At year end, I use the P&L for the year in question and Balance Sheet report as at the year end date and all is fine. I get the exact figures I was expecting. Is it necessary to run the year end procedure for some other reason?
The year end tool will move things on the balance sheet to the correct nominals to start a new year. For example make the retained profit correct.
Thanks Paul. I take care of that manually.
Ah right. Well if you do all the movements yourself then I guess the only other thing it does is lock the period from accidently deleting entries
One more thing for anyone else reading this. It’s also important for limited companies, as the year end procedure then reports share dividend eligibility correctly.
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How do I clear that retained profit after running year end? Doesn’t seem to serve a purpose for me. I’m a non vat sole trader. Ta
You can’t clear it. Well, unless you draw all the money out of the business. Then it will clear.
It may not matter to you. But it matters to the statutory formatting of accounts which include balance sheets. So if you don’t need it. Ignore the balance sheet entirely.
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