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Prepare for year end

Created on  | Last modified on 

Summary

Get prepared for a financial year end in Sage 50 Accounts.

Description

At the end of your financial year, you run the year end routine in Sage 50 Accounts in order to close your current financial year.

Before you do this, we recommend you carry out a few quick checks to ensure your year end runs smoothly, which we list below.

To help you, you can also use this handy printable check list.

Resolution

Enter all transactions

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


These may include:

  • Adjustments from your accountant. You normally post these as a journal
  • Month end postings, including automatic depreciation, prepayments and accruals
  • Opening and closing stock postings
  • All other outstanding transactions for the financial year

Check your chart of accounts

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

When you run your year end, the chart of accounts decides which nominal codes to clear down, and which balances to carry forward. It's therefore important to check the chart of accounts.

To check:

  1. Click Nominal codes then click Chart of accounts.
  2. Select the chart of accounts you want to view then click Edit.
  3. To check for any duplicated or missing nominal codes or if any ranges overlap click Check.
  4. "No errors found in this chart of accounts" message appears, your chart of accounts is complete. You're OK to continue.

    If prompted to print a Chart of Accounts Errors report, you have errors you need to fix.

Check your data

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. 


Archive your data

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


Run year end reports

You can run reports using your archived data after running your year end, 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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