{"id":108767,"date":"2022-12-27T05:20:29","date_gmt":"2022-12-27T09:20:29","guid":{"rendered":"https:\/\/www.askforaccounting.com\/?p=108767"},"modified":"2022-12-27T05:20:29","modified_gmt":"2022-12-27T09:20:29","slug":"change-financial-year-sage-50","status":"publish","type":"post","link":"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/","title":{"rendered":"Change Financial Year in Sage 50"},"content":{"rendered":"\n<p>This article has been particularly curated to lay out the correct information regarding the financial year in Sage 50. How to mention the new start date and everything concerning the same.<\/p>\n\n\n\n<p>With Sage 50 accounting software you can only have a financial year of Twelve months. Generally, if the <a href=\"https:\/\/help.accounting.sage.com\/en-ca\/accounting\/reporting\/extra-financial-year-end.html\" target=\"_blank\" rel=\"noopener\">financial year<\/a> has changed then you need to start at a different time, you can easily do it by changing the financial year start date in Sage 50 Accounts.<\/p>\n\n\n\n<p>A detailed step-by-step guide has been mentioned below. Follow the entire article properly to ensure success. The <strong>financial year setting<\/strong> stands mandatory, after the <a href=\"https:\/\/askforaccounting.com\/sage\/sage-50-on-microsoft-windows\/\">installation of Sage 50 Accounts<\/a> to enter the month and the year of the financial start date.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#How_to_Change_Financial_Year-End_Date_in_Sage_50\" >How to Change Financial Year-End Date in Sage 50<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#How_to_Change_the_Financial_Year_Start_Date_in_Sage_50\" >How to Change the Financial Year Start Date in Sage 50<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#How_to_Shorten_the_Financial_Year_in_Sage_50\" >How to Shorten the Financial Year in Sage 50<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#How_it_Financial_Year_Works\" >How it Financial Year Works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#How_to_Recalculate_the_Balances\" >How to Recalculate the Balances<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#To_Run_the_Reports_for_the_End_of_the_Shortened_Financial_Year\" >To Run the Reports for the End of the Shortened Financial Year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#Change_Financial_Year_End_Date_in_Sage_50\" >Change Financial Year End Date in Sage 50<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/#To_Run_the_Year_End\" >To Run the Year End<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Change_Financial_Year-End_Date_in_Sage_50\"><\/span>How to Change Financial Year-End Date in Sage 50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Changing the financial year-end date in Sage 50 is not complex, it\u2019s pretty easy if the steps are performed accurately. It is possible to change your year-end date at any time.<\/p>\n\n\n\n<p><strong>To do the same, follow the steps listed below<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First and foremost step, proceed to select <strong>Business Settings<\/strong> from the Option that says <strong>Settings<\/strong>.<\/li>\n\n\n\n<li>After the subsequent step, proceed to select the option <strong>Accounting Dates<\/strong> &amp; <strong>VAT<\/strong>.<\/li>\n\n\n\n<li>Thereafter, you may need to proceed and select the <strong>last day<\/strong> of your new financial year in the <strong>Year End Date<\/strong> field.<\/li>\n\n\n\n<li>For the final step, at the bottom of the page, hit on <strong>Save<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mcetoc_1fb20tk19f\"><span class=\"ez-toc-section\" id=\"How_to_Change_the_Financial_Year_Start_Date_in_Sage_50\"><\/span>How to Change the Financial Year Start Date in Sage 50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When you change the financial year start date it must be set to the previous year. For example, if you want the new financial year to start in January 2021, set the financial year to January 2020.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First, click on <strong>Settings<\/strong><\/li>\n\n\n\n<li>After that click&nbsp;on <strong>Financial Year<\/strong>&nbsp;then click&nbsp;<strong>Change<\/strong><\/li>\n\n\n\n<li>Next, click&nbsp;on <strong>Yes<\/strong>&nbsp;to the prompt regarding backups and check the data<\/li>\n\n\n\n<li>Thereafter, click&nbsp;on <strong>Yes<\/strong> and then Set the required financial year start month and year.<\/li>\n\n\n\n<li>After the subsequent step, click&nbsp;on <strong>OK<\/strong>, then click&nbsp;on <strong>Yes<\/strong><\/li>\n\n\n\n<li>Finally, click&nbsp;on <strong>OK<\/strong>&nbsp;and then click&nbsp;<strong>OK<\/strong>&nbsp;again to change the year start date.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Now that you are aware of the financial year in Sage 50, let us dig further to know how to shorten the financial year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Shorten_the_Financial_Year_in_Sage_50\"><\/span>How to Shorten the Financial Year in Sage 50<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To learn how to Shorten the Financial Year in Sage 50, first learn all the necessary things mentioned below.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_it_Financial_Year_Works\"><\/span>How it Financial Year Works<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Usually, in Sage 50 Accounts there is a financial year period of Twelve months. There are times when your financial year gets changed, if in case this takes place then you may need to proceed to shorten your financial year. To do the same, you may need to shift the start date back to represent the new end date.<\/p>\n\n\n\n<p>To do this, you need to follow these three steps.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First and foremost, proceed to <strong>prepare<\/strong> for your year&#8217;s end.<\/li>\n\n\n\n<li>After the subsequent step, then change your <strong>financial year<\/strong>.<\/li>\n\n\n\n<li>Thereafter, lastly, <strong>Run a year-end<\/strong>.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Sage 50c Accounts (UK) - Shorten your financial year\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/Xb3YH5lYGlw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Recalculate_the_Balances\"><\/span>How to Recalculate the Balances<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once you proceed to use the Financial year option to change the start date of your financial year the following things take place.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The year-to-date turnover figures for the customers and suppliers are usually, recalculated based on the transactions on your audit trial.<\/li>\n\n\n\n<li>Based on the transactions on your audit trail, the monthly nominal code balances are also rebuilt.<\/li>\n\n\n\n<li>Also, the monthly sales balances on the product records are further recalculated also based on the product transactions.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_Run_the_Reports_for_the_End_of_the_Shortened_Financial_Year\"><\/span>To Run the Reports for the End of the Shortened Financial Year<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\"><figure class=\"wp-block-media-text__media\"><a href=\"https:\/\/askforaccounting.com\/sage\/run-the-profit-and-loss-report-in-sage-50\/\"><img decoding=\"async\" src=\"https:\/\/askforaccounting.com\/sage\/wp-content\/uploads\/2022\/09\/Run-the-Profit-and-Loss-Report-in-Sage-50.png\" alt=\"Run the Profit and Loss Report in Sage 50\" class=\"wp-image-108773 size-full\"\/><\/a><\/figure><div class=\"wp-block-media-text__content\">\n<p>Click on the image to go to <a href=\"https:\/\/askforaccounting.com\/sage\/run-the-profit-and-loss-report-in-sage-50\/\">how to Run the Profit and Loss Report in Sage 50<\/a><\/p>\n<\/div><\/div>\n\n\n\n<p>In case you need to change the financial year to start in January 2021, you need to set the financial year to January 2020.<\/p>\n\n\n\n<p>This change made in the year, would further mean running the standard year-end reports as at end of December 2020. The common reports would be inclusive of the following.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Aged Debtors<\/li>\n\n\n\n<li>Profit &amp; loss<\/li>\n\n\n\n<li>Trial balance<\/li>\n\n\n\n<li>Aged Creditors<\/li>\n\n\n\n<li>Balance sheet etc.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Change_Financial_Year_End_Date_in_Sage_50\"><\/span>Change Financial Year End Date in Sage 50<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Changing the financial year-end date in Sage 50 is not complex, it\u2019s pretty easy if the steps are performed accurately.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"To_Run_the_Year_End\"><\/span>To Run the Year End<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Running the year-end clears profit and loss figures up to and including the year and date, and advances the financial year start date to the required start date.<\/p>\n\n\n\n<p>Here\u2019s how to do it:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>First, click tools and then hit on Clear Period end.<\/li>\n\n\n\n<li>Thereafter, choose Year End and then proceed to hit on Run Year End.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Sage 50 Canadian Edition - Starting a New Fiscal Year #Sage50 #SageCanada #sage50tutorial\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/ue5SG3MtfW0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n","protected":false},"excerpt":{"rendered":"<p>This article has been particularly curated to lay out the correct information regarding the financial year in Sage 50. How to mention the new start date and everything concerning the same. With Sage 50 accounting software you can only have a financial year of Twelve months. Generally, if the financial year has changed then you &#8230; <a title=\"Change Financial Year in Sage 50\" class=\"read-more\" href=\"https:\/\/www.askforaccounting.com\/sage\/change-financial-year-sage-50\/\" aria-label=\"Read more about Change Financial Year in Sage 50\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":108777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"single-with-sidebar","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-108767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sage-accounting"],"acf":[],"featured_image_src":null,"author_info":{"display_name":"Lawrence Flanagan","author_link":"https:\/\/www.askforaccounting.com\/sage\/author\/openfolderbin\/"},"_links":{"self":[{"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/posts\/108767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/comments?post=108767"}],"version-history":[{"count":0,"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/posts\/108767\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/media?parent=108767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/categories?post=108767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.askforaccounting.com\/sage\/wp-json\/wp\/v2\/tags?post=108767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}