Sage 100 Year-End Tips and FAQs

Dec 12, 2022 | ASI News, Sage 100 News

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4 Tips for a Successful Year End

Here are just a few tips to keep in mind as you begin year-end processing in Sage 100.

  1. General Ledger Closing: While it’s a good idea to close modules in a timely fashion, the General Ledger can remain open for as long as you need while awaiting final processing (or audit adjustments) in other modules. A GL that’s still open for 2022 will NOT prevent you from entering transactions for the new year.
  • Payroll Planning: Even if your company is on a fiscal year, you may need to close out payroll at the end of the calendar year – particularly if you’re running an older version of Sage 100 Payroll.

NOTE: This does NOT apply to the newer Payroll 2.0 module which allows two calendar years to be open, so you don’t have to run year-end tax reports and W-2’s before processing payroll for 2023 (as was required with the old payroll module).

  • Check Your Version Number: Closing procedures can vary depending on which version of Sage 100 you’re running. Here are steps to identify both your version number and service pack:

Select Help > About Sage 100

  • Master Console: Once you’re ready to close, you need to make sure all users are out of the system. That’s where the Master Console comes in handy. This utility provides a snapshot of all users currently logged into Sage 100, the workstation being used, what programs/tasks they’re using, and more. You can also broadcast a message to all users or even shut them down remotely.

To launch the Master Console:

Select File > Master Console

FAQs for General Ledger & Reporting

Here are answers to a handful of the most Frequently Asked Questions (FAQs) regarding General Ledger and Reporting when it comes to year end processing.

Can I print financial statements for the NEXT fiscal year PRIOR to performing year end processing?

YES. In the Fiscal Year field within the applicable report window, simply select the fiscal year to print.

DO NOT manually change the fiscal year in General Ledger Options in order to print financial statements for the next fiscal year.

After year-end processing, can I delete accounts that will no longer be used in the new fiscal year and still run comparison statements?

Information about prior fiscal years is stored by account number. These account numbers must be retained for as long as you require comparisons.

Instead of deleting, you can set the status of an account to Inactive which prevents future postings but still retains the account number for comparisons. On the Main Tab in Account Maintenance, select Inactive in the Status field  and click Accept.

Can I open a closed fiscal year to make General Ledger postings/adjustments?

YES. If you retained detail history for a prior fiscal year by entering the “Years to Retain General Ledger History” field in GL Options, you can reopen and post to a closed fiscal year.

To Post to a Closed Fiscal Year:

  1. Select General Ledger Setup menu > GL Options
  • On the Main tab, in the Current Fiscal Year field, select the past fiscal year to reopen
  • In the Current Period field, select the accounting period to post to and click Accept
  • In General Journal Entry or Transaction Journal Entry, enter the transaction to the reopened fiscal year and period and update the journal entry.
  • Reprint year end reports when you’re finished
  • Go back to General Ledger Options Main tab and select the current year in the Current Fiscal Year field, and the current period in the Current Period field. Click Accept.

You’ve just re-opened the closed fiscal year, posted a journal entry, and reverted back (in step 6) to the current fiscal period and year.

Note: Closed fiscal years can only be reopened in the General Ledger module.

Can I process year end in General Ledger before I’m finished with the other modules?

NO. General Ledger should be the very last module you close. Refer to the Module Closing Order article earlier in this newsletter for details on the proper closing sequence.

How to Correct an Out of Balance General Ledger

There are a variety of reasons that your general ledger can get out of balance. In the video below, you’ll learn how to discover and correct the out-of-balance situation including instructions for making one-sided journal entries.