At some point my client requested a new nominal account created for cost of goods sold.
We then added DO NOT USE to the original COGS account.
I have just had some closing journals passed to me from Accountant so had to delete the YE and on running numerous reports to check the effect I suddenly (at last) noticed that there was a large balance in the DO NOT USE cost of goods sold account, created by the YE Journal. I was planning to re-run the journal now I have posted the Accountant’s journals but now need to check this.
The year end tool would only pick up balances posted to a nominal during the course of the year. I would double check the nominal code activity (click the magnify glass icon next to it in the Chart of Accounts) and see if there is any activity there.
You would then also have the option to bulk move them if required (the option will appear at the top of the detailed nominal view).
Hope that helps, but please let me know if we can help further
Thank you. There was no activity during the last year but no Year End tool run last year it appears.
The Accountant was running it and also the client so it got missed.
Could that mean the Year End Tool picks up everything since the last Year End?
Sorry - I was trained in Sage but have been left with some grey areas of knowledge.
That’s likely what’s happened. The year end tool will pick up everything from the last year end date until the next one that you’ve selected, based on what’s entered in the Company Settings (there’s more info on this here).
Check the year end date in the company settings, and if needed, change it back a year and run the year end tool. Providing there are no locks on the account, then this should be all OK. Running the tool itself will lock down the entries however to prevent them from being changed.
The Accountant gave me journals to run when the YE for 2016 had been posted already (including the DO NOT USE misposting). If I don’t re-run the tool as it stands, with the error included, is it likely to mess up their figures which are due for submission soon? If I go back and run the Year End tools for each year, will it mess up all of the accounts? I really need a better understanding of this process…
There’s an in-depth description of the process, what it does and how it works in our knowledge base:
Depending on the journals the accountant has entered, depends on whether or not it will cause issues. I think the best thing to do is probably check with them referencing the above article. If you do run the tool, you can undo it if required (described in the article above).
Unfortunately the Accountant always replies with the same answer.
“I’m afraid I don’t know Quickfile”
Thank you. Just wondered if running each year separately would have the same result as running the whole thing in one Year End. The activity log says there were some Year End journals in the past but I think they were just adjusting journals the Accountant posted.