What happens when you advance the fiscal year?

Beginning with version 19.2, Sage 100 Contractor no longer requires you to close your books at the end of the fiscal year.

When you advance the fiscal year (from period 12 of the current year to period 1 of the next fiscal year), Sage 100 Contractor audits your accounting records to verify that valid, balanced transactions support the account balances. If no errors are present, Sage 100 Contractor advances the accounting period to period 1 of the next fiscal year. Periods 2-12 of the new fiscal year become available.

If you are on period 12 of your current fiscal year, you can begin entering transactions for period 1 of the new fiscal year by selecting Period 1 from the Posting Period window or by changing the company period in 1-6 Change Period.

Sage 100 Contractor does not archive your data automatically when you advance the fiscal year. You can archive your data after advancing the fiscal year by clicking [Archive Fiscal Year] from within the 1-6 Period and Fiscal Year Management window.

Important! Make sure you have posted all the transactions for the year you are archiving. After archiving, you can post an entry to period 0 in the current books, but you must also open the archive and make the entry for the previous year.