Have you been thinking of closing your present financial year, to begin with, the new calendar year? But, don’t know how to proceed with the process. Don’t need to feel concerned as we can help you in understanding the concept of the Sage 50 accounts year end.
This article explains in detail the process of performing proceedings of a financial year end in Sage 50 accounting software application.
Before you decide to proceed with the processing of Sage 50 accounts year end, please keep in mind the following facts:
- First and foremost thing that you need to confirm is that you have recorded all the unsettled transactions for the year which you are intending to close.
- You even have to take into account any sort of adjustments made by your certified accountant.
- In case, you usually end your accounts at the end of every month then ensure you must complete the process as you do normally.
- On the other hand, if you or your certified accountant may need some of there ports of the present financial year such as balance sheet, profit and loss statement, trial balance sheet reports in future, then ensure you take out the prints of all the required reports beforehand.
Note: If you have questions regarding processing of Sage 50 accounts year end, speak to our Accountinghub Sage 50 tech support team member to get answers to your queries.
How can you process the year end proceedings?
To process the year end proceedings, you have to perform the given steps:
- Navigate to Settings option > look for Modify Program Date> Fill in the last date of your fiscal year and hit on the OK button
- Select Tools and indicate the Period End and after this just press Year End tab.
- Go to Check Data. In case, you discover that you are experiencing data related issues then please consult Sage experts to resolve this problem. Press the Close tab.
- Hit it off the Check COA option, then press on the OK tab, select Backup, press OK button twice.
- You can generate an archive of your confidential information. If you wish to do so, then you have to tick mark the Archive checkbox when you asked.
- In order to create a fiscal plan for your new financial year, you have to mark the checkbox that you will see next to the Budgets option and select your budget preferences depending on your business requirements.
- Confirm the date of the year you intend to close down.
- You may have to provide the lock date provided the same is needs to be done.
- After this, just tap on the Run Year End button and when prompted press on Yes option. Press OK to proceed.
- Lastly, you have to choose in which way you intend to have a resulting report and press the OK button two times.
Once you are done with the processing of the year end proceeding, you have to verify whether the starting date of your fiscal year is accurate or not:
For this, you have to perform the given below simple steps:
- You have to navigate to the menu bar, then select the Settings option and from the drop down list click on the Financial Year.
- Now, you need to cross check twice whether the date displayed it is right or not. In case, you find the period displayed there is not the one you wish to be then you have to rectify it at this point in time before you decide to move further.
- If you find it difficult to change the date at this point, please consult Sage experts for immediate assistance.
Double check the carried forward trial balance
To double check whether carried forward trial balances is correct or not, please perform given steps:
- Navigate to Nominal codes >select Trial Balance.
- Go to Preview> Click on Period pull down list and select Carried forward option.
- Press OK and confirm whether the profit and loss nominal codes have any balance or not. There should not be any balance.
Edit your program date:
To edit your program date, please follow the given steps:
- Go to menu bar, select Settings and select Modify Program Date.
- Provide the present date then press OK.
Are you seeking instant help for processing your Sage 50 accounts year end? Users can talk to our Accountinghub Sage 50 technical support team on +1844-313-4856 or you can also contact us through our chat support option.