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How to complete a financial year end

Created on  | Last modified on 

Summary

How to run a year end in Sage 50 Accounts.

Description

 

Resolution

Before You Start

  1. Prepare for year end.
  2. Once ready, proceed to Run the year end.

Run the Year End

 TIP:  Run this process on the computer holding your accounts data.   

  1. Go to Tools, select Period End, then select Year End.
  2. Press Check Data.
  3. Press Check COA, then press OK.
  4. Press Backup, check the filename and location, press OK, then OK again.
  5. Select the Archive Location checkbox to archive your company data.
  6. Confirm details in the Archive Company window, then press OK.
  7. Select the Budget Options checkbox, set up budgets for the new year, then press OK.
  8. Check the closing year date and enter a lock date to prevent postings before a specific date.
  9. Press Run Year End, then press Yes and OK.
  10. Select how to output the report, press OK.
  11. You'll see a message confirming the year end process is complete. Press OK to close.

   CAUTION: The year end procedure can take some time. If the software freezes, don't close it, the process can still be running. 

After Running Year End

Perform three checks to ensure your data is ready for the new financial year:

▼ Check the Financial Year Start Date
  1. Go to Settings on the menu bar, then Financial Year.
  2. Verify the date. If incorrect, reverse the year end process you just ran to correct it before continuing.
▼ Check the brought forward Trial Balance

The year end process clears profit and loss nominal codes, 4000 to 9999 by default. It then moves the balance to the retained profit balance sheet code, 3200 by default.

  1. Select Nominal Codes, then select Trial Balance.
  2. Press Preview, then Run, and select Brought Forward from the Period dropdown list.
  3. Press OK and ensure there are no balances on profit and loss nominal codes.
  4. If balances exist, restore your pre-year end backup, then correct any Chart of Accounts (COA) errors.
  5. Re-run the year end.

 

▼ Check Your Data
  1. Go to File on the menu bar, then Maintenance, then select Check Data.
  2. If there are no problems to report, a message appears. Press OK.
  3. If the check finds errors, the year end process has failed. Restore the backup taken before running the year end and re-run it.

You’ve completed your year end and are ready to start the new financial year.

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