Watch our Sage 300 General Ledger Financial Year End Procedures demonstration below. Get ready for the new fiscal year!
One of the most important things you can do before starting the year end closing process is to backup your data. Here’s how to do it in Sage 300:
Here’s a collection of tips and video tutorials that we think will help you with a smooth year end closing process and to get you ready for a fresh start in 2017.
This collection of video clips demonstrates various year end closing procedures in the General Ledger.
Create a New Fiscal Calendar
Lock and Unlock Fiscal Periods
Post all Current Transactions in GL
Backup Data Separate Folder/Location
Print Trial Balance & Financial Reports
Create a New Year
Print Posting Journals
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:
Take advantage of this free and valuable resource!
Checklists are great for helping you keep things on track and to ensure processes are executed in the right sequence. That’s why Sage provides helpful year end checklists that are built right into Sage 300. To access the checklists:
For companies running the payroll module, here are answers to a couple of frequently-asked questions along with helpful instructional videos to help prepare for year end.
When do I close the 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. 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 (U.S.) or T4s (Canada) 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 previous year as the Payment Year.
How to Print W-2 Forms (U.S.)
How to Print T4 Forms (Canada)
During year end processing, some companies discover that certain GL accounts were incorrectly set up using the wrong Account Type.
For instance if Income Statement accounts were set up as Balance Sheet accounts, these accounts would not close to Retained Earnings after running Create New Year. In other words, the accounts would still have a beginning balance in the new year.
If you find yourself in that situation, here’s how to resolve it.
NOTE: Do not run the Create New Year function again. The system will recognize the entry is posted to a prior year and will update the Retained Earnings account.
Be sure to Contact Us if you need help with this or any other issue with your Sage 300 software.
Starting with Sage 300 Version 6.0, you have the ability to lock or unlock fiscal periods individually for each module (in versions prior to 6.0, you can only lock or unlock all modules at once).
This capability in Sage 300 makes it easier to lock down modules in the proper sequence and prevent unexpected errors during year end processing.
It's important to understand how transactions flow through Sage 300 before you begin locking fiscal periods for individual modules.
The Preparing to Lock Fiscal Periods video on YouTube provides important information that you should review prior to locking fiscal periods.
After you review the set up and workflow information, you’re ready to use the fiscal calendar to begin locking and unlocking fiscal periods. Here are some general best practices to keep in mind:
Watch the Locking Fiscal Periods video on YouTube for step-by-step instructions.
Session was be held on:
Wednesday, December 14, 2016 at 11:00am PST / 2:00pm EST.