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After a Year end, Nominal P&L Balances have gone to the wrong year end account

Updated over 2 months ago

This will be caused by a profit and loss account, Major heading code nominal account having a Year end code set to a wrong Nominal code, as such when a Year End is run the profit and loss account is cleared down into that wrong account.
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To resolve, you will need to journal the values from the incorrect Nominal Year end account into the correct Nominal Year end account.
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After that you will need to change the year end code on the Nominal account so it is cleared down correctly next time. To do this:

  1. Click Financials, Accounts

  2. Select the Account that needs amending

  3. Click Edit

  4. On the Settings tab, update the P&L Year End Code to required Nominal Account

  5. Click Save.

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