Here are year end closing checklists for Sage 100 ERP (MAS 90/MAS 200) General Ledger, Accounts Receivable and Accounts Payable to help ensure that all tasks are processed and in the proper order.
Note: these modules all begin with the following 2 steps:
1. Backup your AR/AP/GL files and label them as “prior” to Year End processing.
2. Make sure the AR/AP/GL system date is set to the last day of your fiscal year.
1. Ensure all invoices and cash receipts have been recorded for the current year.
2. Apply finance charges to past due customers.
3. Note: If you answered “None” for “Finance Charge Computation Method” in A/R Set Up Options, then continue.
4. Print statements for the appropriate customers.
5. Note: If you did not activate the “Customer Statements” option in A/R Set Up Options, continue to the next step.
6. Select “Period End Processing” from the Period End menu, and choose the Full Period & YE Processing option.
7. Select the reports you wish to print for the period. At minimum, we recommend Aged Invoice Report and A/R Trial Balance.
8. Complete year end processing, backup AR files, and label them as “after” YE processing.
1. Ensure all invoices and checks have been entered and updated for the current year.
2. If your fiscal year coincides with the calendar year and your company issues 1099 Forms for vendors, then print, verify, and clear the 1099 Forms.
3. Select “Period End Processing” from the Period End menu, and choose the Full Period & YE Processing option.
4. Select the reports you wish to print for the period. At minimum, we recommend Aged Invoice Report, A/P Trial Balance, and Check History Report.
5. Complete year end processing, backup AR files and label them as “after” YE processing.
1. Make sure all activity and adjustments in modules integrated with General Ledger have been completed in the year to be closed. Note: Check the Module Closing Order article on the next page of this newsletter.
2. Print and update the Recurring Journals. Refer to the Recurring Journal section on page 99 of the GL Manual.
3. Print the General Ledger Worksheet and log all essential adjustments.
4. Enter adjustments in General Journal Entry. This includes entries logged on the General Ledger Worksheet (above).
5. Print and update the Daily Transaction Register.
Note: The system will not allow YE processing to continue until after this step is performed.
6. Enter budget revisions through Budget Revision Entry and update the Budget Revision Register.
7. Go to G/L Options, confirm proper settings for these fields:
- Auto Budget Option field is set to the option you want to create next years’ budget
- Number of Years to Retain in Transaction History
- Number of Years to Retain in Summary History
Note: Setting number of years to “1” will not retain history – 1 means current year only.
8. Make sure the Balance Sheet is in balance.
9. Print the General Ledger Analysis (not “required”)
10. Update & print Custom Financial Reports (not “required”)
11. Select, modify, and update the Allocation Journal.
12. Select Period End Processing, and choose the Full Period End Processing option.
13. Select the reports you wish to print for the period. At minimum, we recommend Trial Balance, Standard Financial Statements, and General Ledger Detail Report.
14. Complete period end processing, backup general ledger files, and label them as “after” YE processing.
Download the Checklist Packet!
Click to download the extensive packet of checklists and FAQ’s we’ve compiled for your core modules including GL, AP, AR, and Payroll (Note: this is a zipped folder containing several documents).