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Should i do adjustments at every month end???

  • 47 posts
  • # 104124

I'm currently working on a full years worth of accounts & wanted advice on if i should be calcuating all accruals & pre payments monthly, or just at the year end? apparently there is a way to set up sage to do this automaticly, has anyone else done it that way? thanks in advance for all input.
  • Practice Licence
  • 61 posts
  • # 104128

Hi

in Sage you can set up recurring items for regular payments. Just click on Bank and Recurring Items. Then you add the payment and it's frequency etc, etc.

Jo
  • 47 posts
  • # 104130

ok, thank you jo :-)
  • Member
  • Practice Licence
  • 11 posts
  • # 104135

If you are preparing year end accounts, you only need to post the relevant pre-payments and accruals that apply for the year end.  If you are producing monthly accounts (i.e. management accounts) then you would want to post pre-payments and accruals monthly.  You can set sage to do these for you automatically, but I prefer to calculate them myself each month.
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