Year End Frequently Asked Questions (FAQ's)

Question

Solution

I have gotten the message "Would you like to set your current financial year as". What should I do?

This message compares the current system date and the financial year dates in Sage Accounting. It is a confirmation that your Financial Year is correctly setup. 

Clicking on Yes, will automatically update the Financial Year on the system. If you click No, you can still change your Financial Year dates at another time.

Can I run my year end at a later date? Is Sage Accounting date based or period based?

Yes, you can run your year end at a later stage. Sage Accounting is date based and not period based so your Year End can be run at any time.

Can I process adjustments and journals after I have completed my Year End?

Yes, Sage Accounting always allow you to process adjustments and journals at any date. This may, however, require you to reopen a VAT period.

If I lock my Financial year can I unlock it?

Yes, you can unlock a Financial Year if you have the necessary permissions. 

You will need to update the Lockdown Date

If I realise later that I have made errors am I able to correct them?

Yes, Sage Accounting always allows you to correct any errors which have been made. This may, however, require you to reopen a VAT period.

If I run my Year End will users be able to change data?

No, users cannot edit or process any new transactions as long as the period has been locked (Set lockdown date) accordingly.

My old system allowed for 13 periods, does Sage Accounting have 13 periods?

Unlike other systems, 13 periods are not necessary in Sage Accounting. 

You are still able to process in the previous financial years as long as you haven't set a lockdown date yet (The lockdown date can also be activated and deactivated as you wish).

Do I need to make a backup before Year End?

In Sage Accounting, there is no need for you to back up your data. Your data is backed up daily and all backups are stored for two weeks. Your data is further stored in two different locations accommodating multiple points of failure.

Can I process directly to System Accounts?

System Accounts populate based on the transactions that you have processed. So to correct a system account “amount” you would have to correct the original transaction that was processed. Transactions cannot be processed directly to the system accounts.