Year-end Processing Tips Volume 8 – Closing the General Ledger Module

The General Ledger module was added to the Business Framework in Sage ERP MAS 90 and 200 version 4.0, and all data entry in General Ledger module is date sensitive.  Sage ERP MAS 90 and 200 also allows you to post to unlimited future periods/years; however, you can only print accurate financial statements for one future year.

Before closing the General Ledger module for the year, be certain that:

  • The current General Ledger date agrees with the year-end date.
  • Balance Sheet is in balance.
  • Budget revisions are entered through Budget Revision Entry and the Budget Revision Register is run.
  • All activity and adjustments in modules integrated with the G/L are complete in the year to be closed.
  • Recurring Journals have been printed and updated.
  • Allocations have been posted (if necessary) and the Allocation Journal has been updated.
  • General Journal adjusting entries have been entered.
  • Daily Transaction Register is printed and updated.
  • You have a backup of the General Ledger module files.

Print and review the following reports prior to closing the year:

  • General Ledger Detail Report (reports for periods 01-12 should be printed and retained)
  • Trial Balance
  • Standard Financial Statements
  • General Ledger Analysis (optional)
  • Balance Sheet

Year-end processing takes place automatically when period-end processing is performed for the last period of the fiscal year. During the General Ledger Full Period and Year End Processing, the following tasks are performed:

  • Sets current fiscal year to next sequential year and the current period changes to “1”.
  • Clears all income and expense account balances and posts net profit to the Retained Earnings account.
  • Creates next year’s budget based on your setup options in the Auto Budget feature in General Ledger Options.
  • Transaction history may be purged based on how you have set the Number of Years to Retain General Ledger History setting in the General Ledger Options. It is advisable to retain at least seven years of history.

Contact your Sage Business Partner if you have any questions or concerns regarding year-end processing.

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