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Sage 50 US Fiscal Year Close Checklist

Closing the Fiscal Year in Sage 50 US Edition ChecklistFiscal Close 2017 2018

Sage 50 has two open years. For example, the years 2017 and 2018 are open. To close the fiscal year to start entering transactions for 2019, you need to make sure all transactions and adjustments have been completed for 2017.

Once 2017 has been closed you will no longer be able to enter, delete, or change transaction for 2017. You may adjust the beginning balances for G/L Accounts if you find a balance issue after you have closed.

Before you execute the Fiscal Year Close, complete the following:

  1. Make sure you have all your adjustments made for the year you are closing. This includes writing off old client debt, fixed asset transactions, cleaning up old balances for inventory items, customers, and vendors.
  2. Complete all transactions for the fiscal year you intend to close.
  3. Reconcile all G/L accounts for the fiscal year you intend to close.
  4. Audit reports and make any adjustments.
  5. Make sure all interest expense or income is entered or adjusted.
  6. Print reports keeping a historical copy of your accounting information. This includes a Balance Sheet and Income Statement. Note: you can print financial statements after you close. By printing Financial Statements before you close, allows you to compare totals to make sure the process completed correctly.
  7. Make a backup of your company’s data. (The fiscal close procedure will force you to backup prior to executing.) Make an additional backup on a USB Memory Stick or copy it to a cloud service. Always have a current backup of your Company’s data offsite.
  8. Uncheck the "Waiting on Bill" checkbox in the Purchases/Receive Inventory window for any outstanding vendor purchases. If you start the wizard before performing this task, the wizard will not be able to proceed.
Sage 50 Purchase Listing  Sage 50 Waiting On Bill Checkbox 

Note: Since the close process may take quite a while to complete, we recommend that you start the process at the end of your business day or before a weekend.  Also, make sure that all other applications are closed before you begin. If your dataset is large, this process could take a few days to complete.

Make sure you receive the "Finish Screen" when the process is completed. If you do not receive the "Finish Screen", or Sage 50 is no longer running, or you receive an error message, you will have to restore your backup, resolve any problems and try again.

If you wish to have DataSoft perform the Fiscal Period Closing for you, please schedule an appointment. Our service will guarantee that your Fiscal Year Close will be properly closed and the system will be in balance.

Schedule an appointment

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