Future Year Reporting

Surf Accounts has introduced a new feature of “Future Year Reporting”. We have resigned the reporting layout because when the current date goes beyond the ‘Current’ year you can see the “Next” year’s reports if they have had gone a year -end and the ‘Next’ year were current. This function will allow you see the brought forward – retained profit without carrying out a year- end before you finalise the accounts by locking all the transactions.

To introduce this facility, we have added a new option in the “Trial Balance Report”, “Periodic Trial Balance Report” and “P&L Balance Sheet Report”. Under the ‘Advance’ option of the reports a new option has been introduced as “Show Future Opening Balances”. By default, this option will be ticked.

For illustration, see below:

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Please note while you generate the report, select the next period range. For e.g. if the transaction has been carried out during January 2016- December 2016, select the date range as January 2017- December 2017 in the report section.

  • New Enhanced Report layout:

On Trial Balance, Periodic Trial Balance and Profit and Loss, Balance Sheet we have introduced a new option “Show Future Opening Balance” under the ‘Advance’ menu.  

For illustration, see the image and the figure table.

Documentation_on_Future_Period_Reporting_IMAGE_2.jpg

See the below table for the details:

Code Description Financial Period Amount
771 Sales ledger control January 2016 – December 2016 69,876.02
771 Bank Current Account January 2016 – December 2016 2,689.64
812 Purchase Ledger Control January 2016 – December 2016 18678.10
845 VAT control account January 2016 – December 2016 10,034.82
991 Retained profit- brought forward January 2017 – December 2017 -43,852.74

Table 1: Details of the amount of the codes for the financial year January 2016- December 2016

Select the ‘Advance’ option from the Report. The “Advance Settings” pop up will appear. Select the new option “Show Future Opening Balances” and select update.
Documentation_on_Future_Period_Reporting_IMAGE_3.jpg
While running the report, select the period range as January 2017- December 2017 as ‘Next’ year.
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All the figures appearing against the account code 711, 771, 812, 845 and 991 matches with the Chart of Accounts.

Code Description Financial Period Amount
771 Sales ledger control January 2017 – December 2017 69,876.02
771 Bank Current Account January 2017 – December 2017 2,689.64
812 Purchase Ledger Control January 2017 – December 2017 18678.10
845 VAT control account January 2017 – December 2017 10,034.82
991 Retained profit- brought forward January 2017 – December 2017 43,852.74

When the option is ticked, and any future years are being reported, a virtual OB journal should be calculated from "Current" year values, and added to the "Next" year values.

The calculation of the virtual O/B journal should be the same as is done at year-end (Accumulating P&L values to Retained Profit, transferring balances to year-end codes).

Please note that the "Next" year values include the virtual O/B journal of 771 (Sales ledger control) and differences of 991 (Retained profit- brought forward) and 711 (Bank Current Account) of the current year will be posted 991 (Retained profit- brought forward).

 
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