New year in Accounting Start GB

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I started using Accounting Start in January 2023. I have run the reports I need for year ended 31/12/23. I have changed the Financial Year end to 31/12/24. When running reports for January 2024 month end I find that P&L categories show as opening balances the total for the previous year, instead of a zero balance. How do I sort this?

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    SUGGESTED

    Hi Fergus,

    Thanks for using Community Hub.

    In Sage Accounting, your profit and loss figures are calculated based on the variance between the opening and closing balances. Sage Accounting does not clear your profit and loss figures from the ledger accounts and instead has opening and closing balances. Your reports will always show the correct profit and loss figures. 

    If this helps, please select Verify Answer.

    Regards,
    Steven Kay
    Sage UKI