Sage 100 year end close checklist
Reach out Today for software promotions! Give us a call – send us an email – schedule a Free Demo!
From our staff to yours,
We want you to know that we truly enjoyed working with you and are honored we are your business partner. You are a vital part of our growth and for that we are grateful.
Sage 100 consultant for Sage 100 technical Assistance at your service.
Sage 100 year end close checklist request is at the bottom of the page
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.
Sage Software Sales
- New Users
Sage Software Consultant
- Certified consultant
- Advanced Reporting
Sage Software Services