3 THINGS TO NOTE BEFORE CLOSING THE BOOKS
At a high level, here are 4 things to consider as you begin closing the books on 2016 and start fresh in the new year.
1. Backup Your Data: Executing a complete backup of your database is one of the most important things you can do before starting any closing process. You should also test the backup to ensure it was performed successfully and the data is readable. If you make a mistake, the only way to “reverse” year-end processing is to restore data from a backup.
2. Follow the Module Closing Order: A year end process in one module often writes data to another related module. Therefore, closing modules in the proper sequence is extremely important in order to avoid unexpected results or damage to your data. Start closing modules at the bottom of the module list and move your way up to finally close the last module, the General Ledger.
3. Get Help When Needed! Be sure to Contact Us if you have any questions before, during, or after you start year end processing. Especially if you have customizations or 3rd party add‐on products that are integrated with Sage 100, we can help you plan a closing process for your specific system/installation.
Tips for a Successful Year End
1. General Ledger Closing – While it’s a good idea to close modules in a timely fashion, the General Ledger can remain open for as long as you need while awaiting final processing (or audit adjustments) in other modules. A GL that’s still open for 2016 will NOT prevent you from entering transactions for the new year.
2. Payroll Planning – Even if your company is on a fiscal year, you’ll need to close out payroll at the end of the calendar year.
It’s a good idea to begin reconciling all of your payroll tax reports to the general ledger in early December.
This gives you a chance to catch errors early and avoid filing an amended payroll tax return.
Note: All W‐2’s and quarterly reports must be printed before processing the first payroll for 2017.
3. Master Console – Once you’re actually ready to close, you need to make sure all users are out of the system. That’s where the Master Console comes in handy. This utility provides a snapshot of all users currently logged into Sage 100, the workstation being used, what programs/tasks they are using, the activity date, and more. From this screen, you can also broadcast a message to all users or even shut them down remotely.
To launch the Master Console: Select File > Master Console.
YEAR END FAQ’S
For General Ledger & Reporting
For General Ledger & ReportingHere are answers to a handful of the most Frequently‐Asked Questions (FAQs) regarding General Ledger and Reporting when it comes to year end processing.
Can I print financial statements for the NEXT fiscal year PRIOR to performing year end processing?
YES. In the Fiscal Year field within the applicable report window, simply select the fiscal year to print.
DO NOT manually change the fiscal year in General Ledger Options in order to print financial statements for the next fiscal year.
After year end processing, can I delete accounts that will no longer be used in the new fiscal year and still run comparison statements?
Information about prior fiscal years is stored by account number. These account numbers must be retained for as long as you require comparisons.
Instead of deleting, you can set the status of an account to Inactive which prevents future postings but still retains the account number for comparisons. On the Main Tab in Account Maintenance, select Inactive in the Status field and click Accept.
Can I open a closed fiscal year to make General Ledger postings/adjustments?
YES. If you retained detail history for a prior fiscal year by entering the ‘Years to Retain General Ledger History’ field in GL Options, you can reopen the closed fiscal year and post to it.
Can I process year end in General Ledger before I’m finished with the other modules?
NO. General Ledger should be the very last module you close. Refer to the Module Closing Order article earlier in this newsletter for details on the proper closing sequence.