PURPOSE:

This documentation will guide users through the information required in order to successfully go through the Year End procedure within Sage Line 50.

SCOPE:

The year-end procedure itself is fully automated, and prepares your company for processing in the new financial year. During this procedure the relevant account balances for the current financial year for your profit and loss accounts are transferred to the Retained Earnings account so they are ready to accept transactions for the new financial year.

The balances of your balance sheet accounts are carried forward into the new financial year to give you an accurate picture of your ongoing financial position.

Any future dated transactions are transferred to the relevant monthly field on each nominal account record.
Your nominal and product budget figures can be set automatically for the new financial year, with a percentage increase if required and actual values are transferred to prior year so you can produce comparison reports in the new financial year.

Before performing the year end procedure, please take the time to read all the instructions below so that the year end process can go through as smoothly as possible.

CRITICAL NOTES:

Before the Year End Procedure, you need to be aware of the following:

• Backup – Before performing the Year End procedure please ensure you have made at least 2 working backups of your company data.
• Check Data - Perform a Check Data (data integrity check) prior to running year end by going into File...Maintenance
• System Date - Make sure your system date is the same as your year-end date.

IMPORTANT NOTE - It is very difficult to predict how long the year process may take to completed as a number of variables such as, size of the data, PC hardware specifications as well as available system resources will impact on the duration of the process. It is absolutely vital that you are patient during this process as shutting Sage Line 50 down forcefully (i.e. by using ctrl-alt-del) will almost certainly corrupt your company data files.

PREPARING FOR YEAR END CHECKLIST:

It is absolutely imperative that you prepare thoroughly before you process the year-end. The following checklist will help to ensure that your Year End is processed correctly, and that you have done all the necessary preparatory work.

WHAT RUNNING THE YEAR END DOES:

The year-end procedure automatically sets up the company for processing in the next year. During this procedure the following processing is done:

PROCEDURE:

To run the Year End Procedure simply follow the instructions below:

• In Sage Line 50 open the Tools menu from the Sage Line 50 menu bar, then choose the 'Period End' option, then 'Year End'.
  
• The Year End Window will display providing you with a number of options. The window again advises you to make 2 backups if you have not already done so. (Please see screen shot below and what you can choose from thereafter).
  
  Nominal Budgets Area:
  If you want to update your budget figures for each nominal ledger profit and loss account and each product record with the actual values from the year just ending, select the 'Transfer Actuals to Budgets' check box.If you selected this check box and want to increase the budget values for the current year, enter the percentage increase you require in the Percentage Increase box. Any percentage you enter here will increase the budgets for your nominal accounts or product records, as selected. Leave this as zero if you do not want any increase in your budget figures.
  Postings: Area:
  In the Year End Journals Date box, enter the date you want on your year end journals. Your financial year-end date appears here automatically but you can change this if you want to. Use the Calendar to select the date you require.
  Output To Area:
  A Year A Year End updated Audit Trail report is produced for the year end postings. Select from the Output area the type of output you require;  Printer, or File. If you want to archive the closing year's data, select the 'Archive Company Data before Year End' check box.

• If you have already made your backups and are ready to proceed click on the 'OK' option. To exit without running the year end procedure, click on the 'Cancel' button. Please Note: when running this procedure, Sage Line 50 automatically resets to zero the balances of all your profit and loss nominal accounts for your new financial year.
• Before the system begins to process your Year End a confirmation message will appears. To continue with your year-end click 'Yes', or to cancel click 'No'.
  
• As a security measure you will again be prompted with a confirmation message, warning you that the year end will be performed using the existing chart of accounts. To continue please click 'Yes' again.
• Next you will be prompted with a Print screen providing you with the option to print out your year end postings. At this point specify the required printer and options and then click on 'OK' to proceed
  
• Lastly the system will prompt you to check whether your Program Date is correct before you begin processing transaction for your new financial year. If the date is correct simply click on 'OK' and if it is incorrect make the required changes and then click on the 'OK' button.
  

If you require further assistance or information, please contact our support department. If you do not have a support contract, please contact sales@sagepastelsoftware.com.au