you have manually entered information into the Product Sales tab, the following information will not appear after you have changed your financial year:
The Sales Cost and Actuals from the Sales
Value columns.
The Actuals from the Qty Sold columns.
We recommend that you make a note of the information
that is stored on this tab and re-enter it after you have changed the
financial year.
What do I do if I have run the Clear Audit Trail/Clear Stock procedure during the your current financial year?
When you run the Financial Year Change option your monthly nominal code balances are rebuilt according to the transactions which appear on your audit trail. If you have cleared your audit trail, when you run the financial year change option, the cleared transactions will not be included when the nominal code balances are rebuilt.
Before you run the Financial Year Change option, we recommend that you should print out a month-by-month retrospective Trial Balance, Profit and Loss and Balance Sheet report up the date the audit trail was cleared. Then store these reports to support the backup you take before you run your Financial Year Change (and in case you need to provide your accountant with any information from this period).
Your stock histories are rebuilt from the stock transactions that appear in the stock histories. If you have run a month end and chosen to remove your stock transactions this information cannot be rebuilt when you run the Financial Year Change option. Before you run the Financial Year Change option, we recommend that you print out the Product Activity report and store it safely to support the back up you take before you run the Financial Year Change option.
Do I need to run a year end before I change my financial year?
No you must not run the year end before you change your financial year. This is because when you run the year end, journal entries are posted automatically to remove all the balances that are appearing on all of your profit and loss nominal codes. When you run the financial year change option, these year end journals will be included, making the monthly bucket nominal code balances incorrect.
If you have run the Year End and you do not have a backup of your data prior to this, or if you have entered a lot of transactions after running the year end and are unable to re-enter them, you need to reverse all of the ledger year end journals which were posted by Sage Line 50 at the year end. To find out what year end journals were posted use the Nominal Ledger Day Book report. For full details on how to do this, refer to the topic To Reverse The Ledger Year End Journals.
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