John, don’t cancel or edit the bank payments or it will mess with the bank reconciliation, VAT return and year end postings. The journal I suggested will fix it. Without wishing to be rude, I do think you need an accountant.

Anita

Thanks for your time Anita and you are probably right about the accountant.

I do have a very experienced chartered accountant helping me to file, but as he is corporate, he has no knowledge of Sage.

I'm doing my best to work my way through it and your help has been invaluable.

best regards, John

I got there in the end Anita. It was the confusion between revenue and balance sheet items that threw me.

I had thought balancing off these amounts with the P&L nominal would affect my profits for the year, but this ledger is a balance sheet item and as the accruals moved across, my assets increased, as this was no longer a liability. The year end profit was unaffected, since the amount had already been taken from the bank account, thus reducing my annual profit.

But many thanks. Your tutelage was invaluable to get me thinking in the right direction.

best regards,

John

I got there in the end Anita. It was the confusion between revenue and balance sheet items that threw me.

I had thought balancing off these amounts with the P&L nominal would affect my profits for the year, but this ledger is a balance sheet item and as the accruals moved across, my assets increased, as this was no longer a liability. The year end profit was unaffected, since the amount had already been taken from the bank account, thus reducing my annual profit.

But many thanks. Your tutelage was invaluable to get me thinking in the right direction.

best regards,

John