Sage 50 - Year End Close - Best Practices

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Company Name:
Date: _______/_______/_______
“Date Completed” “Completed Initals”

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 Sage 50 Year End FAQ
Download any Sage 50 Releases for the current year and review instructions.
Install Sage 50 Payroll Releases as instructed
Download any uninstalled Sage 50 Tax Table Updates (TTU) review instructions.
Rememember 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 Sage 50 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 50, make sure to begin planning for migrating your data to the 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 previoulsy 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-Accouting System Tasks – completed for year ending: year: ________
These Tasks may be appropriatly 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:
October 26, 2017
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