I have a client's year end on Sage as 31st July 2011. The accountant has now finished the year end for the client and informed me that the year end date which was registered at Companies House was 31st August 2011.
My year end is closed off in Sage and I have obviously been inputting accounts since 1st August 2011.
Is there any way now to change year end? Or what is the best solution?? (I asked the accountant if they cannot change the year end at Companies House but was told this is fixed for 3 years?)
The year end at Companies House could be shortened to 31 July (there is no 'fixed for three years' rule) but whether this is appropriate will depend on how much work the accountant has already done. If the year end accounts (to August) have been completed, then changing the year end would require the accountant to essentially re-do the accounts, which would incur additional expense for the client.
A simpler way would be for you to change the year end on Sage to August 2011 and then run a 'one month' year end. If you've using Sage Line 50, then the 'settings' menu may have a 'financial year' option, which allows you to change the financial year. However, this option may not be available on all versions of Sage Line 50 - it's certainly there on Line 50 Professional.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
Many thanks for your reply. I am working on Sage Line 50 and there is a 'financial year' option under Settings, but I was always under the impression that if the year end date was changed it would mean losing data? Is it as simple as changing the date??
It is as simple as changing the date (although it's the month in which you want the year to start, rather than the year end date, that is changed) and you shouldn't lose any data. I would, however, take a back-up before you try it.
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Pearce & Co - Chartered Accountant and Chartered Tax Adviser
Help!!
