shortening financial year

Question

I have just completed all the input for year ended 30 April 2023, and processed the year end, now system is set for year ended 30 April 2024. 
 My file of invoices for the new period is all coded up and ready to go. 
 But I want to change the year end to 31 March 2024. 
 The guidance on line suggest processing all the data for the 12 months to 30 April 2024 (starting with invoices dated from 1 May 2023 onwards) and then moving the start date back to 1 April 2023. I can understand that logic if I only discovered the need for a year end change during the year. 
 But I know now that I want an 11 month period to 31 March 2024. So why can't I move the start date back now and then enter all the invoices up to 31 March 2024? 
 The data will only be seen by myself and used only to file tax returns on the new basis. The returns are in respect of rental income which is always surpassed by expenses, so losses created. 
 Hopefully I can be put out of my misery on this topic - it would be appreciated. 
 Sorry if you have already answerd this question or similar. 
 PS it is a very old version of Sage 50

Andy Rickeard · Accepted Answer

Hi,

Thanks for using Community Hub.

In Sage 50 Accounts the financial year is fixed as a 12 month period, as you suggest you can move the financial year forwards or backwards to have the effect of extending or shortening the year but the software works with a fixed 12 month period that can't be changed.

I suspect you've already seen this article but I'll paste it here in case: How to shorten the financial year

You can suggest a change to the way the software works using the product Ideas Board

If this helps, please click Verify Answer.

Regards,

Andy
Sage UKI

Sage 50 Accounts

shortening financial year

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