Summary – Year end in Sage 50

If your company has a financial year end in Sage 50 that’s coming soon, you may want to start making preparations to close down the year in your accounts.

When you come to the end of your financial year, you run the year end routine to close your current financial year and to move into your new financial year.

Before you run a year end, it’s recommended you carry out a few quick tasks\checks to ensure the process runs smoothly.

Ensure all transactions have been posted for year end in Sage 50

All transactions for the financial year you’re closing should have been posted.  These may include:

• Adjustments from your accountant. You normally post these as a journal.
• Month end postings, including automatic depreciation, prepayments and accruals.
• Opening and closing stock postings.
• All other outstanding transactions for the financial year.

Check the Chart of Accounts

The chart of accounts defines which category each nominal code falls. This means when you run your year end, the chart of accounts is used to decide which nominal codes clear down, and which balances are carried forward into your new financial year. It’s therefore important to check the chart of accounts.

To check:

1. Click Nominal codes then click Chart of accounts.
2. Select the chart of accounts you want to view then click Edit.
3. To check for any duplicated or missing nominal codes or if any ranges overlap click Check.
4. If a message No errors found in this chart of accounts appears, your chart of accounts is complete. You’re OK to continue.

If you’re prompted to print a Chart of Accounts Errors report, you have errors and need to fix them.

Run a check data

If you have any errors in your data, this may cause problems when running your year end and could cause further corruption.

Before you run your year end, we’d recommend you check your data via File > Maintenance and fix any errors that appear.

Reports

It’s recommend printing any reports you need, prior to running your year end, including the following management reports:

• Profit and Loss report
• Balance Sheet report
• Trial Balance report
• Aged Debtors and Creditors reports

Further Information

If you have any questions about this or need assistance, then please contact the GCC Group Support Team on 0345 260 1151 or servicedesk@gccgroup.co.uk