Learn more

About the Audit Books window and auditing the books

About year-end processes

Sage 100 Contractor includes separate year-end processes:

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 and the calendar year both 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.

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.

How do fiscal years and calendar years differ?

The calendar year ends on December 31. Only Payroll requires closing at the end of the calendar year.

Your company chooses when your fiscal year ends, which can be any time during the calendar year.

When you reach the fiscal year end, you 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.

You do not 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 1099 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 correct order in which to perform year-end tasks.