Prepare for financial year end

Get ready to run your financial year end in Sage 50 Accounts.

Description

At the end of your financial year, you run the year end routine to close your current financial year.

Before you do this, we recommend you carry out the following checks to ensure your year end runs smoothly.

You can also use this printable check list.

Ensure you post all transactions for the financial year you're closing.

These can include:

The chart of accounts defines which category each nominal code falls.

When you run your year end, the chart of accounts determines which nominal codes to clear down and which balances to carry forward.

To check:

Click Nominal codes then click Chart of accounts.
Select the chart of accounts you want to view then click Edit.
Select Check to look for any duplicated or missing nominal codes or find any overlapping ranges.

If 'No errors found in this chart of accounts' message appears, your chart of accounts is complete. Click OK to close
If prompted to print a Chart of Accounts Errors report, you have errors you need to fix

If you have any errors in your data, this may cause problems when running your year end and could cause further corruption.

Before you run your year end, we recommend you check your data and fix any errors that appear.

You can archive your data at any time, or can choose to archive your data as part of running the year end.

You can run reports using your archived data after running your year end, but we recommend running reports you need prior.

Including the following management reports:

For a full list of transactions for the year, you can also run an Audit Trail report.

That's it, you're now ready to run your year end.

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