“What do I do about future year postings?” with Sage 200 Year End
Here are some of the basic questions and answers from within Sage 200:
Q: Can I continue to post future year transactions even though I have not closed the current year.
Yes. But be aware of the implications of doing so which are:
– All Ledger transactions will be posted to the SALES, PURCHASE or CASH BOOK in the applicable period according to the transaction date.
– Nominal Postings associated with the Ledger transactions will be posted to Deferred Postings in the Nominal and will not update the Nominal until after the year end is run.
– Any AGED Debtor/Creditor reports will include these postings – so use Retrospective reporting for current year reports.
– Future year VAT transactions will be reported to the VAT return should the VAT period reporting date be ahead of the Year End date.
Q: Can I post prior year transactions once I have closed the year end?
Yes, but they will appear in the current year period values.
Q: Can I post Prior Year Audit Adjustments?
Yes, this needs to be turned on in the Nominal Ledger Settings and it will make postings that will affect Prior Year Reporting. These postings will appear in the transactions and show as P12 (Prior Year).
Q: I cant post any Future Year transaction dates – they appear in RED, why?
Check the transaction Date settings: Accounting System Manager, Settings, System Settings. Click the Transaction Settings Tab at the top. If the ”Use Accounting Based Validation” is selected, change the “Future Years” to Acceptable. This will warn you when entering future years dates by showing as yellow, but will allow the transaction to proceed.
Q: I have copied my data to a prior year company and want to post prior year transactions. Does it affect both data sets?
A: No, The prior year posting only affects the current year B/F values. If you want to have the values in the previous year, you have to post into both datasets which is not recommended.
For more information or click here to download our Guide to Sage 200 Year End Procedure or contact our amazing Sage 200 support team at firstname.lastname@example.org