How to deal with a long accounting period

Step One - Set Up Two Return Periods

1. Set up a return period to cover the first twelve months followed by another one to cover the remaining months.

If you are completing the Profit Adjustment within the program the software can apportion the figures between the two periods.

Step Two - Apportioning the Profit Adjustment Figures

1. Open the first return by highlighting the 12 month period and clicking View.

2. Click on the fanned pages icon next to question 155 on page 2 of the return.

This will open the Adjustment to Profit screen. In the top left-hand corner select Extended Accounting Period and enter the overall end date, that is, the end date of the second period, in the box Extended Period Ends.

3. Close the first return and open the second (short) return.

4. Click on the fanned pages icon next to question 3 on page 2 of the return.

5. This will open the Adjustment to Profit screen. In the top left-hand corner select Use Adjustment from previous extended period.

The returns are now linked and any figures entered onto the profit adjustment of the first period will be apportioned between the two returns.