About year-end processes
Sage 100 Contractor includes separate year-end processes:
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A process for closing payroll
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A process for advancing the fiscal year
You can remove old data from the earliest fiscal year or payroll year at any time. Because it can take considerable time to create an archive, you do not need to archive at year end. The following processes are available in Database Administration:
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Archive Oldest Payroll Year
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Archive Oldest Fiscal Year
Note: Use the procedures in the year-end checklists to help simplify year-end processing. The checklists are available in the Sage 100 Contractor Year-End Center.
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, archive your data, and 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. You may be able to finish your year end in a few hours if:
- You have already backed up your data.
- You have been keeping up with accounting period audits.
- Any and all period audit errors are repairable.
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. Only Payroll requires closing at the end of the calendar year.
When you reach the fiscal year end, advance your general ledger fiscal period to the next fiscal year using 1-6 Period and Fiscal Year Management. Sage 100 Contractor does not have a separate closing procedure for the end of your fiscal year.
There is no need to archive your data at year end. When you are ready to archive old data, you use Archive Oldest Payroll Year and Archive Oldest Fiscal Year in Database Administration to create separate archives for your Payroll data and the rest of your accounting data.
Year-end checklists
Use the procedures in the year-end checklists to help simplify year-end processing. Printable checklists are available in the Sage 100 Contractor Year-End Center in Sage City. Included are checklists for:
- Closing out payroll
- Processing T5018 forms
- Preparing General Ledger prior to creating a new fiscal year
Because the order you perform these tasks matters—and depends on whether your fiscal year end is the same as the calendar year end—consult the Year-end task timeline to determine the order in which you need to perform year-end tasks.