Whether your fiscal year ends on December 31st or not, here are a few considerations before the ball drops on New Year’s Eve
- Be sure to enter the full date when entering transactions in January. Be sure to enter 12/31/2018 and not just 12/31. Sage 100 will default the year to be the current year and unless you enter the full date, you might end up with transactions dated 12/31/2019 when you meant 12/31/2018
- The next fiscal year is automatically created for you in the General Ledger module. When you post the first transaction from any module, the next year is automatically created. If your business operates on a 4 week cycle, rather than a normal month cycle, you’ll want to create the year manually before posting any transactions for the next year
- You don’t have to close a prior year before starting a new year in Sage 100. The posting date of any transaction will determine where the transaction goes. But if you want to prevent accidental posting to a prior year when you are ready, please ensure that you run the year end function
- Make a backup of your data — before running year end, you might want to consider making a copy of your company so that you can run reports before data might get purged
- Be sure to check the options screen for each module to ensure that you won’t be purging data that you didn’t intend to
These are just a few things to consider. Please connect with us through our firstname.lastname@example.org if you need assistance planning your year end.