Sage 100 Contractor includes separate year-end processes:
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 document 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, as of the 19.2 release, 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 resolve any audit errors and archive your data, make at least two backups 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:
| n | You have already prepared backup. |
| n | You have been keeping up with accounting period audits. |
| n | You only have repairable period audit errors. |
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 the 19.2 release, 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.
Sage 100 Contractor provides checklists for:
| n | Fiscal year-end checklist (general ledger year fiscal year ends on a date other than December 31) |
| n | Calendar year-end checklist (close the payroll on December 31) |
| n | Combined fiscal and calendar year-end checklist (general ledger year ends on December 31) |
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