Sage Year End

Sage Year End

Didn't find your answer?

I am now working in a business which has Sage 50 2007, and I am a bit rusty with the year end procedure, though I have done before. 

Please can someone help/advise the following:

1. Do I need to run each month end before running the year end?  Does the program date need to be the same as the month end date when running it.  It is also asking me to clear audit trail, would think not to on a monthly basis. 

2.  When I close the month end is there anything specific I need to know, ie well known errors made? I know I need to have the program date as the same at year end.  Plus will print off b/s p&l etc.  Can I print off ledgers need after close down for when auditors in, or would I need to print all this stuff off now?

3.  Can I close the year end, but post audit adjustments added later, or do I need to keep open until the auditors have been?

4.  If I don't wish to close yet, can I enter 2011/2012 data into Sage now?  The only problem I can see is that I can only run a future tb, not dated monthly. 

Thanks very much for your help. 

Replies (2)

Please login or register to join the discussion.

avatar
By johndon68
09th May 2011 12:40

Year End

1. The Month End routine is there to post the likes of prepayments, accruals and depreciation.  If you don't have an of those there is no need to run the month end routines at all.

2. Months are not closed in Sage 50, they are completely open ended so, whilst you can print the likes of a P&L etc, there is no gaurantee that they will remain correct as there is nothing to stop a transaction being posted into a previous month.

3. Yes, it is possible to close the year end and post adjustments later.

4. Yes, you can enter transactions into the 'new' year.  Depending on the exact version of Sage 50, the financial reports have options to run for a date range so it is possible to get reports into the new year prior to closing down the previous year.

John

Thanks (0)
avatar
By Karyn01
23rd Jan 2016 16:35

sage year end

Hi There

I have just closed a year end (Dec 2014) down in sage and also cleared 4 years of audit trail. When looking in the following year I have opening balances but no ledger year end (Dec 2014) in there (audit trail). I do have the Year End Report with it all on hard copy. Why isn't it showing up in the audit trail in 2015 or 2014? & Does it need to?

First time I have run a year end in sage for years, only recently came back into work.

Thanks (0)