I am doing bookkeeping for a new comapany, incorporated 17/01/11. I am using sage. I set the financial year to start Jan 2011. I have some transactions for 1st jan 2012 to 17 jan 2012. sage warns each time i make entry.
i dont know what to do about the Fianacial year, as the company account end 17 Jan 2012.
It's o.k to post as it states you are posting outside the financial year. Just make sure you put the correct dates in of your postings. If you are qualified to do the accounbts for this type of cmpany then once you have done all the postings, journals etc for that year, you can then close off the financial year etc and you will no longer get the warning.
If you have set up you SAGE accounts to start in Jan 2011 then the year end will be set to 31 December 2011. SAGE doesnt allow for periods more than 12 months to be done (or for periods that end part way through a month)
If you have some transactions dated between 1 Jan 2012 and 17 Jan 2012 then although part of your financial year to 17 January 2012 they wont be recognised as such on SAGE as SAGE will recognise a year of 1 January 2012 to 31 December 2012.
If either yourself or an accountant are preparing the accounts to 17 January 2012 then you will need to incorporate the transactions for the period 1 January 2012 to 17 January 2012 on top of the transactions to 31 December 2011 as unfortunately SAGE will recognise as two separate years given you have set up as starting in January 2011.
Easiest way to prepare the accounts to 17 January 2012 would be to run two trial balances, one to 31 December 2011 and one for period 1 January 2012 to 17 January 2012. You wont be able to run a trial balance for the second period as it is for a part of a month but instead you could run the nominal ledger for the relevant period and construct your own trial balance then add the two together to get a combined trial balance to 17 January 2012.
