I've got a new customer's company file with 2 fiscal years of data, and I'm about to start a new fiscal year
FY2011 ends June 30,2011, FY 2012 ends June 30,2012 - I will be starting FY2013
before starting FY2013, I was going to do a 'save as' so that I could, if need be, access the FY2011 data from the backup company file
Before starting the process, I was reviewing the year end checklist in Sage, and in article 11403, both state,
- Make year end adjustments
- Ensure that the 'Do not allow transactions dated before' option is set.
- Process your adjustments with a date in the previous fiscal year.
- Uncheck the 'Do not allow transactions dated before' option after you finish making adjustments
I presume in point 1, 'option is set' means 'option is checked' - if so, before don't allow transactions dated before what date ? july 1,2011 ?
if I set the date to july 1,2012 - I presume point 2 '.. adjustments with a date in the previous fiscal year' can't be done ?? because Sage won't allow transactions dated before July 1,2012
and as to point 3, when I'm done my adjustments, instead of 'unchecking', don't I want to leave it checked but change the date to july 1,2012 - so no one can enter transactions in the prior year (FY 2012) ? Of course I am assuming that Sage will allow me to make YE adjustments per the accountant at a later time, just by changing the 'allow transactions dated before...' date
can someone clarify my misunderstandings ?