Sage Year End Adjustments

Guidance:

For the first year in Silverfin, you will need to post an adjustment in the prior year to bring in the adjustments made in the prior year for the Profit and Loss codes (as normally you would not be able to adjust these in Sage itself if you have already run the year-end routine).

For future years, this will not be required as your adjustments will always be held in Silverfin and will overlay your Sage data to ensure that the Profit and Loss values showing are correct.

For year two onwards, you will process year end adjustments in Sage these will continue to be Balance Sheet only (at the year end date). However as your adjustments will also be held in Silverfin for both the P&L and Balance Sheet, then you will need to post an adjustment in Silverfin to reverse the adjustment posted to the clients Sage otherwise they will be double counted.

Example:

Year 1: (for example 2019) sync and map Sage to Silverfin. Adjustments are done in SF as necessary then year end adjustment journal done on Sage for balance sheet only (at the balance sheet date).

Year 1: (for example 2018) prior year info, SF unravels the Sage year end routine journal for your comparatives, you are required to do a one-off journal adjustment in SF for the P&L items adjusted for in the prior year.

Year 2: (for example 2020) Sage sync will remain and only new codes need mapped in SF. Again adjustments are done in SF as necessary then year end adjustments journal done on Sage for balance sheet only.

Year 2: (for example 2019) prior year, SF will again unravel the Sage year end routine journal for comparatives but also holds the full P&L and BS journals, therefore an adjustment in SF is needed to reverse the year end adjustments journal posted to Sage otherwise they would be double counted.