Sage 50 Year End Close Checklist

Sage 50 Year End Close Checklist

Sage 50 allows you to keep two years of your company’s information open at one time. For those of you running in batch mode post all journals and then simply run the Year end Wizzard which will also prompt you to perform a backup.

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Sage 50 year end

Are you in balance?

It is very important to reconcile your Sage 50 Accounting system. Most small businesses do this on a monthly basis. During this process if you find that something not in balance there is a small amount of transactions to work thru to find the discrepancy. Once you have confirmed that all is well with your Sage 50 Accounting data take all your month end and year end reports to PDF. This will help you begin to build a repository of historical reports. Most businesses have a secured folder that is placed on a network server.

How do I know? These are the basics steps on how to Measure your accounting system balances

If you are using an accrual accounting method, follow these simple steps each month to confirm your key balances are ok.

Step 1. General Ledger – Financials

Print the General Ledger Trial Balance using the last day of month once all activity for the month has been entered.

Step 2. Accounts Receivable – Customers

Print the Customer Aged Receivables Report – a detail list of how much your customers owe your business.

The Accounts Receivable general ledger account balance found on the General Ledger Trial Balance should = the total amount due found on the Aged Receivables Report

Step 3. Accounts Payable – Vendors

Print the Vendor Aged Payables Report – a detail list of how much you owe other businesses or individuals

The Accounts Payable general ledger account balance found on the General Ledger Trial Balance should = the total amount due found on the Aged Payables Report

Step 4. Inventory – Items list

Print the last page of the inventory valuation report – a detail list of the items you have in your warehouse and their value.

The Inventory general ledger account balance found in the General Ledger Trial Balance should = the total inventory valuation amount found on the Inventory Validation Report

Step 5. Payroll – Employee data

If your company calendar year is January to December, then print the year to date payroll earnings report or get it from your payroll service provider.

The Payroll Amounts for Salary and Wages Accounts found on the General Ledger Trial Balance should = The total YTD Gross on the Yearly Earnings Report

Step 6. Bank Statements

Perform your monthly bank reconciliation – when completed it should agree to the available cash balance in your checkbook.

The Cash Accounts general ledger balances found on the General Ledger Trial Balance should = the reconciled checkbook balance once the bank reconciliation has been completed.

Sage 50 Year End Close Checklist

Consider these items in the month end close at year end

  • Write off bad debts
  • Review and close unwanted purchase orders
  • Preview and close unwanted sales orders
  • Issue 1099’s to vendors
  • Print W2’s
  • PDF copies of YTD payroll reports
  • Perform a physical inventory count
  • Consider online accounting software
  • And there may be more…

What if I am a cash based business?

Then the bank reconciliation is a critical step so you confirm all the money you are spending has been recorded and all the money you are being paid and have deposited has been recorded.

What else do I need to consider?

There may be many more steps that need to be completed each month. A month end checklist is important to help you make sure necessary tasks are being completed each month.

What if my accounting system is not in balance after I complete my month end close checklist?

If you find discrepancies on any of these steps it might be time to speak with your CPA, bookkeeper or find a local accounting software consultant to find the root cause. Make corrections to how your system is setup and give counsel to how to properly record the transactions. Software Training. If you would like a demo on the most current versions of Sage 50 Accounting by Sage Software give us a call 800.475.1047.

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Request the Month End Close Checklist

Thank you for contacting Accounting Business Solutions by JCS! We are so glad you found us and look forward to establishing a long-lasting relationship with you. It is our goal to provide exceptional service and skills to obtain your goals. How may we help you? Providing sales, support and training for Sage, Intuit and Microsoft software. This information will help us have the right person. contact you. Once your request is received our admin person will provide you with a link to download your requested checklist via email.

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