SAGE 100 YEAR-END RESOURCES AND TIPS

As the calendar turns its final pages, businesses utilizing Sage 100 embark on a crucial journey—the year-end close. This meticulous process demands attention to detail, strategic foresight, and adherence to best practices. Let’s navigate this transition together, armed with Sage 100’s robust functionalities and a wealth of resources and tips.

Unlocking Success: 6 Things to Note Before Closing the Books

The act of closing the books symbolizes more than just the end of a financial period; it’s a strategic juncture that demands precision and foresight. As you approach this critical moment in your financial calendar, there are four pivotal considerations that can significantly impact your organization’s fiscal health.

1. Version Number

Closing procedures can vary depending on which version of Sage 100 you’re running. Here are steps to identify both your version number and service pack: Select Help > About Sage 100.

2. Master Console

Once you’re ready to close, you need to make sure all users are out of the system. That’s where the Master Console comes in handy. This utility provides a snapshot of all users currently logged into Sage 100, the workstation being used, what programs/ tasks they’re using, and more. You can also broadcast a message to all users or even shut them down remotely. To launch the Master Console: Select File > Master Console

3. Archive / Backup Your Data

At year end, it’s useful to create an archive company using the Copy Company feature. This provides a readily accessible copy (and backup) of the current year’s data even after you perform year end processing in your live company. If you make a mistake, the only way to “reverse” year-end processing is to restore data from a backup. You should also test the backup to ensure it was performed successfully and the data is readable.

• • To make a copy company, go to: Library Master > Main Menu > Company Maintenance
    • Create a new company code and company name (description) that’s easy to identify and distinguish from the live/active company that you’re copying.
    • Click the Copy button and enter the Company Code of your current year live (or “Source”) company.
    • Select the modules from the source company you want copied over to your archive company. For a complete archive/backup, you’ll want to copy all modules. Click Once the process is finished, click Accept.
    • NOTE – For good measure, you might run a trial balance in each module and do a quick spot check to make sure all the data that came over is balanced and accurate.
    • NOTE – To watch a video demonstration of the Copy Company process, click here.

4. Module Closing Order

A year end process in one module often writes data to another related module. Therefore, closing modules in the proper sequence is important in order to avoid unexpected results or damage to your data.

5. Module Closing Checklists

Step-by-step checklists are available for most modules. These checklists provide guidance on the sequence of detailed tasks and procedures that should be performed within each module. Detailed checklists for each module can be accessed right from within the Sage 100 Help system.

• • System Wide Backup
  • B/M – Bill of Materials
  • B/C – Mobility for Bar Code
  • W/O – Work Order (Retired v2022)
  • R/A – Return Merchandise Authorization
  • P/O – Purchase Order Processing
  • S/O – Sales Order Processing
  • O/M – Operations Management (3rd party)
  • P/M – Production Management
  • I/M – Inventory Management
  • I/P – Inventory Requirements Planning
  • M/P – Material Requirements Planning (retired v2022)
  • P/R – Payroll
    • NOTE – Even if your company is on a fiscal year, you may need to close out payroll at the end of the calendar year (particularly if you’re running an older version of Sage 100 Payroll).
    • NOTE – This does NOT apply to the newer Payroll 2.0 module which allows two calendar years to be open so you don’t have to run year-end tax reports and W-2’s before processing payroll for 2024 (as was required with the old/legacy payroll module).
  • A/R – Account Receivable
  • A/P – Account Payable
  • J/C – Job Cost
  • B/R – Bank Reconciliation
  • G/L – General Ledger
    • NOTE – While it’s a good idea to close modules in a timely fashion, the General Ledger can remain open for as long as you need while awaiting final processing (or audit adjustments) in other modules. A GL that’s still open will NOT prevent you from entering transactions for the new year.
    • NOTE – Out-of-balance General Ledger? Discover and correct the situation with the help of this video.

6. Preview The Process

A video is posted on the Sage Customer Support and Training channel on YouTube that walks you through an overview of period and year-end processes. It provides a nice refresher before starting your live closing process. Watch the Year-End Processing Video

The Sage 100 year-end close is not merely a conclusion; it’s a transition into new opportunities. Armed with insights, best practices, and a rich repository of resources, your business can confidently navigate this annual milestone and embark on the fiscal year ahead.

Sage has created a Year End Center that provides valuable resources to guide you through a smooth year end closing process in Sage 100 including:

• Year End Tips and Checklists
• Video Tutorials and How-to Articles
• Live Chat With Tech Support
• Tax Forms, Payroll, and Report Guidance

Take advantage of this free and valuable resource!

Unleash the Potential of Modern ERP with ACC Software Solutions

Embarking on an ERP journey or fine-tuning your current system is a pivotal step towards streamlined operations and future-proofing your business. At ACC Software Solutions, we believe in aligning technology with your unique business aspirations. If you’re eager to explore the next frontier of ERP solutions or simply need expert insights on optimizing your current system, we’re here to guide you every step of the way.

Ready to transform your business operations? Connect with ACC Software Solutions today and let’s craft a tailored strategy for your success.

Contact ACC Software Solutions | Explore Our ERP Services