Sage 100 Contractor Year-End Guide

A Guide to Completing Year End Tasks

Take advantage of this Sage 100 Contractor year-end guide to ensure that all tasks are accomplished and nothing is overlooked. We’ve developed this task list for companies within the U.S. that are using Sage 100 Contractor as their fully integrated accounting system with a fiscal year-end of December 31.

Timeline:

The Year-end update will be version 19.7. This update will be emailed out around the 3rd week of December. When you close payroll, you will create a company payroll archive folder. When you are ready to archive your fiscal year, you will create a company fiscal year archive folder.

Payroll:

  • Print and post all checks for the old year.
  • Change your posting period from Pd 12 of the old year to Pd 1 of the new year
  • Close the payroll year
  • Install the year end update

First, close the payroll year, and then install the year-end update. You should change the period and later, after receiving all invoice/payment/adjusting entries, you should archive the fiscal year. Be sure to print W-2s or 1099s after installing the year-end update since the year-end update affects your forms and includes changes for the new-year’s payroll tax calculations.

Accounts Payable:

To ensure that you have the most up to date forms, you must install the year-end update before you print 1099s. You can now print 1099s from the current company. In version 19.1 or later, it is no longer run from the payroll archive file and you no longer need to reset your 1099 balances.  Download Vendor 1099s Year-End Checklist.

General Ledger:

Complete the Bank Reconciliation of the cash account against the bank statement in the current company. After you archive the fiscal year, you may need to reconcile the last month of the fiscal year from the prior fiscal. Reconcile the bank statement in the current company. All of the transactions from the prior year with a status of Open at the time you archive are now listed in the Bank Reconciliation in the current company. Reconcile them normally in your current company.

Archive Fiscal Year:

In version 19.1 or later, Sage 100 Contractor no longer requires you to close your books at the end of the fiscal year and does not require you to archive your fiscal year data in order to advance to the next fiscal year. You now have the ability to maintain multiple years of data in your company folder at one time. The software will produce accurate accounting reports for all years and periods.

You can wait to archive prior year data to a time when it is convenient for you.  It’s often the best time to archive when you no longer need frequent access to a prior year’s data and you have entered all transactions for that prior year. Be sure to past all corrections and entries recommended by your tax advisor for that prior year as well. You should always make two backup copies of your company data before you archive your fiscal year data.  Be sure you have completed and entered all transactions, corrections, and prior year adjusting entries before you proceed with the Archive Fiscal Year process. If you proceed and later find that you must make adjustments or corrections for the prior year you will have to make double entries.

Sage 100 Contractor (version 19.1 and later) features an Archive Fiscal Year wizard to guide you step-by-step through the process of archiving data from a prior fiscal year.

For your construction outsourced accounting needs, or Sage 100 Contractor customization or consulting needs, contact Leilani Torres at 323-272-7018 or Leilani.Torres@teamtag.net

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