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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



 TIP: Join us for a live webinar on 26 June at 11am, where our expert shows you how. Register now.

Resolution

Before you start

To check you're ready prepare for year end first. Once done, you're ready to run your year end.


Run the year end

 TIP: We recommend you run this routine on the computer that holds your accounts data. 

  1. Click Tools, point to Period End, and then click Year End.
  2. Click Check Data.

    CAUTION: Have errors? Before you continue, follow the steps in our guide to fix them. 

  3. Have zero errors? Click Close.
  4. Click Check COA, then click OK, receive an error? Identify and fix Chart of Accounts errors >
  5. Click Backup, click OK then click OK.
  6. To Archive your company data, select the Archive check box.
  7. Confirm the details on the Archive Company window.
  8. To set up budgets for your new financial year, select the Budgets check box and choose your budget options.
  9. Check the date is the year you're closing and, enter a lock date to Prevent postings before a specific date.
  10. Click Run Year End then click Yes and click OK.
  11. 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:




Next steps

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

These tasks aren't essential, however are beneficial.



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