Summary
Description
In this article, you will learn how to print your financial year-end reports in Sage accounting
Resolution
NOTE: Before closing your year, ensure you've entered all your transactions up to and including the last day of the year. If you run any month-end procedures (for example, posting prepayments and accruals or depreciation), post them as normal.
We recommend running the following reports but you may also check with your accountant if more reports are needed:
PROFIT AND LOSS - STANDARD
- Click on Reporting and choose Profit and Loss - Standard.
NOTE: We recommend running this report for your entire financial year. - Choose the option This Financial Year from the Period drop-down menu
- Then click Calculate
The report shows the value of sales, expenses, and overheads and the resulting Gross and Net profit/loss for this fiscal year.
It can be exported to PDF or CSV format and printed from there. - Click on the Export button in the top right corner and select PDF
The file will open in a new tab where you can save or print.
BALANCE SHEET
Next, let's run the balance sheet report.
- Go to Reporting then select Balance Sheet report
NOTE: Like the P&L report, it is recommended to run the Balance sheet report to the last day of your fiscal year - Select or enter the last day of your fiscal year in the To field to generate the year-end numbers.
- Now click Calculate
The report displays the worth of your business, including the company assets, liabilities and equity from the start of trading to the end of the fiscal year. - Select the Export button on the top right-hand corner and choose to export via CSV or PDF
The file will open in a new tab where you can save or print.
TRIAL BALANCE
Finally, let's generate the Trial balance report
To do this,
- select Reporting from the top menu
- then choose Trial Balance
The trial balance report provides a comprehensive view of all ledger accounts, including balance sheet and profit and loss accounts
NOTE: - Select As Of from the Period field to display the results
- Then enter the first day of your new fiscal year in the date field
- Check off the Summarize retained earnings values
- You can also Check off Hide Accounts with Zero Balance to simplify the report
The report will display all the ledger accounts balance as of that date, with a line showing your Calculated Retained Earnings and with all your Revenues and Expenses account at a zero balance.
This method does NOT do any journal entry, it just calculates the retained earnings for you through the report. You will also be able to run a comparative report moving forward. If you choose to make a journal entry to close the year manually, your profit and loss comparative report will not show any data for every previous year.
EXAMPLE: If your fiscal year ends December 31st 2024, you should run the report As of January 1st 2025.
CAUTION: It is important to note that when generating the Trial balance report when selecting the As of option in the period field and entering the required date, check off the Summarize retained earning values option to see the current year balances as at the date entered.
If this option is NOT checked off, the trial balances will display balances from the start of the accounts to the selected date.
To learn more watch the video Sage Accounting - Printing year-end reports