Year end journals on sage online accounting

[Csills73]

Hi Everyone,

I am wondering if anyone can help me with posting the year end journals from the accountant on sage online accounting as it seems to be different to sage 50 accounts.

The help section says : ‘When you run the Trial Balance, it includes the previous year's Profit and Loss. Therefore, you don't need to run a year end or post a year end journal’.

I don’t really know what it means and I can’t see nominal code for P&L prior years and Profit for the year after tax and dividends. Could anyone let me know please?

Many thanks

 

[Ziggy2024]

SAGE 50 closes down the year and rolls up all the profit & loss items into retained earnings. So when you complete the year end you can't see prior year profit & loss figures anymore.

The online version (similar to some of the other online softwares) doesn't close down so the profit & loss is always there.

Your accountant should explain the journals they have prepared or they could even post them onto the software for you, that's the beauty of online software.

 

[Csills73]

Good afternoon,
Thank you very much for explaining it. On the journals I have to post there is an item that goes to 'Profit & Loss prior years' and another item goes to 'Profit for the year after tax and dividends'. Would you know if I have to set up and use different nominal codes for these items so that I can post the journals?
I really appreciate your help

 

[Ziggy2024]

Good afternoon,
Thank you very much for explaining it. On the journals I have to post there is an item that goes to 'Profit & Loss prior years' and another item goes to 'Profit for the year after tax and dividends'. Would you know if I have to set up and use different nominal codes for these items so that I can post the journals?
I really appreciate your help

There is a profit & loss code so you shouldn't have to add a new one. Have you only got balance sheet journals, nothing to any of the profit & loss codes? I would ask them to go through it with you, if you are unsure then it's possible you will make a mistake in posting.

 

[Csills73]

There is a profit & loss code so you shouldn't have to add a new one. Have you only got balance sheet journals, nothing to any of the profit & loss codes? I would ask them to go through it with you, if you are unsure then it's possible you will make a mistake in posting.

Thank you very much for your help. Yes I only have balance sheet entries and there is a P&L code on the nominal list which is already included within the default nominal codes, so I will use that. Many thanks again