Year End Tips and Resources

Posted by EQ Tech on Mon, Dec 16, 2019

6 Tips for a Successful Year End Close

1. Back Up Your Data - before you begin any year end process, be sure to execute a complete back up of your database. You should also test the back up 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!

2. Check Your Version Number - 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.

3. Create a New Fiscal Calendar - 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 2020.

4. General Ledger Closing - While it’s a good idea to close modules in a timely fashion, your General Ledger can remain open as long as you need while awaiting final processing (or audit adjustments) in other modules.

5. 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.

6. Remember, We’re Here to Help - As you begin year end closing procedures and prepare to start fresh in 2020, be sure to contact us if you need assistance. As your software and technology partner, we’re here to help!



How to create a database backup in Sage 300

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:
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.

Watch this Sage 300 backup video demonstration on YouTube to see the full process step-by-step.


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

Take advantage of this free and valuable resource!

Visit Year End Center


Review Year End Checklists

Checklists are 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:

Newer Versions of Sage 300:
1. Logon 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

Older Versions of Sage 300:
1. Logon 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


Sage 300 Payroll FAQs and Tutorial Videos

For companies running the payroll module, here are answers to frequently-asked questions along with some helpful instructional videos to help prepare for year end.

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.

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.

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:
Sage 300 Payroll Updates (Downloads Page)
How to Download and Install Payroll Tax Updates
How to Print W-2 Forms (U.S.)
How to Print T4 Forms (Canada)


Recommended Reports To Print For Year End

After year end closing is completed, it’s a good idea to print and keep the following recommended reports that provide an overview of year end closing transactions as well as your company’s financial status:

 

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.

Posting Journals
An audit trail of all the transactions posted for year end.

Balance Sheet
This critical report shows the company’s assets, liabilities, and shareholder’s equity, and opening balances carried over from the previous year.

Trial Balance
Shows all the opening balances for the new year. Note that all the income statement accounts should display as zero.

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.

Video: Instructions for Printing These Year End Reports


How To Create A Database Backup In Sage 300

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:
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.

Watch this Sage 300 backup video demonstration on YouTube to see the full process step-by-step.


How To Change GL Accounts That Were Set Up Incorrectly

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.
1. Ensure the option Allow Posting to Previous Years is selected.
2. Create a new GL account with the correct Account Type (Income Statement).
3. Create a GL entry to transfer the balance from the old account (Balance Sheet) and into the new Income Statement account.
4. Select period 12 and the fiscal year in which the entry is intended to be posted.
5. Mark the old Balance Sheet account as Inactive so no additional entries can be posted to this incorrect account.
6. Repeat steps 2 through 5 for each account that was set up incorrectly as a Balance Sheet account.

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 get in touch if you need help with this or any other issue with your Sage 300 software.


How To Edit 1099 Vendor Codes Or Amounts

At some point during year end processing, you may discover that the 1099 codes or amounts you’ve recorded for a vendor need to be edited or adjusted.

To Change a 1099 Code:
1. Go to A/P Vendors and select Vendors
2. Select the vendor with the issue
3. Click on the Invoicing tab
4. Choose the correct 1099 code
5. Click on Save and then Close

To Allow Editing of 1099 Amounts:
1. Go to A/P Set Up and select Options
2. Select Transactions Tab
3. Check of Allow Edit of 1099/CPRS Amounts
4. Click Save and then Close

To Update a Vendor’s 1099 Amount:
1. Go to A/P Vendors and choose A/P 1099/CPRS Inquiry
2. Filter to Vendor(s)
3. Filter to the incorrect 1099 Code
4. Click on the double arrows (Go option)
5. Note the information for all entries listed
6. Filter to the correct 1099 Code
7. Click on the double arrows (Go option)
8. Press the Insert key to add a new line
9. Enter the appropriate information for the detail line
10. Repeat the previous 2 steps for each detail line
11. Filter to the incorrect 1099 Code
12. Click on the double arrows (Go option)
13. Press the Delete key to remove the incorrect detail lines individually

Topics: Sage 300 (ACCPAC)

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