You use Archive Oldest Fiscal Year in Database Administration to archive accounting data for the oldest fiscal year in your current company. You can archive fiscal year data at any time.
You can archive your accounting and payroll records at the same time, providing:
- The fiscal year end is December 31.
- You are archiving accounting and payroll records for the same year.
The Archive Data wizard leads you through the process of archiving your data from previous fiscal periods. It removes the oldest fiscal year of data from your current company, and places it in a separate archive company.
Note: Advancing your fiscal period and archiving fiscal data are separate processes. You do not need to close the books at year end, and you do not have to archive your data before advancing to the next fiscal year. However, you cannot archive a fiscal year until you advance the default posting period to at least period 1 of the following year using the Change Period window in the Sage 100 Contractor application.