sage 300 erp (accpac) year-end closing

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Sage 300 ERP Year-End Procedures

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Scott Beavers

Andy McManis

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Date: January 8, 2015 Time: 2pm ET / 11am PT

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Important to Know Sage 300 (Accpac) ERP allows

you to post to prior years

This means that you are able to post GL transactions to a new fiscal year without losing the ability to post to your current fiscal year

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DO’s

What Will Your Accountant Need? What Do You Like To Have In Hard Copy? For Your Bank? Typical Reports:

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DON’Ts

Clear Activity in AR or AP

Reset All Batch Numbers

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12-Steps For Year-End Procedures

Here are 12 steps you can follow.

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Step 1: Create the New Fiscal Year

Create the new fiscal calendar for the new year. This allows you to create entries in the new year.

Go to Common Services/Fiscal Calendar to add the new year. Ensure that the Active checkbox is marked.

Tip: This should be done late in the fiscal year – 2 months prior to year end.

Ex. For companies with December 31 year end, this can be done in October or November.

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Step 2: Verify GL Options Information

Go to GL Options/Posting tab to verify that current fiscal year is set to the prior year. For example, if you are setting new fiscal year to 2013; current fiscal year on this screen should show as 2012

Define the number of years to keep history by fiscal set and transaction detail.

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Print the GL Chart of Accounts in Detail – Long Form and verify that all accounts are setup correctly.

For example, make sure income accounts are setup as income accounts and balance accounts are setup as balance sheet accounts. Also verify that any accounts with activity are not inactive.

Step 3: Verify GL Chart of Accounts Information

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Print the Trial Balance report for year end and a second time for closing and adjustment periods. Make sure to print for all activity and exclude accounts with no activity

Step 4: Print the Trial Balance Report

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Print all Financial Reports for current year.

Step 5: Print Financial Statements

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Print the GL Transaction Listing twice for current period assuming that it has already been printed for previous periods. Include Adjustment period and then exclude Adjustment period.

Step 6: Print the GL Transaction Listing

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Print the GL Posting Journals report (if it has not been run before).

Step 7: Print GL Posting Journals (Optional)

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Do a database dump or backup or copy of database files.

Step 8: Backup Database!!!

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In GL Periodic Processing select Create New Year.

Click “Process” to start. (This may take some time to run depending on the number of GL Accounts in the database.)

Step 9: Run Create New Year

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Print posting journal report for year end transactions. Indicate year-end posting sequence number where indicated. This will include the closing entries.

Ensure that any accounts

that were activated for year-end purposes are changed to inactive.

Step 10: Verify Closing Entries

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Lock previous year if you do not want to be able to post to previous year in Common Services/Fiscal Calendar

Step 11: Lock Previous Year

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Run trial balance report for period one of the new year and ensure that it shows only opening balances. Print for all activity and exclude accounts with no activity.

Step 12: Run Trial Balance Report

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Under Periodic Processing – choose A/P Year End icon

Use the Year End form to: Move vendor activity statistics for

the current year into the previous year, and zero the totals for the new year.

Clear year-to-date statistics from recurring payable records.

Reset to 0 (zero) the Total Invoices Paid, Number Of Payments, and the Total Days To Pay fields on the Activity and Statistics tabs, on the Vendors form.

Reset batch numbers, so that the next batch you create of all types will use number 1.

Accounts Payable WARNING Potential History Loss

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Under Periodic Processing – choose A/R Year End icon

Use the Year End form to: Move customer and national

account activity statistics for the current year into the previous year, and zero the statistical totals for the new year.

Set Year To Date Total Invoiced fields in recurring charge records to zero.

Reset to 0 (zero) the number in the Total Days to Pay and Total Invoices Paid fields in customer and national account activity statistics.

Reset batch numbers, so that the next batch you create of any type will use number 1.

Accounts Receivable WARNING Potential History Loss

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Under Payroll Government Reports – choose W-2s on Paper

Select 2 per page or 4 per page forms

Optionally choose a selection list Enter the range of employees on

which to base the report. Choose to sort by social security

number, employee number, employee name, or class.

If you selected to sort the W-2s by class, choose to sort by employee number or employee name. Then choose the class to sort by (Class 1, Class 2, Class 3, or Class 4).

Must fill in “State” field Reprint as needed to complete all

copies needed Print one form first to check

alignment

US Payroll W2s

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Select the Print 1099/1096 forms icon from the A/P Vendor Reports folder.

The 1099 Amounts report lists

the 1099-MISC amount for each vendor in your Accounts Payable system.

The 1096 Amounts report prints the summary for the 1099-MISC forms.

The 1099 tracking option must be enabled in AP Setup – transactions tab

The Vendor must have 1099 tracking enabled – invoicing tab

To print a test copy of a 1099 or 1096 form to check the alignment of the forms in your printer, click the Align button. You can repeat this step as often as needed when the printing destination is set to Printer.

1099s

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Sage 300 2014 Product Update 2

System Manager Updates

On the Current Users screen, the Administrator user can now forcibly sign out users.

When printing to e-mail, you can now select recipients from your Microsoft Outlook address book.

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Backup Assessment Service Offering Description Regularly scheduled backups of your accounting data is vital and important. Having the ability to recover from a disaster is critical. Equally important is testing the validating your disaster recovery plan by performing a restore and verifying your backups. A Net@Work Senior Business Analyst will meet with one Department (Accounting, Operations etc.) and review the following: Review and document current Accounting Data Backup Procedures Run a TEST recovery of Live Company data from an existing backup Confirm that the client has a good backup that can be recovered Identify bottlenecks and processes that can be improved Benefits and Value Proposition Customers will be able to: Have the assurance that current backup files can be restored Have the assurance that processes have been defined to maintain good backup sets Have the assurance that processes have been defined to properly restore data

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Thank You For Attending!

Questions?

Scott Beavers Net@Work Sage 300 Account Manager Phone: (802) 693-0017 Email: sbeavers@netatwork.com Peter Conway Net@Work Sage 300 Account Manager Phone: (973) 396-1665 Email: pconway@netatwork.com Michael Kuyumjian Net@Work Sage 300 Account Manager Phone: (519) 966-4866 Email: mkuyumjian@netatwork.com