Sage 100 Year End Close Checklist

Sage 100 Year End Close Checklist

Sage 100 year end close checklist

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Checklist for Sage 100 Year End

Is your accounting in balance?

There are a few basics steps to follow to answer this question

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

Step 1. This report is what makes up your balance sheet and income statement

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

Step 2. Have you reviewed this for collections and write offs?

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. This report presents money you owe vendors

Print the Vendor Aged Payable 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 Payable Report

Step 4. This report should represent stock you have on the shelf

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. This is the gross wage for your staff

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. Do you know how much available cash you have?

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.

Consider these items in the month end close checklist

  • Write off bad debts
  • Close unwanted purchase orders
  • Close unwanted sales orders
  • Issue 1099’s to vendors
  • Print W2’s
  • PDF copies of YTD payroll reports
  • Perform a physical inventory count
  • Post asset depreciation
  • 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 work with an 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. Sage 100 Software Training. Learn more about Sage 100 Manufacturing.

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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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