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Year End in Sage 300 is a simple process. There are a few things involved but the timing of them is pretty much up to you. The following assumes a calendar fiscal year but the steps are the same if your Fiscal Year does not end on December 31.
- Create the new year in the Fiscal Calendar. This can be done at any point but must be done before any sub-ledger transactions can use a date in the new year. Most people do this by mid-December.
The create New Year function closes the Income Statement Accounts to retained earnings and potentially deletes old Fiscal Sets (used for financial reporting) and old GL detail transactions (no sub-ledger data is touched). Most people run this within the first couple weeks of January but it can be run at any time.
You will not be able to post GL entries for the new year until this process is complete. THIS IS OK. The GL batches can sit unposted until you are ready to close the year.
- Ensure that the prior year’s Closing Period and Period 12 (for GL) are unlocked – this will allow the Income and Expense account automatic closing entries to post.
- Optional: Confirm settings – if the Current Fiscal Year is the same as the calendar year (2017 at the time of this writing), then the year has already been closed. Note: the sample date is set in 2020.
- Recommended but not required: It is a good idea to confirm account types. Balance sheet accounts should be tagged as balance sheet and revenue and expense accounts as income statement. Incorrectly tagged accounts will either not get closed when they should or will get closed when they shouldn’t. The GL Accounts | Chart of Accounts screen is a great place to see this setting.
- While you are here:
- you can adjust the number of years of data to keep (subject to Sage 300 edition limits)
- you can confirm that the Allow Posting to Previous Years option is set as you would like
- Make sure you have a good backup of your database.
- Open Create New Year from the Periodic Processing group – the screen will tell you the year to be created and the year(s) to be removed. When you are ready click the Process button.
Nearly all of the sub-ledgers have a Periodic Processing menu. Most have one or more items labeled “year end”, “period end”, “clear history”, etc. I’ve shown the AP Year End below as an example. NOTE: ALL of these items are technically optional although you may choose to run certain features for business reasons.
Suggestions and Recommendations
- Press F1 on each screen to get a description of each of the options.
- DO NOT reset batch numbers – this will affect your ability to drill-down from the General Ledger.
- Clearing Activity Statistics resets things like “highest invoice this year”, “last payment date”, “average days to pay”, etc. Again, refer to the help files for specifics.
- Note: You will need to print all posting journals (preview is sufficient) for all batch types and create any GL batches from the sub-ledger prior to running the sub-ledger year end process.
- There are statistics that are automatically segregated by year/period (depending upon the options selected for that module). You don’t have to do anything to make this happen or maintain the statistics.
- If you are going to clear history in one or more modules:
- Make sure you have a good backup. You can ask us about making copy of the database that you can open as a different company so that you can refer back to the data.
- Read the help files carefully. Each option refers to a specific set of database tables/transactions. The options are somewhat subtle at times and some of them sound similar. History is only cleared within the module where you are working.