Close the Year in Sage 300 CRE | How-to Video

how to close the year in Sage

How to Video: Close the Year in Sage 300 CRE : Tips & Tutorial

sage-300-CRE-icon-stroke-150x150Sage Certified Consultant, Olivia Roemer, shares Sage 300 Construction and Real Estate video series for year-end tasks within the software.  Close the year in Sage 300 CRE correctly with these helpful tips.  In this tutorial video, you will learn how to prepare and print your quarterly and annual payroll forms in Sage 300 Construction and Real Estate. In case you missed the previous video series, click on the links below.

Part V – Close the Year in Sage

How to Close the Year in Sage 300 CRE – Step-by-Step Guide

Hello, my name is Olivia Roemer. I am a Sage Certified Consultant at Plumb, a premier Sage Partner for construction software with a team of experts in construction accounting and software solutions.

In this five part video series we will help you prepare for your year-end activities in Sage 300 Construction and Real Estate. In the fourth video, we discussed how to prepare for and print your annual payroll tax returns using Aatrix. If you missed it, go ahead and click the link in the description below.

Today I am going to discuss how to close the year in Sage 300 Construction and Real Estate. In this video, I will show you the various year-end help available from Sage, how to back-up your Sage data prior to performing closing functions, close payroll for year-end, update your tax tables for the new year and closing the fiscal year in General Ledger.

Sage has an entire section of their website dedicated to year-end activities. When you go to the Sage 300 Construction and Real Estate Year-end website you can watch videos, read articles and even download a year-end guide with step-by-step instructions.

The first thing I suggest is downloading the year-end procedures guide. This will provide you with an instructional guide to follow for closing the year. After you download the guide your next step should be to back-up your data file.

You can find step by step instructions in the year-end procedures guide Appendix A.

close the year in Sage CRE
close the year in Sage CRE

Once you have completed a back-up of your data files I would suggest closing payroll. First make sure that you have finalized and posted the final payroll for the year you are closing. Run any necessary payroll reports to confirm that payroll ties to your general ledger. Then run all your Q4 payroll tax reports and returns as well as your W-2s. Once all federal and state payroll filing forms are complete then close the year in the Payroll module. You can do that by…

close the year in Sage 300 CRE

After you have close the payroll year, your next step is to update your payroll tax tables. Take the following steps…

close the year in Sage 300

Any company specific rates like state unemployment will need to be updated manually. You can do this by going to payroll>setup>taxes. Select the appropriate tax ID and make the necessary changes to the tax rate and wage limits.

Closing the year in general ledger is simple, but you will want to make sure you confirm everything for the year is accurate. First, confirm that all transactions in the “new” files in all the applications have been posted. Then confirm that your suspense account(s) have a zero balance. Then make sure to close the year for the following applications; Accounts Payable, Accounts Receivable, Cash Management, Contracts, Equipment, Job Cost, Payroll, Property Management and Service Management. The start your financial statement preparation by printing a trial balance, current ledger and any other year-end reports you require. Once your year-end financial preparation is complete, then print your financial statements. Make sure to keep your finalized financial statements handy. Now you can close your fiscal year end in general ledger.

close the year in Sage Timberline

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