Hi,
I'm trying to find an answer to my question, but somewhat struggling.
I need to post some year end adjustments to our accounts, normally the accountants advise us to post these on day 1 of the following accounting year, but this messes up my accounts for the current year meaning that I need to perform a load of adjustments off system to balance P1.
What I want to do is post the adjustments in the final day of the year, but since we have already posted the year end ledger cleardown, this will leave a b/f balance in all of the P&L nominals with adjustments in the. I have read this post https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=200427112207652&guest=0 which suggests that I can post, but then I will have to journal out the balances of the P&L nominals to retained earnings.
My question is how would this report in the system, surely if I post say a debit to Payroll, then immediately credit it by journaling the balance to retained earnings, the movement will be NIL in the period? How do I get the system to recognise that the journal transferring the balance to retained earnings is a Year End cleardown and not just a normal journal? i.e. when i use an ODBC connection and look at the prior year movements in the P&L for P12, these movement specifically exclude the system generated cleardown journal.
I hope this makes sense.
Darren
