It’s that time of year – the beginning of a new year is one of the busiest times of the year for accounting departments whose company operates on a calendar year. This is the time of year when the departments will close the prior year and prepare for audits or reviews. For those companies using Sage 100 ERP, here are a few tips to make the year-end process flow a little more smoothly:
- Create an archive copy of your Sage 100 ERP data prior to closing your modules, using the Copy button in Company Maintenance.
- Prior to closing the period or year, check each module’s set-up options and verify that your history retention flags are set correctly.
- If you are using the Accounts Payable module, verify the number of ‘Years to Retain 1099 Payment History’ in A/P Options. Once 1099’s are printed, you will be prompted to increment the default 1099 Calendar Year field in Accounts Payable Options.
- If you use the Payroll module, you must close 2013 prior to processing payroll in 2014. You must print your W-2s prior to closing 2013, or print your forms from the archive company created in the first tip. It is always recommended that you create a copy of your company’s Payroll and General Ledger modules prior to closing the period or year for the Payroll module.
- When you perform period- or year-end close, modules that write to other modules should be closed first; thus, you should follow Sage’s recommended Order of Closing, which can be found at http://tinyurl.com/ppqeh9x .
For information regarding closing each module, refer to our December, 2011 archives where you will find information regarding closing the Sales Order, Purchase Order, Inventory, Payroll, Accounts Receivable, Accounts Payable, and General Ledger modules.