If you are on period 12 of your current fiscal year, you can enter transactions for period 1 of the next fiscal year. Periods 2 through 12 of the next fiscal year become available when you advance to period 1 of the next fiscal year using the
To post a period 0-Prior Year transaction, post the transaction to period 0 of the current year. Then, to post the transaction to the archive, open the archive company then post the transaction to period 12. Sage 100 Contractor no longer supports posting simultaneously to period 0 of the current company and period 12 of the archive company.
You do not need to have every transaction entered in Sage 100 Contractor in order to close the year successfully. All cash transactions (checks and deposits) and payroll transactions should be completed and posted prior to closing your year-end accounting books. Sage 100 Contractor, however, is designed to handle income or expenses (AR invoices and AP invoices) that you receive after you close your accounting year, so that you only have to enter these transactions once.
When a fiscal year's data is no longer needed in the current books, archive your data, which removes your ledger data from the current books and places it in a company archive. Creating an archive removes all accounting activity from the oldest fiscal year in your company and adjusts the current balances for asset, liability, and equity accounts and sub-accounts, as well as jobs, vendors, service clients, and equipment to match the archive year's ending balances. Income and expense balances roll into the Retained Earnings account beginning balance.
The archive company contains all the data from the oldest 12 periods (your oldest fiscal year) existing in your company at the time you create the archive. If you have more than 12 periods of data in your company that require archiving, perform the archive process more than once.