Below is a simple, step by step, foolproof guide to running your year end routine on Sage accountancy software. I say ‘foolproof’ with confidence – I was given this list of steps several years ago now, and it has never let me down, and when it comes to IT malarkey I’m the biggest ‘fool’ of them all.
From experience this list of steps has worked on all versions of Sage that we come in to contact with, with no problems ever arising. So I have decided to pass it on to our Sage operating readers in the hope that it is as helpful to you as it has been to me.
Before running your year end be sure that you have:
- entered everything onto Sage relating to the year that has just finished, so that records for that year are as complete as they can be, and
- take a back up of the file at this point (it will be this back up that your accountants need to prepare your yearend accounts).
You are now ready to process the year end routine:
- Go into ‘Settings’ on the top tool bar
- Select the ‘change programme date’
- Enter the year end date and click ‘OK’
- Go into ‘Tools’ on the top tool bar
- Select ‘period end’
- Select ‘year end’
- If you want to archive your data for the year in question then ensure that the ‘Archive Company data before year end’ box is ticked (most people don’t do this but there’s no real reason why you shouldn’t if you want to)
- Ensure that the year end date and the current date are the same and click ‘OK’
- A warning will show on screen re a year end in current financial year, ‘click ‘OK’
- The computer will then rebuild period actuals
- The print screen will show, click ‘OK’
- Change your programme date to today’s date and click ‘OK’
- The year end routine is now complete.
Things to note:
- You do not need to wait for your accountant to give you opening balance adjustments before running your year end routine
This article was written by Deborah Bradley on behalf of the Balance Team.
Please leave your comments below.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select T1 then click Edit.
If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
- In the Rate box, enter 20 then click OK.
- To apply the change and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
The Edit Item Line window appears.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.
The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select T1 then click Edit.
If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
- In the Rate box, enter 20 then click OK.
- To apply the change and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
The Edit Item Line window appears.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.
The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select T1 then click Edit.
If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
- In the Rate box, enter 20 then click OK.
- To apply the change and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
The Edit Item Line window appears.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.
The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select T1 then click Edit.
If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
- In the Rate box, enter 20 then click OK.
To apply the change and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.
The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select T1 then click Edit.
If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
- In the Rate box, enter 20 then click OK.
To apply the change and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.
The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select T1 then click Edit.
If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit.
- In the Rate box, enter 20 then click OK.
To apply the change and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.
The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default and the Flat Rate Capital Asset tax code, T25 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select the required tax code (T1) then click Edit.
- In the Rate box, enter 20 then click OK.
- Repeat steps 2 and 3 for any other tax codes you need to change(T25).
- To apply the changes and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
The Edit Item Line window appears.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.
Published on
December 20, 2010 in
Sage.
To change the VAT rate in Sage 50 Accounts
To change the standard rate of VAT in Sage Accounts, you should edit the standard rate tax code, T1 by default and the Flat Rate Capital Asset tax code, T25 by default.
You should make this change on 4 January 2011.
- Open the Settings menu, choose Configuration then click the Tax Codes tab.
- Select the required tax code then click Edit (by default T1).
- In the Rate box, enter 20 then click OK.
- Repeat steps 2 and 3 for any other tax codes that you need to change (T25).
- To apply the changes and return to the Sage Accounts desktop, click Apply then click Close.
If you are prompted to save your changes, click No.
You have successfully changed the standard rate of VAT.
Sage Accounts applies the new rate of VAT to any new transactions that use this tax code. All existing transactions remain unchanged at the old rate of VAT.
To update the VAT values on existing invoices and orders
You must recalculate the VAT on any invoices or orders that have not yet been posted to the ledgers.
The steps below refer to invoices only. You should use the same process to amend any relevant sales orders, purchase orders, credit notes, quotes or proformas.
- Open the Customers module then from the Links pane click Invoice List.
- Double-click the required invoice.
- Click in the Description column of the first standard rated item then press F3 on your keyboard.
For service invoices, click in the Details column then press F3.
The Edit Item Line window appears.
- From the Tax Code drop-down list, choose the standard rate tax code.
Although the correct tax code already appears in this box, to recalculate the VAT amount you must select the tax code again.The VAT amount recalculates using the new rate of VAT.
- To close the Edit Item Line window, click OK.
- Repeat steps 3 to 5 for any other standard rated items on the invoice.If the invoice includes carriage charges and the associated VAT needs adjusting, click the Footer Details tab and manually amend the VAT value. If the carriage VAT value is not accessible you must select the Item VAT Amendable check box in Settings > Company Preferences > VAT tab.
- To save your changes and return to the Invoicing window, click Save then click Close.
You have successfully updated the VAT amounts on the invoice. If required, repeat the process for any other invoices that need to be updated.
To update the VAT values on recurring entries
If you have any memorised or recurring invoices, orders, bank transactions or batch information, you must recalculate the VAT on each of these.