Be sure to get in touch with your Sage 300 Partner with specific questions or to request help with Sage 300 Year End Closing.
Before you begin any year end process, be sure to execute a complete back up of your database. You should also test the back up to ensure it was successful and the data is readable. The only way to "reverse" year end processing is to restore your data from a backup. So do it now!
2. Check Your Version Number
Closing procedures can vary depending on the version of Sage 300 (aka "Accpac") you’re currently running. Check your version number and service pack before starting year end processing.
3. Create a New Fiscal Calendar
Sage 300 allows you to begin entering transactions for the new year without closing out the current year. Simply create a new fiscal calendar in Common Services > Fiscal Calendar and then click the New icon.
If the period date ranges are correct, then Save the year. Do this before entering transactions for 2019.
4. General Ledger Closing Tip
While it's a good idea to close modules in a timely fashion, your General Ledger can remain open as long as you need while awaiting final processing (or audit adjustments) in other modules.
5. Check Data Retention Settings
Sage 300 will retain historical data based on your software version and the settings you’ve configured in each module. So it's a good idea to review all module and system settings to avoid the unintended loss/purge of important data during year end close. In particular, check GL Options to see how many years of history your system is set up to retain.
One of the most important things you can do before starting the year end closing process is to backup your data. Here’s how to do it in Sage 300:
1. Click the Start button, highlight Programs, then Sage 300, Tools, and click Database Dump.
2. Type the password for the Admin user in Sage 300, then click the OK button.
3. Click to highlight the database that you want to Dump. Click the Set Directory button to enter the location where you want to save the files.
4. Click OK. You'll return to the Dump Sage 300 Data screen.
5. Click the Dump button to proceed. A confirmation message will appear. Click OK to continue.
6. A Dataset Description screen will display in which an optional description of the database may be entered. Enter a description, then click Done.
For fully detailed directions with screenshots, go to How to Backup and Restore Sage 300
1. Logon to your Sage 300 system
2. From the Task Ribbon, click Help then Product Documents
3. Browse the version of your product, then select Checklists
4. Click the link called Year-End Procedures
Older Versions of Sage 300:
1. Logon to your Sage 300 system
2. From the menu bar, click Help and then Documentation
3. Browse the ENG folder
4. Find the PDF called Sage300ERP_Checklist_YearEnd.pdf
To Change a 1099 Code:
1. Go to A/P Vendors and select Vendors
2. Select the vendor with the issue
3. Click on the Invoicing tab
4. Choose the correct 1099 code
5. Click on Save and then Close
To Allow Editing of 1099 Amounts:
1. Go to A/P Set Up and select Options
2. Select Transactions Tab
3. Check of Allow Edit of 1099/CPRS Amounts
4. Click Save and then Close
To Update a Vendor’s 1099 Amount:
1. Go to A/P Vendors and choose A/P 1099/CPRS Inquiry
2. Filter to Vendor(s)
3. Filter to the incorrect 1099 Code
4. Click on the double arrows (Go option)
5. Note the information for all entries listed
6. Filter to the correct 1099 Code
7. Click on the double arrows (Go option)
8. Press the Insert key to add a new line
9. Enter the appropriate information for the detail line
10. Repeat the previous 2 steps for each detail line
11. Filter to the incorrect 1099 Code
12. Click on the double arrows (Go option)
13. Press the Delete key to remove the incorrect detail lines individually
For instance if Income Statement accounts were set up as Balance Sheet accounts, these accounts would not close to Retained Earnings after running Create New Year. In other words, the accounts would still have a beginning balance in the new year.
If you find yourself in that situation, here’s how to resolve it.
1. Ensure the option Allow Posting to Previous Years is selected.
2. Create a new GL account with the correct Account Type (Income Statement).
3. Create a GL entry to transfer the balance from the old account (Balance Sheet) and into the new Income Statement account.
4. Select period 12 and the fiscal year in which the entry is intended to be posted.
5. Mark the old Balance Sheet account as Inactive so no additional entries can be posted to this incorrect account.
6. Repeat steps 2 through 5 for each account that was set up incorrectly as a Balance Sheet account.
NOTE: Do not run the Create New Year function again. The system will recognize the entry is posted to a prior year and will update the Retained Earnings account.