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Sage 50 Month End Close

How to perform a Sage 50 Month End Close

Steps to complete a Month End Close Procedures and Tips and Tricks

for Sage 50 Small Business Accounting

Month End Close Tips and Tricks

What is a month end close in Sage 50? The 6 basic steps include

  • Entering deposits
  • Recording checks
  • Complete Bank Reconciliation
  • Review financial balances
  • Print reports
  • Change to the new accounting period

The bank reconciliation which is included as a part of the month end close steps confirms all transactions for the monthly period were recorded and is one of the most  critical part of the process.

 

Small Businesses walk thru these steps each month end to make sure financial reports are accurate. The result of completing each month in a timely manner is so that the owners can determine profitability each month during the year. Often this is the basic for future financial decisions. View Sage 50 system Requirements.

Sage 50 Tips and tricks

For Sage 50 users on any version

  • Sage 50 Quantum
  • Sage 50 Premium
  • Sage 50 Pro

5 accounts that need to be reviewed and reconciled monthly are:

  • Cash
  • Accounts Receivable
  • Inventory
  • Accounts Payable
  • Gross Wages

If you are a larger company there may be additional accounts that need to be reviewed for accuracy each month such as fixed assets, prepaid expenses, loan accounts and tax liabilities. If you are distribution or manufacturing company it may include WIP, Finished goods and cost of goods sold. For a month end close checklist follow the links below to request a month end close checklist in excel for your small business.

Sage 50

December 27, 2019 Sage 50 Comments Off on Sage 50 Month End Close
Sage Software Sage 100 Month End Checklist, Sage 50 month end checklist, Sage 100 support, Sage 50 support

Sage 50 / Sage 100 Month-End Checklist for Sage Software

Sage 50 month end Checklist or Sage 100 month end checklist

One of the main benefits of using an accounting or an ERP system is the organizational advantages offered by these products. Whether you are using Sage 100 ERP or Sage 50 software, it is crucial to keep your monthly finances accurate and up-to-date. Never fall behind with our handy Sage 50 / Sage 100 Month-End Checklist!

Sage 50 / Sage 100 Month-End starter Checklist: Get the full version of  month end checklist here

  • Enter your sales and purchase invoices for the month.
  • Enter all monthly payments and receipts from check stubs and paying-in slips.
  • Enter direct debits, ACH transfers, checks, and so on from your monthly bank statements.
  • Reconcile bank accounts for the month, including credit cards.
  • Enter journals or run wizards for accruals, prepayments, depreciation and so on.
  • Depending on where you live and your payment schedule, calculate, file, and pay your monthly state and federal employment and sales taxes.
  • Run Aged Debtors and Aged Creditors reports for the period.
  • Run Profit and Loss and Balance Sheet for the period.
  • Run month-end wizard (Tools→Period-End→Month-End).

 

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Sage Software certified consultant

If you need help learning how to use these helpful Sage 50 / Sage 100 month-end features, call the certified Sage consultants at Accounting Business Solutions by JCS today! Our experienced, professional staff offers a full range of Sage software consulting services, including Sage 100 support, Sage 100 classes, Sage 100 data repair, Sage 50 support, Sage 50 classes, and Sage 50 data repair for all years and versions of your particular Sage product. Our nine locations, which include Detroit, MI, Chicago, IL, Charleston, SC, St. Louis, MO, Mandeville, LA, Dallas, TX, Naples, FL, Atlanta, GA, and Sacramento, CA, are conveniently located throughout the United States to serve you better. We also offer remote assistance and in-house help. Get help with your Sage 100 or Sage 50 software by calling 800-475-1047 today, by emailing us at solutions@jcscomputer.com, or by filling out our contact form. Your success is our goal! get your month end checklist here

September 27, 2018 Sage 100, Sage 100c Sage 300c, Sage 50 Accounting, Sage 50c Comments Off on Sage 50 / Sage 100 Month-End Checklist for Sage Software
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