Running a Sage50 Year End

Running a year end on Sage50 is something which you will probably not do often enough to remember the order of events. Let us help you:

  1. Post all transactions for the year onto Sage50.
  2. If you are running a multi-user Sage version, log off colleagues.
  3. Reconcile all bank and cash accounts up to the year end date.
  4. Reconcile the VAT account.
  5. Make sure that all nominal accounts are included in the Profit & Loss Account or Balance Sheet, by checking entries in: Nominal > COA > Edit > Check.
  6. Run the year end procedure via: Tools > Period End > Year End. Before pressing the bottom ‘Run Year End’ button, click the ‘Archive Location’ button and overtype the past year date, to save last year’s data in an easy accessible read only¬† location.¬† Then press ‘Run Year End’ button.
  7. If you wish to compress your data, by removing the detail of all of the transactions for the year just ended, run: Tools > Period End > Clear Audit Trail (checking that the disclosed date is your year end).
  8. Now is an ideal opportunity for Sage housekeeping, such as removing old accounts and restructuring the nominal ledger.
  9. Before posting new transactions, road test generating reports, etc, to make sure that the brought forward position is as expected. Sometimes, manual journals will also be required, eg to zero down dividends.

We offer full on-site and remote support services, to help you with running your Sage50 year end. We are available for one-off problem solving or assisting you with ongoing maintenance. Unlike the support provided by Sage directly, we can advise, both, on your specific accounting problems, as well as you software usage problems. In addition, we only bill for the actual time spent helping you, unlike Sage, who charge a fixed annual fee in advance. We can therefore advance you up the Sage learning-curve, so that you get the most from this software.

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