5 Tips For a Successful Sage 100 Year-End Close
Do you need help with your Sage 100 year-end closing procedures? If yes, we’d love to help. In this article, we’ll go over five recommended steps for you to use when closing your Sage 100 system. If you would like further assistance after reviewing these recommendations, don’t hesitate to schedule your first complimentary consultation with us today.
Make a backup of your Sage 100 system
Prior to starting any closing procedures make sure to back up your system. If at any point you need to reverse your year-end processing, you will have to restore from a backup. So, make sure to get a backup and ensure that it works before you restore data from the backup.
Follow this recommended sequence for closing your Sage 100 modules
Since some modules transfer information to other applications, the order in which you close your Sage 100 modules is important. If a module isn’t activated, then skip to the next module.
- B/M – Bill of Materials
- W/O – Work Order
- P/M – Production Management
- B/C – Bar Code
- P/O – Purchase Order
- S/O – Sales Order
- I/M – Inventory Management
- M/P – Material Requirements Planning
- P/R – Payroll
- A/R – Account Receivable
- A/P – Account Payable
- J/C – Job Cost
- B/R – Bank Reconciliation
- G/L – General Ledger
Note: If you need to keep your GL open while waiting for final processing or audit adjustments from the other modules it shouldn’t be an issue. Even if your GL is open for 2022 you can enter transactions for the new year.
Identify your Sage 100 version number
Sometimes your closing producers are dependent on which version of Sage you’re running. Simply check under the Help menu to identify your Sage 100 version and service pack number. Closing checklists for each module can be accessed right from within the Sage 100 Help system. Just navigate to Help Topics under the Help Menu to launch the Help System.
Payroll Planning
If you have a newer Payroll 2.0 module then you can have two calendar years open at the same time. However, if you are on an older version of Sage Payroll then you may need to close payroll at the end of the calendar year (even if your company is on a fiscal year.)
Make sure everyone is out of the system
Before you start your Sage 100 year-end closing procedures, make sure that everyone is logged out of the system, if you would like to see who is in your system simply launch the Master Console. You’ll get a snapshot of all the users logged into Sage 100, and other relevant details (e.g., programs and tasks they are using and more.)
Lastly, if you run into any issues or want us to handle this process for you simply contact CTO Associates today. We would be glad to assist you.
A few other Sage 100 closing resources you may find useful
1. If your General Ledger is out of Balance, then watch this video to see if it will assist you. If you’d like assistance with the process, don’t hesitate to contact us at CTO Associates.
2. Sage has created a Year-End Center that will assist you in your year-end closing process.
This resource center includes:
- Year-End Tips and Checklists
- Videos and Software Updates
- Product and Tax Updates
- Reports and Tax Form, and
- FAQs
View the Sage 100 Year-End Center here.
About CTO Associates
Whether you’re looking to restructure your accounting operations, resolve inventory issues, quit using MS Excel spreadsheets for reporting; or find a replacement for your old accounting system, we’d love to talk with you. Our team has combined experience of over fifty years in a wide variety of industries. We have a CPA, a senior financial consultant with a background in international operations and financial analysis, and experienced bookkeepers and consultants to assist your growing business. At CTO Associates, we provide accounting and manufacturing software solutions to manufacturing, distribution, and service businesses. We have clients in MA, CT, NY, and across the US. We look forward to connecting with you soon.