Year End Adjusting Entries

Question

HELP!!!! 
 I have been waiting for the accountant to give me year end adjust entries so that I can enter them before moving forward to the new fiscal year. I have asked and the file is waiting to be reviewed. Normally I would just wait until the file is ready, but HST is due in a few days... I have months of data to enter and am scared to move forward into the new year without these entries being done. I am new to Simply Accounting and want to make sure the file is correct. 
 My accountant just informed me that I can move forward into a new Fiscal Year without doing the entries and then do them later. I tried that when I took over the file and it was a disaster. I just want to make sure that I start the year out on the right foot. 
 Any help or suggestions are greatly appreciated!!!

RandyW · Accepted Answer

There is the setting 'Do not allow transactions dated before _______' under Setup | Settings | Company | System. Once you start the new 2014 fiscal year, the program will suggest a new date as of the beginning of the new fiscal year, to prevent further entries into the previous year. 
 You can go into that menu and set that date to any time in the 2013 fiscal year, so when you have your 2013 final entries you can just set the date back to the last day of the year to enter them. 
 Yes, once 2014 is opened, the 2012 year is permanently closed. Any adjustments from the 2012 year that haven't yet been opened, would need to be entered to the appropriate balance sheet accounts in the 2013 year. If you have un-entered revenue and expense items from two years prior, they could be entered directly into the Retained Earnings / equity account, but ask your accountant where / when to enter them.

RandyW · Answer

Starting your 2014 year will close off your 2012 year, you will be able to make entries into the 2013 year up until you open the 2015 year. 
 Starting a new Fiscal Year was a much bigger deal in older, or paper-based accounting systems. In Sage 50 it shouldn't be. 
 I can't really comment on why it didn't work out when you did that last year, it should not be a problem. Except for presentation-only reclassification-type entries, once you have received the final entries and recorded them, you should be able to re-run your year end trial balance, and it should match up.

Sage 50 Canada

Year End Adjusting Entries

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING