About year-end processes

Sage 100 Contractor includes separate year-end processes:

• A process for closing payroll (calendar year close)
• A process for advancing the fiscal year
• A process for archiving data in General Ledger

For many companies, the fiscal year end is the same as the calendar year end on December 31, while other companies have a fiscal year end other than December 31. Throughout this guide, we provide steps for both your fiscal year end and your calendar year end.

The fiscal and calendar year end can be a busy time. To keep your ledgers current and accurate, audit your books monthly. Sage recommends performing an additional audit several weeks before your year end to resolve any errors before beginning transactions for the next fiscal year. However, if you are on period 12 of your current fiscal year, you can begin entering transactions for period 1 of the new fiscal year even if you are still resolving auditing errors.

After you enter accounting adjustments, resolve any audit errors, and archive your data, make at least two backup copies of your data for your permanent records.

The time required to complete your year-end processes depends on many factors, such as the size of your company, any audit errors, and any accounting adjustments. If all of the following conditions are true, you may be able to finish your year end in a few hours:

• You have already backed up your data.
• You have been keeping up with accounting period audits.
• You only have repairable period audit errors.

How do fiscal years and calendar years differ?

The end of your fiscal year is determined by your company. The calendar year ends on December 31. Payroll requires closing only at the end of the calendar year.

When you reach the calendar year end, advance your general ledger fiscal period to the next fiscal year using 1-6 Period and Fiscal Year Management, and then close the payroll year in 5-3-8 Close Payroll Year.

As of version 19.2, Sage 100 Contractor no longer requires a separate closing procedure for the end of your fiscal year. You create separate archives for your Payroll data and the rest of your accounting data. If your fiscal year ends on a date other than December 31, you need to close Payroll only at calendar year end.