Our Year End Accounting Checklist for Sage 300: 6 Great Tips to Help

The year-end happens every 12 months, whether your business is ready or not. If you're working with Sage 300, though, we know how to help you feel prepared and close the year with confidence. When you build a thorough process, the year-end can be transition seamless. So, let's dive into our year end accounting checklist of 6 quick, invaluable tips and some resources that can help you make that happen.

1. Check Your Version Number

This item may seem like a no-brainer, but it's easy to get caught off guard! Closing procedures can vary depending on the version of Sage 300 (or “Accpac”) you’re currently running. Check your version number and service pack before starting year-end processing.

2. Create a New Fiscal Calendar

It may make some things simple when Sage 300 allows you to begin entering transactions for the new year without closing out the current year. Simply create a new fiscal calendar in Common Services > Fiscal Calendar and then click the New icon. If the period date ranges are correct, then Save the year. Do this before entering transactions for the subsequent year to keep things organized.

3. General Ledger Closing

While it’s a good idea to close modules in a timely fashion, your General Ledger (GL) can remain open as long as you need while awaiting final processing (or audit adjustments) in other modules. Don't cave to the pressure to tie things up too quickly and give yourself room to breathe while receiving everything you need, and then double-check you're ready to close the GL.

4. Check Data Retention Settings

Sage 300 will retain historical data based on your software version and the settings you’ve configured in each module. So it’s a good idea to review all module and system settings to avoid the unintended loss/purge of important data during year-end close. In particular, check GL Options to see how many years of history your system is set up to retain.

5. Remember, We're Here to Help

You don't need to go it alone. As you begin year-end closing procedures and prepare to start fresh in the new year, be sure to contact us if you need help. As your software and technology partner, we’re here for you.

6. Back-Up Your Data

This final tip of our year accounting checklist is a big one: before you begin any year-end process, be sure to execute a complete backup of your database. You should also test the backup to ensure it was successful and the data is readable. The only way to “reverse” year-end processing is to restore your data from a backup. So, do it now! The irreversible nature of year-end processing makes this step vital.

To make sure you know how to go about it and have it down right, here's how you can do it in Sage 300:

1. Click the Start button, highlight Programs, then Sage, and click Database Dump.
2. Type the password for the Admin user in Sage 300, then click the OK button.
3. Click to highlight the database that you want to Dump. Click the Set Directory button to enter the location where you want to save the files.
4. Click OK. You'll return to the Dump Sage 300 Data screen.
5. Click the Dump button to proceed. A confirmation message will appear. Click OK to continue.
6. A Dataset Description screen will display in which an optional description of the database may be entered. Enter a description, then click Done.

To get an even more in-depth look at the process, check out our video that goes through the above in Sage 300 step-by-step on YouTube.

The Resources You Want

Beyond the great advice in our year end accounting checklist, there are some great spots across the internet where you can stop for even more support. We've collected a couple of our favorites for you to check out.

Sage 300 Year-End Center

Sage has created a Year-End Center that provides valuable resources that can help guide you through a smooth year-end closing process in Sage 300, including:

• Year-end tips, articles, and checklists
• Video tutorials
• Online Q&A and discussion forum
• Live chat with tech support
• Tax forms, payroll, and reporting guidance
• Product announcements and year-end tax updates

These free resources are incredible, so take advantage of them by visiting the Year-End Center.

Review Year End Processing Checklists

As you can see, we’re a fan of checklists. They’re great for helping you keep things on track and to ensure processes are executed in the right sequence. Here’s how to access year end processing checklists that are built right into Sage 300:

For newer versions:

1. Log on to your Sage 300 system.
2. From the Task Ribbon, click Help, then Product Documents.
3. Browse the version of your product, then select Checklists.
4. Click the link called Year-End Procedures.

For older versions:

1. Log on to your Sage 300 system.
2. From the menu bar, click Help and then Documentation.
3. Browse the ENG folder.
4. Find the PDF called "Sage300ERP_Checklist_YearEnd.pdf".

The coming year is full of new experiences and exciting possibilities, so don't let your business get bogged in last year's close. In order to make the most of the new year and hit the ground running, a smooth year-end transition in Sage 300 is crucial. Use our year end accounting checklist and leverage the resources provided to make sure that happens. Preparing yourself with thorough back-ups, support from your software partner, understanding the nuances of GL closing, and confirming you're in a new fiscal calendar and the version of Sage 300 working with can all but guarantee a successful year-end. We look forward to seeing how your business grows in the coming year!