In this live webinar we will review all the steps to performing a Sage 300 (Accpac) Year-End Closing, followed by a Q&A Session at the end. - Year-End Closing Preparation - Timing - Back Up Procedures - Creating New Fiscal Year - Year-End for A/R and A/P - W-2 & 1099s - Year-End Reports

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Sage 300 ERP
Year-End Procedures
Webinar Audio:
You can dial the telephone numbers located
on your webinar panel. Or listen in using
your microphone or computer speakers.
We will begin shortly.
Technical Difficulties:
Call: (805) 617-7000 (Option 1)
Start Time: 2:00pm ET (11am PT)

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Today’s Presenters
Scott Beavers
Andy McManis

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Webinar Details

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Overview Solutions
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Date: January 8, 2015
Time: 2pm ET / 11am PT
Topic: Sales & Use Tax Automation
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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
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Review and document current Accounting Data Backup Procedures
Run a TEST recovery of Live Company data from an existing backup
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Have the assurance that current backup files can be restored
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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