Year End Closing Procedures

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CONSIDER THE FOLLOWING BEFORE DOING A YEAR END CLOSING

1. Backup Your Data: One of the most important things you can do before closing the books is to backup the database.  Check and test the backup to ensure it was successfully executed. Often, the best and easiest way to recover from unwanted errors is to restore data from a backup.

2. Follow the Module Closing sequence (bottom up): The execution of one module closing can write data to another module, so closing modules in the proper sequence is important to maintain the integrity of the data.

3. Seek Help When Needed!  Be sure to Contact Us if you have any questions. We can guide in the process and advise you in best practice procedures with regard to year end closing procedures.

Specific Year End Considerations:

1. General Ledger Module can stay openIt is common practice to keep the General ledger open for an extended period of time until the audit and final year-end adjustments are complete.  This will not affect your ability to stay current with the other subsidiary ledgers that should be closed on a more real-time basis, ensuring that the day-to-day operational transactions are posted in a timely manner to the correct period.

2. Payroll Closings – Note that all W‐2’s and quarterly reports must be printed before processing the first payroll for the new year, so you will need to close out the payroll module at the end of the calendar year, in a timely manner. It would probably be a good idea to start reconciling your payroll tax reports to the general ledger in early December.

3. Update All Transactions – Be sure to update all transactions across all modules still in data entry and not yet updated. You cannot perform a year end closing while transactions remain un-posted in a module.

3. Master Console (user’s logged in) – All users should be logged out of the system before initiating a year end closing. The master can help you identify users still logged into the system, and if need be, they can be terminated from the master console by a user with sufficient permissions. You can also broadcast a message to all users from the master console, which should be done, before terminating user sessions.

Frequently Asked Questions

Can we print financial statements for the most recent year end if we have not closed the periods for the year end?
The short answer to this is yes. In a much older version of Sage, being to run financial statements was dependent on having been up to date on period end closings so that the retained earning account was correctly update with the Income Statement. That concept has not applied for some time now. You can freely print an accurate set of financial statements that will accumulate retained earning correctly, irrespective of the last year that was closed.

After executing a year end closing, can we delete accounts that we will no longer use?
No, it is not recommended that you do this. These accounts may still be needed for running prior year financial statements, or when running trend or comparative financial reports. Rather set the account to inactive. That will prevent users from posting to these accounts, but still retain historical data for reporting.

Can I open a closed fiscal year to make General Ledger postings/adjustments?
Yes, you can reopen a prior period in module setup to make an adjustment to a prior period. remember to close the period again after making your adjustment. But if your company has been audited, it is unlikely that you will need to reopen a period, unless in the rare situation where the financial statements have been restated, and in most cases that will be a prior year adjustment which does not require to reopen a prior period.

Sage 100c May Soon be the Only Option

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Sage announced earlier this year and recently reiterated  that effective January 1, 2017, Sage 100c (the new premium version of the product) will be the only Sage 100 offering available to new customers and certain existing customers.
Here’s what it all means to both current and prospective Sage 100 customers.

What is Sage 100c?
First things first – let’s clarify the distinction between the “Classic” version of Sage 100 and the newer premium version called Sage 100c.
Sage 100 (without the “c”) has been one of the most popular accounting software applications on the market for over 20 years.  Many people also know this “classic” version of the software as MAS 90 or MAS 200.
Sage 100c is a new premium version that was launched in late 2015. It touts a totally redesigned and modernized web interface.  It also offers an advanced manufacturing suite, inventory optimization bundle, and built‐in Sage Intelligence Reporting.  Even though the product is newer and more modern, its bloodlines come from the classic version of Sage 100 so they share very similar functionality and workflow.
NOTE ABOUT PRICING: Another important distinction between the two is how the products are licensed. Sage 100 Classic is sold under a traditional perpetual license while Sage 100c is sold on a subscription basis.

So What’s Changing?
Sage 100c will be the only product available for purchase to new customers beginning January 1, 2017. In other words, companies that are not already using the software will no longer be able to purchase the classic version of Sage 100 (perpetual license) after December 31, 2016.
But new customers aren’t the only group affected.
If you already own the classic version of Sage 100  (perpetual), but your Sage Business Care Plan has lapsed  (aka “off‐plan customer”) for more than 3 months, the only  option available to you will be Sage 100c if you decide to  reinstate your Business Care and/or upgrade to a current  version of the software. In other words, you’ll need to convert your perpetual license to a subscription.

What About CURRENT Sage 100 On‐plan Customers?
This change does not impact customers that remain on a current business care plan. Active on‐plan customers can continue using the classic version of Sage 100 as a perpetual license beyond January 1, 2017 – as well as purchase additional modules and licenses.

QUESTIONS? Get in touch and we’ll help you determine whether this change affects your particular situation or current software license.

Read more about the latest trends here.

Cloud- to do or not to do?

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With the advent of cloud computing, there is still a lot of uncertainty about whether to put your sensitive accounting data in the cloud or not? It really still remains a personal or company preference. Either way, we have the solution that fits all with Sage 100. We have clients that we host entirely in the cloud at our data-center, and we still support many clients that prefer to host their data on their own servers. Many of the newer module add-ons in Sage are being developed for the cloud, such as credit card processing, mobile sales, and mobile service, so that you can also have a hybrid with your Sage of both on premise and in the cloud. In this way you can still manage your more sensitive data on premise where you can feel more comfortable about controlling the security and access to this data, as well as have easy access to cloud apps for remote and field workers. There are a host of websites that can help you in choosing the correct solution for your business. See http://findbizsoftware.com/ for articles to help you with criteria on how to select a suitable system for your business, as well as a useful searching of vendors and implementation consultants.

Software Upgrades

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Software upgrades include changing the version of an current ERP or CRM system, or installing a newer software system.

It is good to keep up-to-date with the latest enhancements and features so that you can remain competitive with regard to your business software technology needs. Falling too far behind in version upgrades can be more costly in the long run, to get back onto the latest software version. Upgrades are usually done annually. Smaller patches can be installed as needed. Most software companies usually only support their last 3 versions, so if you fall too far behind you run the risk of using software that is unsupported.

What is the difference between software updates and software upgrades?

The difference between and upgrade and an update, is that an upgrade will be a new version of the software, whereas an update usually refers to a patch or fix to the software.

SAGE 100 2017 NEW FEATURES

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Released in late October, Sage 100 2017 introduces the ability to collect customer payments using ACH, enhanced credit card verification for corporate purchases, improved lookup and search features, and a collection of other updates throughout the software. Here’s a look at what’s new.

GENERAL

Customer Payment Processing: You can now offer your customers the ability to pay invoices electronically using new ACH (Automated Clearing House) payment processing in A/R Invoice Data Entry, Cash Receipts Entry, Repetitive Invoice Entry, Sales Order Entry, and S/O Invoice Data Entry. Not only does ACH improve cash flow through faster and more immediate payment processing, it also eliminates fees associated with credit card payments. In addition, customers that pay by credit card will be happy to learn that Sage 100 2017 also delivers enhanced verification for corporate cards and purchase cards, adding extra security and peace of mind.

Improved Lookups and Searches: With enhanced auto‐complete, your search criteria is compared with all words within the  searched fields, not just the beginning of the text as it functioned in previous versions.  As an example, if you have a customer named Allen’s Appliance Repair and a customer named Appliance Services, typing “Appl” in the Customer No. field results in a list that includes both customers. In addition, a Full Text option has been added to the Search list in Lookup windows. With this option, your search criteria is compared with the data in all columns available in the Lookup window. Lastly, you can now search for fields that do not contain a value (empty fields) in Lookup windows. After selecting a field from the Search list, select Is Empty from the operand list, then click Find.

Sage Intelligence: new downloadable templates increase reporting flexibility.

User Experience: improvements to reporting fonts, easier file‐based navigation, and ribbon‐style  search capabilities all combine to make Sage 100 2017 easier to use than ever.

Read more about the new features in our December newsletter.

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