Have you been thinking of closing your present financial year, to begin with, the new calendar year? But, don’t know how to proceed with the process. Don’t need to feel concerned as we can help you in understanding the concept of the Sage 50 accounts year end.
This article explains in detail the process of performing proceedings of a financial year end in Sage 50 accounting software application.
Before you decide to proceed with the processing of Sage 50 accounts year end, please keep in mind the following facts:
- First and foremost thing that you need to confirm is that you have recorded all the unsettled transactions for the year which you are intending to close.
- You even have to take into account any sort of adjustments made by your certified accountant.
- In case, you usually end your accounts at the end of every month then ensure you must complete the process as you do normally.
- On the other hand, if you or your certified accountant may need some of there ports of the present financial year such as balance sheet, profit and loss statement, trial balance sheet reports in future, then ensure you take out the prints of all the required reports beforehand.
Note: If you have questions regarding processing of Sage 50 accounts year end, speak to our Accounting Problem Sage 50 tech support team member to get answers to your queries.
How can you Process the Year End Proceedings
To process the year end proceedings, you have to perform the given steps:
- Navigate to Settings option > look for Modify Program Date> Fill in the last date of your fiscal year and hit on the OK button
- Select Tools and indicate the Period End and after this just press Year End tab.
- Go to Check Data. In case, you discover that you are experiencing data related issues then please consult Sage experts to resolve this problem. Press the Close tab.
- Hit it off the Check COA option, then press on the OK tab, select Backup, press OK button twice.
- You can generate an archive of your confidential information. If you wish to do so, then you have to tick mark the Archive checkbox when you asked.
- In order to create a fiscal plan for your new financial year, you have to mark the checkbox that you will see next to the Budgets option and select your budget preferences depending on your business requirements.
- Confirm the date of the year you intend to close down.
- You may have to provide the lock date provided the same is needs to be done.
- After this, just tap on the Run Year End button and when prompted press on Yes option. Press OK to proceed.
- Lastly, you have to choose in which way you intend to have a resulting report and press the OK button two times.
Once you are done with the processing of the year end proceeding, you have to verify whether the starting date of your fiscal year is accurate or not:
For this, you have to perform the given below simple steps:
- You have to navigate to the menu bar, then select the Settings option and from the drop down list click on the Financial Year.
- Now, you need to cross check twice whether the date displayed it is right or not. In case, you find the period displayed there is not the one you wish to be then you have to rectify it at this point in time before you decide to move further.
- If you find it difficult to change the date at this point, please consult Sage experts for immediate assistance.
Double Check the Carried Forward Trial Balance
To double check whether carried forward trial balances is correct or not, please perform given steps:
- Navigate to Nominal codes >select Trial Balance.
- Go to Preview> Click on Period pull down list and select Carried forward option.
- Press OK and confirm whether the profit and loss nominal codes have any balance or not. There should not be any balance.
Edit your Program Date
To edit your program date, please follow the given steps:
- Go to menu bar, select Settings and select Modify Program Date.
- Provide the present date then press OK.
Final Words :
Are you seeking instant help for processing your Sage 50 accounts year end? Users can talk to our Accounting Problem Sage 50 help support team on or you can also contact us through our Sage 50 chat support option.
👉 Frequently Asked Questions
Why is it essential to close the previous year in Sage 50 and post a Closing Entry?
A closure post is a record performed at the conclusion of an accounting cycle that transfers data from adjusting entries on the financial statements to account when it comes on the accounting records. Revenue, costs, and dividends are examples of temporary accounts, which must be shut at the conclusion of the fiscal term.
The closure entry’s goal is to restore the temporary accounting records here on ledger accounts, the corporation’s economic data data system, to 0.
Temporary accounts should be used to capture accounting activities that occurred during a certain time period. Because income and cost accounts are recorded in limited time periods so are not continued over into another future, they must all conclude with both a zero balance. For instance, $100 in income this season does not count as $100 in earnings after this year, even though the money was being used in the following twelve months.
When and how to Purge Data in Sage 50 while closing accounts at year end?
Purging is indeed the procedure of deleting dormant clients, vendors, workers, contracts, bids, bills, purchases, and everything else from a company’s records; normally, information is deleted after the calendar year has ended. Purging minimizes the amount of a company’s documents and provides additional vital hard drive space for present and operational information. To preserve disc space following the end of a fiscal year, this is frequently suggested. The Sage 50 Purge tool is used to remove data from the system.
There is generally no requirement to terminate a financial year at the end of the final accounting cycle. Sage 50 maintains 2 years of transaction history available at the same moment. If your financial year is divided into 12 financial periods, for instance, time 13 would be the first unit of the next full financial year. Unit 24 is the final session of the financial year’s second period.
What is the year end wizard in Sage 50?
Sage 50 defines a financial year as the year that the general transaction records events that happen. Sage 50 maintains 2 years’ worth of ledger accounts payment transactions open at the same time. Every financial year will have the same amount of different periods that you selected when you first set up your organization. Traditionally, when you input deals, you change accounting periods. Fiscal years are not needed to originate at the commencement of the calendar season. Some businesses, for instance, may begin their fiscal year on July 1 and conclude it on June 30.
The Year-End wizard guides you over all the steps of winding off your first opened financial year, payroll year, or even both. At each stage of the procedure, the wizard clarifies your choices and informs you of the ramifications of each decision you could choose.
