Accounts

Running a year end routine

Once you have passed your accounts year end and you have check you are ready to run a year end routine, please see last month’s newsletter on what to do, you are ready to run your yearend accounts routine.

The year end routine does several different things.

1. It advances your accounts year by one, letting you run profit and loss reports for the current year etc.
2. Each nominal code that is included as part of the Profit and Loss in the Chart of Accounts is zeroed and a revering figured entered and the difference is posted to the Retain Profit nominal code e.g. 3200 Profit and Loss
3. Archive’s your data.
4. You can also set nominal and stock budgets if required.

Running the yearend routine

1. Click Tools, point to Period End, and then click Year End.
2. Click Check Data – caution any errors etc need to be corrected before continuing.
3. Have zero errors? Click Close.
4. Click Check COA, then click OK, receive an error, this needs to be corrected before you go any further.
5. Click Backup, select the files you want to be included in the backup. We recommend changing the name of the Sage backup to include the year end date e.g. VitalsupportYE 31.03.24.001, this backup needs to be retained and stored in a safe place. You might want to take more than one backup.
6. To Archive your company data, select the Archive check box (archiving your data lets you create a copy of your data which you can access to run reports for previous years and view data which you might have cleared down).
7. Confirm the details on the Archive Company Window.
8. To set up budgets for your new financial year, select the Budgets check box and choose your budget options.
9. Check the date is in the year you are closing and, enter a lock date to prevent postings before a certain date, this stops people from accidently posting back into last year after you have run the year end routine.
10. Click Run Year End then click Yes and click OK.
11. Select how you want to output the report, click OK, then click OK

Memo – We recommend running the year end routine on the computer that holds your accounts data. The year end procedure might take some time. If the software freezes when running the year end, do not close it, as the year end procedure may still be running.

If you would like help checking your accounts or correcting items before running the year end or would like help running your yearend routine or need any other help with your Sage Accounts, please contact us

Payroll

Sage 50 Payroll V30 New Features

New Home Page

The new Home Page is an easy way to keep informed on features, access support videos and webinars etc, ensuring you are always up to date.  In V30 the Home Page openings by default when you log into a company, but you can easily change view to process the wages, and if you prefer you can go into defaults and set the Employee list to be your default.

Legislation for 2023/2024

Sage 50 Payroll V30 includes the latest legislation for the new tax year.

Key Changes

• Statutory Paternity Pay – deals with the changes to Statutory Paternity Pay (SPP) and Statutory PP Adoption Pay (SPPA).
• Statutory Maternity Pay – from the 24/25 tax year, in line with HMRC guidance, SMP can be processed when the gender is set o female or male in an employee record.
• NHS pension scheme – changes to the NHS Pension tiers from April 2024.
• Investment Zone National Insurance categories

P45 Values

When you enter a new employee’s P45 values you must only enter values for the tax year you are processing.

For the V30, the P45 year to date fields are not available when you should not enter them.  This occurs when the date left previous employment is not in the same tax year as your Process Date in Sage 50 Payroll.

Pension Data Exchange (PDX) error improvements

Sage have added clickable links within the most common errors in PDX.  These links will take you straight to the relevant support guide for these errors, helping you to process the pensions quicker.

If you need help installing Sage 50 V30 Payroll or need help running your payroll yearend routine or need any other help or advice with your payroll, please contact us

We can also provide a remote access service where we can directly link into your computer to help you resolve your Sage Accounts or Payroll problems.

Accounts

Prepare for year end

At the end of your financial year, you need to run the year end routine in Sage 50 Accounts before you can close your current financial year.

Before you do this, it is advisable to do few basic checks to ensure your yearend runs smoothly.

Enter all transactions

Make sure you have posted all transactions for the financial year you’re closing.

These may include:

• Checking that all bank accounts are reconciled, and all unpresented items checked to make sure they are valid.
• Aged Debtors reports checked; any bad debts written off etc.
• Aged Creditor reports checked, any missing invoices or credit notes added etc.
• VAT return run and submitted if VAT quarter coincides with yearend.
• Enter any adjustments from your accountant. These would normally be posted as a journal.
• Run month end routine for depreciation, prepayments and accruals.
• Enter closing and opening stock postings if required.

Check you chart of accounts

The chart of accounts defines which category each nominal code falls.

When the year end is run, the chart of accounts decides which nominal codes to clear down, and which balances to carry forward.  It is therefore important to check the chart of accounts.

To check

1. Click Nominal codes then click Chart of accounts.
2. Select the chart of accounts you want to view and then click Edit.
3. To check for any duplicated or missing nominal codes or if any ranges overlap click Check.
4. If the following message appears “No errors found in this chart of accounts”, you chart of accounts is complete and you are good to carry on.

If prompted to print a Chart of Accounts Error report, you have problems which need to be fixed before you can run the year end.

Run year end reports

Print any management reports you required such as

• Trial Balance
• Profit and Loss
• Balance Sheet

There are various other various other reports you can run, and it is up to you what information you want.  All these reports can be run again from the Archive data once you have run the year end if need.

If you would like help checking your accounts or correcting items before running the year end or need any other help with your Sage Accounts, please contact us