--- title: 3 Major Ways to Master Year-End Accounting Prep in Sage 300 for a Great New Year description: Tackling your year-end accounting in Sage 300 is a snap and we'll help you get ready with 3 great tips that can guarantee a successful new year kick-off. image: https://www.equationtech.us/hubfs/Blog-graphic-Year-End-Prep-in-Sage-300.jpg --- [866.436.3530](tel:+8664363530) | [** Customer Portal Login](https://na.myconnectwise.net/support/index.htm?Company=equationtech) [Speak With an Expert](https://www.equationtech.us/speak-with-an-expert) [![Equation Technologies - Sage Business Partner | San Diego](https://www.equationtech.us/hs-fs/hubfs/Redesign_Images/logo.png?width=230&name=logo.png "Equation Technologies - Sage Business Partner | San Diego")](https://www.equationtech.us/) - [Sage Services](https://www.equationtech.us/sage-services) - Products We Support - [Sage 300](https://www.equationtech.us/sage-services/sage-300-cloud) - [Sage Intacct](https://www.equationtech.us/sage-services/sage-intacct/) - [Sage CRM](https://www.equationtech.us/sage-services/sage-crm) - [Sage Payroll](https://www.equationtech.us/sage-services/sage-payroll) - [Sage HCM](https://www.equationtech.us/sage-services/sage-hcm-software) - [Sage FAS](https://www.equationtech.us/sage-services/fixed-assets) - [Sage Intelligence](https://www.equationtech.us/sage-services/sage-intelligence) - [Sage Enterprise Intelligence](https://www.equationtech.us/sage-services/sage-enterprise) - Services We Offer - [Software Selection](https://www.equationtech.us/software-solution-selection) - [Implementation](https://www.equationtech.us/sage-services/erp-implementation) - [Customization](https://www.equationtech.us/sage-services/customization) - [Support](https://www.equationtech.us/sage-services/support) - [Training](https://www.equationtech.us/sage-services/sage-training) - [Sage Cloud](https://www.equationtech.us/sage-services/hosting) - [Upgrades](https://www.equationtech.us/sage-services/upgrades) - [Extend Sage](https://www.equationtech.us/sage-integrations) - [Magento eCommerce](https://www.equationtech.us/sage-integrations#magento) - [ADP](https://www.equationtech.us/en/sage-300-sage-intacct-payroll-powered-by-adp) - [Aloha POS](https://www.equationtech.us/sage-integrations#aloha) - [Salesforce](https://www.equationtech.us/sage-integrations#salesforce) - [TimeClockPlus](https://www.equationtech.us/timeclockplus) - [Other Solutions](https://www.equationtech.us/other-solutions) - Industries - [Distribution](https://www.equationtech.us/distribution-management-software-solution) - [Education Nonprofit](https://www.equationtech.us/education-nonprofit-accounting-software) - [Financial Services](https://www.equationtech.us/financial-services-software) - [Franchise](https://www.equationtech.us/franchise-management-software) - [Healthcare](https://www.equationtech.us/healthcare-finance-software) - [Hospitality](https://www.equationtech.us/hotel-restaurant-accounting-software-solutions) - [Metal Processors & Distributors](https://www.equationtech.us/erp-for-metal-industry-businesses) - [Nonprofit](https://www.equationtech.us/nonprofit-accounting-software) - [Professional Services](https://www.equationtech.us/professional-services-software) - [SaaS & Technology](https://www.equationtech.us/erp-software-for-technology) - [Resources](https://www.equationtech.us/sage-software-resource-library) - [Technology Blog](https://www.equationtech.us/technology-blog) - [Training](https://www.equationtech.us/sage-services/sage-training) - [Online Videos](https://www.equationtech.us/sage-300-erp-accpac-tutorial) - [Case Studies](https://www.equationtech.us/case-studies) - [About](https://www.equationtech.us/about-us) - [Meet The Team](https://www.equationtech.us/management-team) - [Partners](https://www.equationtech.us/partners) - [Careers](https://www.equationtech.us/careers) - [Contact](https://www.equationtech.us/contact) This is a search field with an auto-suggest feature attached. - There are no suggestions because the search field is empty. # 3 Major Ways to Master Year-End Accounting Prep in Sage 300 for a Great New Year ![technology blog](https://www.equationtech.us/hubfs/Blog-graphic-Year-End-Prep-in-Sage-300.jpg) **twitter **linkedin **facebook When the year draws to a close, and you're looking ahead to what's next, you know year-end accounting needs to be wrapped up before your company can move on. Accounting departments find themselves knee-deep in critical year-end preparations, and it can become overwhelming without the right tools for the job. With [Sage 300](https://www.equationtech.us/sage-services/sage-300-cloud), you have access to comprehensive tools and we're going to guide you through 3 key ways to improve your year-end: the must-have reports, streamlining your year-end payroll, and starting a new year in Sage 300. ## Recommended Reports for Year-End Accounting Once your year-end closing is completed, it’s a good idea to print and keep the following reports. Though we're in the digital age, a paper trail can still be necessary at times and these recommended reports provide an overview of all closing transactions as well as your company’s financial status: ###### 1. Batch Status Shows all of the activity that has taken place during year end closing, including the number of transactions and the total debits and credits posted. ###### 2. Posting Journals An audit trail of all transactions posted during the year-end, ensuring a transparent record of financial activities. ###### 3. Balance Sheet This critical report shows the company’s assets, liabilities, and shareholder’s equity, and opening balances carried over from the previous year. ###### 4. Trial Balance Shows all the opening balances for the new year. Note that all the income statement accounts should display as zero. ###### 5. Transactions Listing This report reveals all entries posted to the G/L, including all net changes, balances, and transaction details for all accounts within the range of the fiscal year. With these reports in hand everyone should have a clear picture of your business' financial health. You'll also be ready for any questions since you'll be on top of everything. If you're looking for more in-depth instructions on printing these year-end accounting reports, [here's a video guide to check out](https://www.youtube.com/watch?v=1Sh4AsNpHpM). ## Streamlining Year-End Payroll Processing Another big part of the year-end close is processing your payroll, so, for companies running the Sage 300 Payroll Module, we've gathered some answers to the most frequently asked questions to clarify the process for you. ###### When Do I Close The Payroll Year? You never close the year. Continue processing payrolls as you do all year long, entering period-end dates in the new year as you cross the calendar year boundary.  You can also use this time to do a bit of easy tidying. After you have completed all of the previous year’s year-end processing and made backup copies of the data, you can run Delete Inactive Records to remove terminated employees and other obsolete information from your data. ###### Can I produce W-2s or T4s after processing payrolls for Jan 1? Yes. The program allows you to start processing payrolls for Jan. 1 and later produce W-2s/T4s for the previous year without any additional procedures. When you produce W-2s/T4s, select the previous year as the Payment Year. ###### Is there a limit to the number of W-2s or T4s that can be printed? No. You can print the W-2 forms or T-4 slips as many times as you need. ###### Helpful Links and Videos Those answers should clear up some of the most common questions. For those of you looking for more info, we've put together a few links that get a bit deeper into the payroll process: - [Sage 300 Payroll Updates ](https://support1.na.sage.com/selfservice/viewdocument.do?noCount=true&externalId=45424&sliceId=1&cmd=&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl&noCount=true)Check in on the latest updates for your version of Sage 300. - [How to Download and Install Payroll Tax Updates](https://us-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=224924850072564) Step-by-step instructions and supporting video to guide you through using a new Payroll file. - [How to Print W-2 Forms](https://www.youtube.com/watch?v=_2U1V6as_Xg) For US teams, Sage's video goes over how you can get your year-end W-2 forms printed and ready to go. - [How to Print T4 Forms](https://www.youtube.com/watch?v=Trv3EZWdOj4) For Canadian teams, Sage put together a video that details printing and filling out the necessary details on a T4. ## How to Start a New Year in Sage 300 Now that you have your year-end accounting reports printed and processed payroll, the final big-ticket item to prepare for the upcoming year is to start a new year. Sure, that seems a little on the nose but it's a vital piece of the puzzle to get right. To help you nail it, we have a step-by-step guide for Sage 300 that is foolproof. ###### Step 1: Users Log Out Verify that all users are logged out of the system. ###### Step 2: Create a Backup of Your Data Refer to the instructions [in our last blog](https://www.equationtech.us/sage-accpac-blog/our-year-end-accounting-checklist-for-sage-300-6-great-tips-to-help) to complete this step. ###### Step 3: Create a New Fiscal Year If desired, you can also [lock fiscal periods](http://help.sage300.com/en-us/2017/web/Content/CommonServices/FiscalCalendar/AboutLockingUnlockingFiscalPeriods.htm). Creating a new year in Common Services allows you to start posting transactions to the new year. ###### Step 4: Check Data Integrity Use the [Data Integrity tool](http://help.sage300.com/en-us/2017/web/Content/AdministrativeServices/DataIntegrity/CheckingDataIntegrity.htm) to check for errors in your data. ###### Step 5 (Optional): Complete Year-End in A/P If you want to reset the batch number for Accounts Payable (A/P), you’ll need to perform a year-end in A/P after posting all transactions for the current year, and before posting transactions for the new year. ###### Step 6 (Optional): Year-End in A/R Similar to A/P, you’ll need to perform a year end in Accounts Receivable (A/R) if you want to reset the batch number. To make sure the transition is as smooth as possible, [check out Sage's video](https://youtu.be/MmOdmagQIAQ) guide for more detailed instructions on starting a new year in Sage 300. Following this guide should set you up for success. You'll be ready to ease into year-end closing and kickstart the new year in Sage 300 by using our best practices to enhance efficiency and accuracy in your financial processes. Don't stumble through another year-end close, scratch your head over payroll processes, or fret over starting your New Year in [Sage 300](https://www.equationtech.us/sage-services/sage-300-cloud). If there's anything else you need, [reach out to our experts](https://www.equationtech.us/contact), and here's to your successful year-end and a prosperous new year! ### Related Articles ##### [Thinking About Moving from Sage 300? Here’s What Nonprofits Need to Know](https://www.equationtech.us/sage-accpac-blog/thinking-about-moving-from-sage-300-heres-what-nonprofits-need-to-know) Sage 300 ERP for nonprofits has served organizations well, but requirements have changed. For a... ##### [Sage 300 & Windows 10 End of Life: What You Need to Know](https://www.equationtech.us/sage-accpac-blog/sage-300-windows-10-end-of-life-what-you-need-to-know) There’s been a lot of conversation lately around Windows 10 end of life and what that means for... ##### [From Start-Up to Quarter Billion – How Sage 300 Scaled Success](https://www.equationtech.us/sage-accpac-blog/from-start-up-to-quarter-billion-how-sage-300-scaled-success) We also have a [video version](https://drive.google.com/file/d/1ssdM9iHt6Wz86A-VDvAER03NdXkAodg9/view?usp=sharing) of this article, where you can hear directly from one of our ERP... ## Need Help Now? 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