Step By Step Guide

Reach out Today to learn more about Sage 100 software promotions! Give us a call – send us an email – schedule a Free Complimentary Demo. Learn how to properly close Sage 100 year-end. We are here to help Get your excel checklist for the Sage 100 year-end close – Request is at the bottom of the page

 

Sage 100 Year End (MAS 90 / MAS 200) Overview

Sage100 Help states “When performing year-end processing, first close any module that transfers information to another module. For example, Sales Order transfers information to Inventory Management, Accounts Receivable and General Ledger. To close these modules, update all Sales Order journals and registers and perform Sales Order period-end processing before closing the other modules.”

“Some modules transfer and receive information from another module. For example, Job Cost can post invoices to Accounts Receivable, and Accounts Receivable can post invoices to Job Cost. To close these modules, update all journals and registers in both modules before performing period-end processing for either module.”

Any module that has not been activated for this company can be skipped.

*IMPORTANT NOTE: Always make a full back up before performing period-end or year-end processing. Year-end processing can be reversed only by restoring from a backup and an interrupted period end process can result in non-repairable data corruption.

 

Sage 100 Period-End / Year-End CHECKLIST – Best Practices

B/M – Bill of Materials – processing completed for: period no.: _____ year: ________

W/O – Work Order – recorded period closed: period no.: _____ year: ________

B/C – Bar Code – confirm imports completed: period no.: _____ year: ________

P/O – Purchase Order – recorded period closed: period no.: _____ year: ________

S/O – Sales Order – recorded period closed: period no.: _____ year: ________

I/M – Inventory Management – recorded period closed: period no.: _____ year: ________

M/P – Material Requirements Planning – recorded period closed: period no.: _____ year: ________

T/C – Time Card – current period processing completed: period no.: _____ year: ________

P/R – Payroll – recorded period closed: period no.: _____ qtr. no.: _____ year: ________

A/R – Account Receivable – recorded period closed: period no.: _____ year: ________

A/P – Account Payable – recorded period closed: period no.: _____ year: ________

J/C – Job Cost – recorded period closed: period no.: _____ year: ________

B/R – Bank Reconciliation – all banks reconciled for: period: _____ year: ________

F/L Fixed Assets – depreciation transferred for: period no.: _____ year: ________

G/L – General Ledger – recorded period closed: period no.: _____ year: ________
General Ledger has been listed last on each of these lists, but it is often the case with Sage100, that the G/L is closed for the prior period or prior year, just before the other modules are closed for the current period/year. Please adjust these check lists, if this is how you plan on processing period/year end

 

Sage 100 Month End

MONTH-END CHECKLIST – BEST PRACTICES

Before starting a period end close, confirm that a Complete Backup has been made.
*** DO NOT Rely on automatic backups, Yearend in Sage 100 can only be “reversed” by restoring from a backup, power/communications interruptions during this process can cause non-repairable data corruption.

Paperless Office – confirm appropriate settings for automatic .pdf period end reports.

 

B/M – Bill of Materials – completed for: period no.: _____ year: ________

Bill of Materials does not have a Period-End Processing task. Perform the following steps prior to performing Inventory related Period End Processing.

• Confirm that all production entries for the period to be close have been completed and updated.
• Back up the Bill of Materials files onto a set of monthly backups
• Print the Production History Report and the Engineering Change History Report for the current period.
• Print the General Ledger Posting Recap for the current period. If the Bill of Materials module is not integrated with General Ledger, perform the Purge option at the end of the report.
• Print any additional BM reports desired for the current period. (List Reports to print here)
• Back up the Bill of Materials files to a different backup set than that used in the second step above

NOTES:

 

W/O – Work Order – recorded period closed: period no.: _____ year: ________

Work Order does not have a Period-End Processing task. Perform the following steps prior to performing Inventory related Period End Processing.

• Confirm that all production entries for the period to be close have been completed and updated and that Work Orders have been closed as required.
• Back up the Work Order files onto a monthly pre-close backup set
• Print the Work Order History Report for the close date range for the current period.
• Print the General Ledger Posting Recap for the current period. If the General Ledger module is not integrated with Work Order, perform the purge at the end of the report.
• Print any additional WO reports desired for the current period. (List Reports to print here)
• Back up the Work Order files to a different backup set than that used in the second step above.

NOTES:

 

B/C – Bar Code – confirm imports completed: period no.: _____ year: ________

note: if bar code imports are used for Bill of Material processing, confirm before competing B/M steps. Make sure to check for rejected imports.
NOTES:

 

P/O – Purchase Order – recorded period closed: period no.: _____ year: ________

The following occurs during period-end or year-end:

Expired master and repeating orders are automatically purged as of the period-ending date.
Completed purchase orders are automatically purged based on the number of days to retain completed purchase orders in Purchase Order Options.
The purchase order recap is automatically purged if selected in Purchase Order Options.
Receipt history is automatically purged based on the selection made in Purchase Order Options.
All purchase history and miscellaneous charge year-to-date balances are set to zero as of the year-ending date.

• Back up the Purchase Order files onto a monthly pre-posting backup set
• Verify that all receipts, invoices, returns, and issues are recorded for the current month.
• Print the Open Purchase Order Report.
• Review Open Purchase Orders and zero out canceled quantities or those no longer to be received.
• Print and update appropriate Registers and Journals for the period to be closed.
• Audit the Purchases clearing report and resolve any issues discovered.
• Back up the Purchase Order files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in PO Options
• Select/confirm the reports you want to print for the period end. (List Reports to print here)
• Complete period-end processing after all the selected reports have been printed.
• Confirm the new fiscal period is correct
• Back up the Purchase Order files to a different backup set than that used in the backup steps above.

NOTES:

 

S/O – Sales Order – recorded period closed: period no.: _____ year: ________

The following occurs during period-end or year-end:

• The Sales Order Recap is purged based on options selected in Sales Order Options during period-end and year-end.
• Expired master and repeating orders are automatically purged as of the period-ending date during period-end and year-end.
• Sales history is purged based on the number of years to retain sales history in Sales Order Options only during year-end processing.
• Back up the Sales Order files onto a monthly pre-posting backup set
• Verify that all Invoices and Credits have been recorded for the current month.
• Print and update appropriate Registers and Journals for the period to be closed.
• Print the Open Sales Order Report.
• Review Open Sales Orders and close those that are not to be completed.
• Back up the Sales Order files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in SO Options
• Select/confirm the reports you want to print for the period end. (List Reports to print here)
• Complete period-end processing after all the selected reports have been printed.
• Confirm the new fiscal period is correct
• Back up the Sales Order files to a different backup set than that used in the backup steps above.

NOTES:

 

I/M – Inventory Management – recorded period closed: period no.: _____ year: ________

The following occurs during period-end or year-end:

• The year-to-date sales and issue information are cleared for each item based on the years to retain history in Inventory Management Options.
• Back up the Inventory Management files onto a monthly pre-posting backup set
• Verify that all inventory sales, receipts, transfers, issues, and adjustments are recorded for the current period.
• Complete any Planned Monthly Physical Inventory Counts and update in the system
• Print and update appropriate Registers and Journals for the period to be closed.
• If you have LIFO, FIFO, lot, or serial items, print the Inventory Negative Tier Report to check for negative tiers. If negative tiers exist, they must be corrected.
• Reconcile the Trial Balance against the appropriate General Ledger Accounts.
• Back up the Inventory Management and Common Information files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in IM Options
• Select/confirm the reports you want to print for the period end. (List Reports to print here)
• For period-end, print at least the Inventory Stock Status Report, Inventory Detail Transaction Report, and Inventory Trial Balance.
• For year end, print at least the Inventory Sales Analysis, Inventory Sales History Report, Inventory Receipts History Report, and the Inventory Trial Balance.
• Complete period-end processing after all the selected reports have been printed.
• Confirm the new fiscal period is correct
• Back up the Inventory Management and Common Information files to a different backup set than that used in the backup steps above.
• Process any desired Inventory Management file Purge Utilities.

NOTES:

 

M/P – Material Requirements Planning – period closed: period no.: _____ year: ________

• Back up the Material Requirements Planning files onto a monthly pre-close backup set.
• Print reports desired for the current period. (List Reports to print here)
• Complete period-end processing.
• Confirm the new fiscal period is correct
• Back up the Material Requirements Planning files to a different backup set than that used in the backup steps above.
• Process any desired Material Requirements Planning File Purge Utilities.

NOTES:

 

T/C – Time Card – current period processing completed: period no.: _____ year: ________

Time Card does not have a Period-End Processing task. Perform the following steps prior to performing Payroll related Period End Tasks.

• Confirm that all Time entries for the period have been completed and processed.
• Back up the Time Card files onto a monthly pre-close backup set
• Print any TC reports desired for the current period. (List Reports to print here)
• Run desired Purge/Transfer to History or Purge History Period End Utilities as specified by management.
• Back up the Work Order files to a different backup set than that used in the second step above.

NOTES:

 

P/R – Payroll – monthly processing completed: period no.: _____ qtr. no.: _____ year: ________

Payroll does not have a monthly Period-End Processing task. Period end Processing in payroll is a Quarterly task. You may have additional Payroll task to compete on a monthly basis depending on tax or other Payroll reporting requirements for your company.

• Back up the payroll files onto a monthly pre-posting backup set. Note: a separate Payroll files backup should be created both before and after the processing of each and every pay period.
• Verify that all payroll processing has been completed for the current pay period.
• Print and update appropriate Registers and Journals for the current pay period.
• Print all Payroll Reports required for the current pay period. (List Reports to print here)
• Print monthly Payroll Reports required. (List Reports to print here)
• Complete & submit Payroll Forms required for the current pay period. (List Forms and submission method here)
• Complete & submit monthly Federal Payroll Forms required. (List Forms and submission method here)
• Complete & submit monthly State Payroll Forms required. (List Forms and submission method here)
• Complete & submit monthly Local Payroll Forms required. (List Forms and submission method here)
• Submit Payroll Tax Deposits required for the current pay period. (List Deposits and submission method here)
• Submit monthly Payroll Tax Deposits required. (List Deposits and submission method here)
• Submit monthly Insurance/retirement or other Deposits/Payments required. (List Payments and submission methods below as separate tasks)
• Back up the payroll files to a different backup set than that used in the backup steps above.
• Perform any special Monthly employee or payroll maintenance tasks as requested by management. (List monthly tasks here)

NOTES:

 

A/R – Account Receivable – recorded period closed: period no.: _____ year: ________

The following occurs during period-end or year-end. Year-end processing takes place automatically when period-end processing is performed for the last period of the fiscal year.:

Temporary customers with zero balances are automatically purged during period- and year-end processing unless you selected the Retain Temporary Customers Paid Invoices check box in Accounts Receivable Options.
Monthly cash receipts history, customer sales history, and salesperson sales history is purged only during period year-end processing based on the selections made in the Years to Retain Cash Receipts History, Years to Retain Customer History, and Years to Retain Salesperson History fields in Accounts Receivable Options. For example, if the number of years to retain cash receipts history, customer sales history, and salesperson history is set to three years, sales and cash receipts history for the year 2010 will be purged when year-end processing is performed for the year 2012.
Open invoices with zero balances are removed during period- and year-end processing based on the number of days entered in the Days to Retain Paid Invoices field in Accounts Receivable Options.

• Back up the Account Receivable files onto a monthly pre-posting backup set
• Verify that all Invoices, Credits and Cash Receipts are recorded for the current month. (Invoices may also come from Job Costing and Sales Orders have been generated in the Returns module)
• Print and update appropriate Registers and Journals for the period to be closed. Note: that ALL Cash Receipt Entries must be updated to allow the close to complete.
• Perform Finance Charge Calculation to apply finance charges to past due customers. Use Finance Charge Entry to make any manual adjustments, print the Finance Charge Journal, and update.
• Print statements for the appropriate customers.
• Reconcile the Account Receivable Trial Balance against the appropriate General Ledger Accounts.
• Print the Accounts Receivable Sales Tax Report as of the appropriate date (monthly, quarterly, etc.) as required by your taxing jurisdiction, and purge from period end.
• Back up the Account Receivable files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in AR Options
• Select/confirm the reports you want to print for the period end. It is recommended that you print at least the Accounts Receivable Aged Invoice Report. (List Reports to print here)
• Complete period-end processing after all the selected reports have been printed.
• Confirm the new fiscal period is correct
• Back up the Account Receivable files to a different backup set than that used in the backup steps above.

NOTES:

 

A/P – Account Payable – recorded period closed: period no.: _____ year: ________

The following occurs during period-end or year-end. Year-end processing takes place automatically when period-end processing is performed for the last period of the fiscal year.:
Temporary vendors with zero balances are automatically purged unless you selected to retain the temporary vendor in Vendor Maintenance.
Check history information is cleared as of the period-ending date.
Vendor electronic payment history is removed based on the number of years set up to retain electronic payment history in Accounts Payable Options.
Vendor purchase history is removed based on the number of years set up to retain purchase history in Accounts Payable Options.
Open invoices with zero balances are removed based on the number of days to retain paid invoices in Accounts Payable Options.
If retaining invoice history, all current year invoice information is updated to the Last Year fields, and any invoice history with no current-year activity is removed based on options selected in Accounts Payable Options.

• Back up the Account Payable files onto a monthly pre-posting backup set
• Verify that all Invoices, Credits and Cash Disbursements have been recorded for the current month. (Vendor Invoices may also come from Purchase Orders or have been generated in the Returns module)
• Print and update appropriate Registers and Journals for the period to be closed. Note: that ALL Check or Manual Check Entries must be updated to allow the close to complete.
• Perform Finance Charge Calculation to apply finance charges to past due customers. Use Finance Charge Entry to make any manual adjustments, print the Finance Charge Journal, and update.
• ** If this is the December, make sure to include the additional tasks found in the Year End Accounts Payable Checklist
• Process any AR to AP clearing entries, by first Selecting, then editing as needed in the Entry windows and updating after printing the Register.
• Reconcile the Account Payable Trial Balance against the appropriate General Ledger Accounts.
• Print the Accounts Payable Sales Tax Report as of the appropriate date (monthly, quarterly, etc.) as required by your taxing jurisdiction, and purge from period end.
• Back up the Account Payable files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in AP Options
• Select/confirm the reports you want to print for the period end. Print at least the Accounts Payable Aged Invoice Report and the Check History Report. (List Reports to print here)
• Complete period-end processing after all the selected reports have been printed.
• Confirm the new fiscal period is correct
• Back up the Account Payable files to a different backup set than that used in the backup steps above.

NOTES:

 

J/C – Job Cost – recorded period closed: period no.: _____ year: ________

The following occurs during period-end or year-end:
The year-to-date actual cost, invoice billed, and payment received totals are cleared and set to zero, along with the year-to-date dollar and unit totals.
Job information is removed if the Retain Job Cost History check box is cleared in Inventory Management Options.
Closed jobs are archived to history files instead of purged during period-end processing if the Retain Job Cost History check box is selected in the Job Cost Options window.
If the Retain Transaction Detail check box is cleared in the Job Masterfile Maintenance window, transaction jobs are summarized. If selected, transaction jobs are retained until the job is closed.

• Back up the Job Cost files onto a monthly pre-posting backup set
• Verify that all change orders; job billing invoices; and direct cost, billing, and cash receipt transactions are recorded for the current month. Also, verify that all integrated modules (Accounts Payable, Payroll, etc.) have completed posted of all transactions for the current month
• If monthly calculation of overhead is selected in the Job Cost Options window, print the Monthly Overhead Allocation Report and update.
• Print and update appropriate Registers and Journals for the period to be closed.
• If any jobs have been completed during the current period, print the Job Close-Out Report and update.
• Back up the Job Cost files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in JC Options
• Select/confirm the reports you want to print for the period end. Print at least the Work in Process Report and Job Transaction Detail Report. (List Reports to print here)
• Complete period-end processing after all the selected reports have been printed.
• Confirm the new fiscal period is correct
• Back up the Sales Order files to a different backup set than that used in the backup steps above.
• Perform any desired Job Cost file Purge Utilities as specified by Management. (List Utilities here)
• Perform any desired Job, Cost Code or other Maintenance tasks as specified by Management. (List tasks here)

NOTES:

 

B/R – Bank Reconciliation – all banks reconciled for: period: _____ year: ________

Bank Reconciliation does not have a Period-End Processing task. Perform the following steps prior to performing General Ledger related Period End Processing.

Reconcile each Bank Account (separately by Code), entering all missing transactions and adjustments and printing the Reconciliation Report (list Bank Codes here)

A – (list Bank and account name here)
Notes for bank A:

Print and update appropriate Registers and Journals for the period.
NOTES:

 

F/L – Fixed Assets – recorded period closed: period no.: _____ year: ________

If Sage Fixed assets in integrated or linked to the system, the period end should be run for at least the internal book or depreciation run for the internal book in the Fixed Assets program and transferred to the GL

Run Depreciation or Period End, print depreciation report and confirm transfer to the GL for the period. (List Book to be run for depreciation)
Internal Book
Notes for Internal Book:

** If this is the last Fiscal Period of the year, make sure to include the additional tasks found in the Year End Fixed Assets Checklist

Confirm all Disposals for the period have been recorded in the Fixed Asset system

NOTES:

 

Print disposal reports and record Profit/Loss as General Journal Entries

NOTES:

 

Print any Monthly Fixed Asset Report from Sage Fixed Assets as specified by Management (list Reports here)
NOTES:

 

G/L – General Ledger – recorded period closed: period no.: _____ year: ________

General Ledger has been listed last on this list, but it is often the case with Sage 100, that the G/L is closed for the prior period or prior year, just before the other modules are closed for the current period/year. Please adjust these check lists, if this is how you plan on processing period/year end.
Year-end processing takes place automatically when period-end processing is performed for the last period of the fiscal year.

The following occurs during period-end or year-end:
Accounts with a Deleted status can be removed during year-end processing based on activity and the selection to retain history in General Ledger Options.
Any accounts with no activity are automatically removed.
If the Copy Actual to Default Budget at Year End check box is selected in the General Ledger Options window, the actual amounts for the closed fiscal year are copied to the default budget for the current fiscal year.
Options for resetting journal numbers are performed.
If the Clear Balances check box in Main Account Maintenance is selected for a main account value, balances are cleared for nonfinancial accounts at year end.
If retaining transaction history, all current year transaction information is updated and any transaction history with no current year activity is removed based on options selected in General Ledger Options.

** If this is the last Fiscal Period of the year, make sure to include the additional tasks found in the Year End General Ledger Checklist

• Back up the General Ledger files onto a monthly pre-posting backup set
• Verify that all activity and adjustments in modules integrated with General Ledger have been completed for the current period.
• Print and update the Recurring Journal.
• Print and update the Daily Transaction Register.
• Print and review the General Ledger Worksheet.
• Enter any closing adjustments for the period using General Journal Entry.
• Print and update the General Journal.
• Print and update the Transaction Journal.
• Make any necessary budget revisions using Budget Revision Entry and update the Budget Revision Register.
• Select allocations to post and decide whether to post all required allocations now or during period-end processing or year-end processing. For more information, see Select Allocations for Posting
• Print the Trial Balance and Standard Financial Statements for the period and verify that the Balance Sheet is in balance.
• Print the General Ledger Analysis (if necessary).
• Print the General Ledger Detail Report for the Period. If you are closing the year, print the report for all periods.
• Print the Month Report and Statements for the Period and Review or submit for approval to management prior to close.
• Back up the General Ledger files onto a monthly pre-close backup set (may overwrite pre-post set)
• Confirm History Retention settings in GL Options
• Select/confirm the reports you want to print for the period end. (List Reports to print here)
• General Ledger Trial Balance (specify format here)

Print Financial Statements:
Balance Sheet
Income Statement

 

Complete period-end processing after all the selected reports have been printed.

Confirm the new fiscal period is correct

Back up the General Ledger files to a different backup set than that used in the backup steps above.

NOTES:

 

Non-Accounting System Tasks – recorded period closed: period no.: _____ year: ________

These Tasks may be appropriately handled as part of an activated Module task and as such, should be move to the appropriate section above. Tasks listed above that are to be completed manually or outside of an activated module should be moved to an appropriate place in the section below.

Prepare check request on payments for monthly loans in this format:
Loan 1: Bank Name, Account Number, Due Date
Loan 2: Bank Name, Account Number, Due Date
NOTES:

Record automatic loan withdrawals:
Loan 1: Bank Name, Account Number, Due Date
Loan 2: Bank Name, Account Number, Due Date
NOTES:

Process State Sales Tax: (Due date varies by state)
NOTES:

Pay Sales Tax.

NOTES:

Count and Replenish Petty Cash
NOTES:

Print and prepare all supporting schedules for Balance Sheet:
Cash
1. Print “missing checks” report for the month.
2. Double-check the beginning check number of the current month with the last check number from the previous month. Also make sure to double-check the last check number with the blank check stock. Account for all missing checks (if any).
3. Record void checks in the month.
4. Reconcile the bank account by going into Banking and selecting “Reconcile” option.
NOTES:

Prepaid expenses – update last month’s support schedule

NOTES:

Credit Cards – For each credit card account reconcile monthly balances.
NOTES:

Accrued Payroll – record the month-end P/R accrual.
NOTES:

Accrued Expenses – Other – update last month’s supporting schedule.
NOTES:

Notes Payable
For each loan, show reconciliation to the month-end principal balance per most recent loan statement or loan amortization schedule.
NOTES:

Sage 100 Quarter End

 

QUARTER-END CHECKLIST – BEST PRACTICES

Complete any Planned Quarterly Physical Inventory Counts and update in the system

NOTES:

P/R – Payroll – recorded quarter closed: period no.: _____ qtr. no.: _____ year: ________
The following occurs during quarter-end or year-end. Year-end processing takes place automatically when period-end processing is performed for the last quarter of the fiscal year.

• Quarter-to-date or year-to date information is cleared.
• Check history is cleared if not retaining check history in Payroll Options.
• The Quarterly Tax Recap is purged.
• Workers’ compensation information is purged.
• Terminated employees are removed at year end based on the number of years entered in the Years to Retain e-Filing Check History field in Payroll Options.
• All employee deductions with met goals are removed at year end.
• Benefit accruals for each employee are reset based on the options selected in the Payroll Options window at year end.
• Back up the payroll files onto a quarterly pre-posting backup set
• Review the detail of any released Tax Table Update (TTU) for the quarter and install as directed, if relevant to your payroll processing, tax withholding, forms submission or reporting needs. ** If this is the 4th Quarter, make sure to be following the Year End Payroll Checklist
• Set the Payroll accounting date to the quarter-ending date.
• Verify that all payroll processing has been completed for the current pay period.
• Print and update appropriate Registers and Journals for the current pay period.
• Print all Payroll Reports required for the current pay period. (List Reports to print here)
• Print the Quarterly Tax Report, Payroll Check History Report, and Quarterly Pay Period Recap reports.
• Verify that all checks and adjustments have been entered, printed and updated for the current quarter.
• Print monthly Payroll Reports required. (List Reports to print here)
• Complete & submit Payroll Forms required for the current pay period. (List Forms and submission method here)
• Complete & submit monthly Payroll Forms required. (List Forms and submission method here)
• Submit Payroll Tax Deposits required for the current pay period. (List Deposits and submission method here)
• Submit monthly Payroll Tax Deposits required. (List Deposits and submission method here)
• ** If this is the 4th Quarter, make sure to be following the Year End Payroll Checklist
• Print Quarterly Earnings Report and tie into Federal and State filings

NOTES:

 

Review Federal Payroll and Corp. tax deposits and filings.
NOTES:

Complete & submit Quarterly Federal Payroll Forms. (List Forms and submission method here)
941 (submission method here)
NOTES:

Review State Withholding and Unemployment tax deposits and filings.
NOTES:

Complete & submit Quarterly State Payroll Forms. (List Forms and submission method here)
State 941 (submission method here)
State Unemployment (list forms & submission method here)
NOTES:

Complete & submit any Local Quarterly Payroll Forms. (List Forms and submission method here)
NOTES:

 

Submit monthly Insurance/retirement or other Deposits/Payments required. (List Payments and submission methods below as separate tasks)

Submit Quarterly Insurance/retirement or other Deposits/Payments required. (List Payments and submission methods below as separate tasks)

Print any additional Quarterly Payroll Reports required. (List Reports to print here)

Back up the payroll files onto a monthly pre-close backup set.

Set the Payroll accounting date to the quarter-ending date.

Confirm History Retention settings in PR Options

Select the Quarter End Processing task in Period End Processing. If performing period-end processing for the fourth quarter, select the Quarter and Year End Processing task.

Select reports to be printed as part of period-end processing and print. Print at least the Quarterly Tax Report and the Payroll Check History Report. (List reports to be printed here)

Complete period-end processing after all the selected reports have been printed.

Confirm the new fiscal period information is correct

Back up the payroll files to a different backup set than that used in the backup steps above.

Perform any special Quarterly employee or payroll maintenance tasks as requested by management. (List monthly tasks here)

NOTES:

 

Non-Accounting System Tasks – completed for qtr.: period no.: ____ qtr. no.: _____ year: ________

These Tasks may be appropriately handled as part of an activated Module task and as such, should be move to the appropriate section above. Tasks listed above that are to be completed manually or outside of an activated module should be moved to an appropriate place in the section below.

NOTES:

 

YEAR-END CHECKLIST OF SCHEDULES REQUIRED FOR TAX RETURN

Accounting software file available with username and password

Bank reconciliations or bank statements on all bank accounts to verify bank accounts (last 3 years)

Completed Inventory information to verify inventory on hand

Schedule of prepaid expenses

Fixed asset additions

Fixed asset deletions

Schedule of deposits

Accounts payable schedule

Credit card bills for all credit card accounts to verify accounts payable (last year)

December 20_ _ payroll tax returns to verify year end balances

December 20_ _ sales tax return to verify year end balances

Schedule of medical reimbursement accounts to verify balances

Verification of all note’s payable balances (such as amortization schedule and/or payment coupons)

Accrued payroll

Payroll processing year to date report

Schedule of payroll processing annual report reconciliation to labor expenses

Property tax declaration (if applicable)

Profit and Loss by class (if necessary)

NOTES:

Sage 100 Year End Checklist

 

YEAR-END CHECKLIST – BEST PRACTICES

Complete any Planned Yearly Physical Inventory Counts and update in the system

NOTES:

 

A/P – Account Payable – year-end additions to monthly tasks: year: ________

Prepare 1099 forms (due January 31)

Print “1099 Summary” report for the year.

Review Vendor list to find any vendors who did not appear on the above report.
Make sure all vendors have tax identification number.

Print “1099 Forms”.

NOTES:

 

P/R – Payroll – year-end additions to quarterly tasks: year: ________

** These steps are in addition to the P/R tasks found on Quarter End Checklist

Download and review the Sage100 Year End FAQ

Download any Sage100 Interim Release Download (IRD) for the current year and review instructions.

Install Sage100 Interim Release Download (IRD) as instructed

Download any uninstalled Sage100 Tax Table Updates (TTU) review instructions.
Remember that the Q1 update for the next year, may be released or updated multiple times due to varying release dates of tax information. Check for updates prior to each pay period throughout the month of Jan. and the first pay period of Feb.

Install Sage100 Tax Table Updates (TTU) as instructed
Each updated TTU should be installed as instructed as they become available.
NOTES:

If IRD or TTU states the this is the last update that will be available for your installed version of Sage 100, make sure to begin planning for migrating your data to a newer version.
NOTES:

Make sure that Pre-Close Backup is labeled with the year and the fact that it is pre-close

Review W-2 delivery method per employee.

Print Quarterly and YTD reports and reconcile all totals.

Confirm that all adjustments have been made and updated.

Generate Reports required for external generation of W-2’s or generate them from the system. (Complete by Jan 31) Note: System generated W-2’s must be completed prior to closing the 4th PR Quarter (Year) unless other instructions are given as part of the IRD.

Deliver W-2’s to recipients (mail or electronic) (complete by Jan 31)
NOTES:

Confirm W-2 electronic delivery.

File W-2’s and W-3 as required (list filing method) (complete by Jan 31)

Complete & submit Other Annual Federal Payroll Forms. (List Forms and submission method here)
940 (submission method here)
NOTES:

Complete & submit Annual State Payroll Forms. (List Forms and submission method here)
NOTES:

Complete & submit Annual Local Payroll Forms. (List Forms and submission method here)
NOTES:

 

F/L – Fixed Assets – year-end additions to monthly tasks: year: ________

Confirm all Disposals for the year have been recorded in both the Fixed Asset system and in the General Ledger
NOTES:

Confirm all Depreciation for the year has been recorded in both the Internal book in the Fixed Asset system and in the General Ledger
NOTES:

Run Depreciation or Period End, print depreciation report and confirm transfer to the GL for those books not completed as part of the Monthly Checklist. (List Book to be run for depreciation)
Tax Book
Notes for Tax Book:
State Tax Book
Notes for State Tax Book:
ACE Book
Notes for Ace Book:
AMT Book
Notes for AMT Book:

Print any Yearly Fixed Asset Reports by Book from Sage Fixed Assets as specified by Management (list Reports here)

Print any Yearly Tax Forms from Sage Fixed Assets as specified by Management (list Forms here)

Close Period in Sage Fixed Assets to lock in previously calculated accumulated depreciation

 

G/L – General Ledger – year-end additions to monthly tasks: year: ________

• Update Fiscal Calendar for the next Fiscal Year as needed.
• Load next year budget
• Print the General Ledger Detail Report for All periods.

Print All period end reports and submit to accountant for review and approval prior to closing or compare to filed tax return and submit results to management for approval prior to closing.

NOTES:

 

Non-Accounting System Tasks – completed for year ending: year: ________

These Tasks may be appropriately handled as part of an activated Module task and as such, should be move to the appropriate section above. Tasks listed above that are to be completed manually or outside of an activated module should be moved to an appropriate place in the section below.

Provide Year-end income tax information to tax accountant

Print and send Reports requested. (List Date Required) (list Reports to print here)

• Federal Tax Return (due March 15)
• State Income Tax Return (due March 15)
• City Income Tax Return (due March 15)

NOTES: