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How to complete a financial year end

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This guide explains how to run a year end in Sage 50cloud Accounts.



Before you start

You should Prepare for year end first. Once done, you're ready to run your Year end.

Run the Year end

TIP: Look out for the gold badge Image in your accounts software, beside Nominal codes, where a walk-through takes you through the steps.

Or, follow the steps below.

  1. Click Tools, point to Period End, and then click Year End.
  2. Click Check Data.
    CAUTION: If you have errors, follow the steps in our A - Z index of Check Data errors, warning and comments guide to fix them. 
  3. If you have zero errors, click Close.
  4. Click Check COA, then click OK, click Backup, click OK then click OK.
  5. To Archive your company data, select the Archive check box.
  6. Confirm the details on the Archive Company window.
  7. To set up budgets for your new financial year, select the Budgets check box and choose your budget options.
  8. Make sure the date is the year you're closing and, if required, enter a lock date to Prevent postings before a specific date.
  9. Click Run Year End then click Yes and click OK.
  10. Select how you want to output the report, click OK, then click OK again.

NOTE: The year end procedure may take some time. If the Software freezes when running year end, don't close it, as the year end procedure may still be running.

After running year end

We recommend three simple checks to ensure your data is all set for your new financial year:

Check the financial year start date

  1. On the menu bar, click Settings and click Financial Year.
  2. Check the date is correct. If it's not you must Reverse the Year End to correct it before continuing.

Check the brought forward trial balance

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

  1. Click Nominal codes then click Trial Balance.
  2. Click Preview, Run and on the Period drop-down list click Brought forward.
  3. Click OK and check that there are no balances on your profit and loss nominal codes.

If any of the profit and loss codes have balances you should restore your pre year end backup, check your chart of accounts (COA) and run the year end again.

Check your data is healthy

  1. On the menu bar click File, click Maintenance then click Check Data.
  2. If there are no problems a message appears informing you of this, click OK.
  3. If you now have errors in your data, the Year End process has failed. Restore to the backup taken before running the year end and re-run it.
Congratulations! You’ve completed your year end and are ready to start working in your new financial year.

Next steps

It's a good time to Tidy up your data after year end. For example, remove older records and items you no longer need.

These tasks aren't essential but may be beneficial.


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