If you are a #Sage300 user, you may be getting ready to create the New Year in your General Ledger Program. In Sage 300, there really is no closing of a previous year, when you are ready, you can open the next year. Based on the transaction date, the General Ledger program will figure out which fiscal year the transactions belong to.
To Create the New Year in GL:
- Backup your Data
- Run a data Integrity check on the GL module to make sure there are no errors before proceeding
- Print a chart of accounts and verify that each account has the correct type of either Income Statement, Balance Sheet or Retained Earnings
- Go to GL Setup and Options and verify how many years of history you are keeping. Depending on the edition you have, you can keep from 5-99 years!
- When you are ready, go to the Periodic Processing Menu in General Ledger, and select the Create New Year Icon.
- Take a few minutes to read the screen. All users should be out of Sage.
- When the Year End is complete, you will receive a message indicating it is complete and the new year is now 2019! You can check this in the Options icon in GL setup to be sure.