Sage 50Cloud Support
Six Reasons Businesses Prefer
Sage 50Cloud Accounting
Sage 50Cloud Support Update – Accounting is undoubtedly the most vital facet of every business. While there is a huge variety of accounting software available people prefer Sage 50 accounting software and rightly so. Sage 50Cloud Accounting is a business management software subscription-based product published by Sage Group. It was previously known as Peachtree Accounting. Let’s have a look at what benefits businesses can expect while using Sage 50 accounting software from a Sage 50 Consultants perspective.
- Unmatched Support: With Sage accounting software you’ll get all the suggestion & support you require, with a 24×7 Sage instructor to assist you if you ever face any complication. On the whole, Sage accounting saves you money, time and effort while operating your venture with their auto-renewal system.
- Great Business Insights: The reporting structure on the Sage 50 software permits you to make smart business choices based on the intuition you can collect via precise reporting. The business intelligence aspect the Sage 50 accounting program provides, will offer you access to your data and will enable you to make groundbreaking business decisions & executions.
- Robust Accounting Guidelines: The sage 50 accounting software is GAAP approved and is on par with industry ethics and is the most dependable accounting solution available in the present scenario.
- Audit & Security Operations: These unique function enables you to maintain your data secure and aids your business to avoid wealth losses because of accounting scam or incorrect accounting. The Review part of the Sage 50 program inspects for typical accounting blunders and vulnerable activity with fifteen diverse data checking programs. The security & audit feature also permit you to verify who’s working on your accounting, making new entries or tampering old entries and accessing particular functions.
- Inventory Management: This is the best selling point of Sage 50 accounting software. Being able to administer your inventory enables your organization to decrease mistakes and control expenditures. You’ll be allowed to administer your inventory more stock based on sale orders & invoices. With sage 50 accounting application one can also institute diverse cost levels for item, select between diverse costing procedures, modify cost either via fiscal value or proportion and track warranty or repair info on stuff with serial numbers.
- Customization: With totally customizable features you’ll be allowed to access the crucial data required to support your consumers, program your purchases & act fast if required. The capability to act fast will save you both money and time and offer a superior service to your precious clients.
For affordable yet effective Sage 50cloud support accounting solution Contact Accounting Business Solution by JCS – your one stop for Sage software suit including Sage 50C Accounting and upgrades to Sage 100cloud.
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Peachtree Sage 50 Discontinuation Notice
You may have received notification from Sage that services to older versions of Peachtree and Sage 50 products are scheduled to be discontinued or have been discontinued. This is accurate information but is certainly not any reason to panic! We here at Accounting Business Solutions by JCS Computer will continue to offer support for older versions of Peachtree and Sage 50 to you, our valued customers, and be your Peachtree and Sage 50 resource. If you are on a newer version of Sage 50cloud you are NOT affected.
JCS Computer has Master Consultants available to offer ongoing Support even for older versions of your software. If you are interested in obtaining support services for an older version of Peachtree or Sage 50 or pricing details for upgrading to a newer version please give us a call.
Step 1: Complete all transactions for the year
Before you run your final financial reports, all transactions must be completed for that year.
Step 2: Fixed Asset year-end procedures
The following information applies only if you are using Sage 50 Fixed Asssets with Sage 50 Complete Accounting or higher.
Install the latest Sage 50 Fixed Assets Tax Update Service
Periodically, the IRS changes or modifies fixed asset regulations and depreciation limits for the calendar (tax) year. In addition, the form 4265 Depreciation and Amortization schedule changes each year. The Sage 50 Fixed Assets Tax Service provides updates for these changes to ensure compliance with the IRS.
Calculate and post fixed assets depreciation amounts
Deprecations must be calculated and posted to the General Ledger before closing the fiscal year in Sage 50. Final depreciation amounts for the current tax year must be included in the Sage 50 General Ledger and financial statements before closing the fiscal year.
Depreciation should be calculated in Sage 50 Fixed Assets every accounting period.
To calculate and post fixed asset depreciation amounts:
If you subscribe to the Sage 50 Fixed Assets Tax Update Service and have received an update, it must be installed before calculating the final Fixed Asset depreciation for the current tax year.
Refer to the Sage 50 Fixed Assets Tax Update Service bulletin that accompanies your update for detailed information on government changes to depreciation calculations and asset limits.
- In Sage 50cloud, go to Tasks, System and change your accounting period to the first accounting period of the current tax year.
- Open Sage 50c Fixed Assets by either going to Tasks, Fixed Assets within Sage 50 or by clicking the Sage 50 Fixed Assets icon located on your desktop.
- Make all necessary additions, changes, and dispositions of assets you have set up.
- Go to File, Edit Company. On the Book Defaults page, verify that the Fiscal Year-End is accurate.
- To calculate depreciation, go to Depreciation, Depreciate and choose the Group, Book, and month you will be depreciating through and choose Execute. Review the depreciation amounts for accuracy.
- Once you have calculated depreciation, you can now post. Go to Depreciate, Post Depreciation. Select the appropriate Group, Book, Period Posting Date and Journal Entry Date. Click the Preview button to preview the journal entries. After reviewing the information, click the Post button to post the journal entries to Sage 50.
- Repeat the above steps for each accounting period through the end of the tax year.
- From the Fixed Assets Reports menu, select and print all reports needed for 2012 or the year you are ending or about to close in Sage 50.
- Once you have finished, make a backup of your Sage 50 Fixed Assets data. From the File menu, choose Company Utilities, then select Backup Company. If prompted to close the current company, click Yes. On the Backup Companies window, select the company or companies you wish to backup from the list on the left. In the Save in box at the top, select the location where the Sage 50 Fixed Assets Backup file (.BBK) will be saved. Finally, enter a File name for the .BBK file, and click Backup.
Step 3: Reconcile General Ledger accounts to bank statements
You cannot reconcile accounts (for example, checking or credit card accounts) whose bank statements are dated in a closed fiscal year. Therefore, it is recommended that you reconcile these accounts prior to closing the fiscal year.
If you choose to not reconcile accounts using previous bank statements, the items will be available to clear in the new fiscal year. However, the account reconciliation will be difficult to manage and audit.
Step 4: Print year-end reports to keep an historical copy of your information
Print reports to keep an historical hard copy of your accounting information (depending on your company requirements, not all these reports may be needed). These reports will act as a hard copy of your historical Sage 50Cloud information; they can be helpful during audits.
List of recommended reports
- Accounts Receivable—Sales Journal, Cash Receipts Journal, Customer Ledgers, Customer Statements, Aged Receivables, Taxable/Exempt Sales, Invoice Register
- Accounts Payable—Check Register, Aged Payables, Vendor Ledger, Purchase Order Journal, Purchase Journal, 1099 forms
- General Ledger—General Ledger Trial Balance, General Journal, General Ledger report
- Financial Statements—Balance Sheet, Income Statement, Cash Flow Statement
- Payroll— Payroll Check Register, Quarterly Earnings Report, Yearly Earnings Report, Payroll Tax Reports, State Quarterly and Yearly Forms and Federal Forms (940, 941, W-2, and W-3).
- Inventory—Inventory Valuation Report, Item Costing Report, Inventory Unit Activity Report, Inventory Profitability Report
- Jobs—Job Ledgers, Job Profitability Report, Job Register
The Payroll Reports cannot be printed for a closed payroll year.
Step 5: Review reports and make adjustments as necessary
Usually in the last accounting period of a fiscal year, you need to make adjusting entries. These might include the following:
- Write off customer bad debts
- Record old outstanding checks reentered into the bank account as miscellaneous income
- Verify that fixed-asset purchases and dispositions have been properly recorded
- Record depreciation expenses
- Record a physical inventory count and compare to Sage 50C quantity on hand
- Manage outstanding notes payable and receivable items and recording- or adjusting-interest expense or income
Once the above adjustments have been made (if necessary), you are ready to begin closing the fiscal year. The type of adjustment required depends on where in Sage 50 the correction needs to be made.
- General ledger adjustments are entered in the General Journal Entries window
(Tasks > General Journal Entry)
- Inventory adjustments are entered in the Inventory Adjustments window
(Tasks > Inventory Adjustments)
- Payroll adjustments can be made through Payroll Entry
(Tasks > Payroll Entry)
- Accounts receivable adjustments can be made through Sales/Invoicing or Receipts
(Tasks > Sales/Invoicing or Tasks > Receipts)
- Accounts payable adjustments can be made through Purchases or Payments
(Tasks > Purchase Receive Inventory or Tasks > Payments)
After you have made the necessary adjustments, reprint any affected reports so that you have a correct copy.
Closing the Fiscal/Payroll Year
When is the best time to close the Fiscal/Payroll Year
Usually there is no need to close a fiscal year exactly at the end of the last accounting period. Sage 50 allows you to keep two years worth of transactional data open and accessible at any one time. For example, if your fiscal year is based on 12 accounting periods, then period 13 is the “first” period of the second open fiscal year and period 24 is the “last” period of the second fiscal year. It is not necessary to close your first open fiscal year immediately after the year is over, nor is it necessary to wait until the end of the second fiscal year.
Closing the fiscal year:
Sage recommends that you close your fiscal year once you are confident that no more adjustments will need to be made to the closing year’s general ledger, typically around the 22nd or 23rd period. This allows you enough time to make adjustments and corrections to the prior year if necessary while at the same time giving you enough of a buffer before the next fiscal year begins in case you have unexpected challenges while closing your fiscal year.
Closing the payroll year:
Sage recommends that you wait to close the first payroll year until all payroll reports, W-2 data, and 1099 data are finalized. If there are mistakes in employee earnings or W-2 data, you have an opportunity to correct them. You should also wait to close the first payroll year after you have completed your tax returns for the year in which you are closing.
Note: If your fiscal and payroll years are both on the calendar year, it is recommended to close both the payroll year and the fiscal year at the same time following the same guidelines referenced above. However if your fiscal and payroll years are different, it may be necessary to close each independently.
Before closing the Fiscal/Payroll year
Sage highly recommends that you wait to close the first fiscal year until after you have sent your tax returns for the previous year.
You can operate your company in the Sage 50 second open fiscal year (for example, periods 13-24). The first fiscal year (periods 1-12) holds the previous year’s transaction detail and allows you to make adjustments, if necessary. Before you close the fiscal year, if you are using batch posting mode, you need to post and print all journals and the Yearly General Ledger report. Also, you need to print all open invoices, vendor and payroll checks, and back up all of your data. Sage 50 will prompt you to perform these functions. If you are using batch mode, the program will not let you continue a fiscal year close until all transactions are posted.
Usually in the last accounting period of a fiscal year you need to make adjusting entries. Once the adjustments have been made (if necessary), you are ready to begin closing the fiscal year.
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