Note: information is valid as of the software versions available at the date of this post on December 7, 2012.
How to Lock Fiscal Periods in Sage 300
Preparing to Lock Fiscal Periods
It's important to understand how transactions flow through Sage 300 before you begin locking fiscal periods for individual modules.
This Preparing to Lock Fiscal Periods video on YouTube provides important information that you should review prior to locking fiscal periods.
Locking Fiscal Periods
After you review the set up and workflow information, you're ready to use the fiscal calendar to begin locking and unlocking fiscal periods. Here are some general best practices to keep in mind:
- Lock operations modules (OE, Inventory, etc.) before financial modules (GL, AP, AR, etc.).
- When locking Bank Services, also lock modules that integrate directly with it including AR, AP, & Payroll.
- Create and post all outstanding GL batches for a fiscal period before you lock it for GL.
Watch the Locking Fiscal Periods video on YouTube for step-by-step instructions.
Important Sage 300 Tax Updates
Note: You must have a user name and password along with a current Sage Business Care plan to access and download the update. If your plan has expired, please contact your software provider to discuss support options. If you do not have a current logon, click "Sign Up for a Customer Portal User Account" in the lower portion of the screen.
How to Install and Activate Tax Updates
To download the appropriate tax update:
- Login to the Sage Customer Portal and visit Sage 300 Downloads to access the latest updates.
- Choose Get the Update on the appropriate link.
- Click Download in the upper right of the page, then click Run to start the process.
To install the tax update:
- Run the executable file that you just downloaded
- Confirm or change the location that the files will be saved to (default is c:\AI_Temp), click Next, and follow the onscreen prompts.
- Accept the license agreement and click Next.
- Select or change the location where the files will be set up, select the features you wish to install, select or enter a new program folder, and click Next.
- Verify components to be installed and file locations. If you need to make changes, click Back. If details are correct, click Next.
- Click Finish to complete installation.
Watch the How to Download and Install Tax Updates on YouTube to review the process step-by-step.
Tips for a Successful Year End
- Back Up Your Data - 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!
- Check Your Version Number - closing procedures can vary depending on the version of Sage 300 ERP (or "Accpac") you're currently running. So be sure to check your version number and service pack before starting year end.
- Create a New Fiscal Calendar - Sage 300 allows you to begin entering transactions for the new year without closing out the current year. But you must first create a new fiscal calendar in Common Services before entering transactions for 2013.
- General Ledger Closing - While it's a good idea to close modules and purge historical data in a timely fashion, your General Ledger can remain open as long as you need while awaiting final processing in other modules or audit adjustments.
- Check Data Retention Settings - Sage 300 ERP retains historical data based on the version you’re running and the settings you've configured in each module. So it's a good idea to review your module and system settings so you don't lose 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.
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