Don’t panic. It’s not too late 🙂
Around this time of year we sometimes get calls from customers who are concerned that it’s too late to do year end. Not true!
So, breathe easy, here are a few tips to help you with the process.
First off, do a BACK UP
This is incredibly important. It bears repeating: DO A BACK UP before proceeding. This is critical just in case something goes wrong. Also, it’s a good idea to hold onto it and set up your future automated back ups so they don’t overwrite it. That way you have data to reference until after the audit is finished. It really doesn’t cost you a thing to do, and can end up saving you time and money in the future.
Creating the New Year in GL
Many folks mistakenly think they have to wait for the auditor to do this, but you can do this one your own. In fact, if you don’t create new year you can’t produce financial statements for April through July. So, doing this now ensures you won’t be behind in your reporting.
A lot of people don’t know that their General Ledger can function in multiple years. They can post a batch that has both 2016 /2017 entries and Sage automatically knows to post to the right fiscal year based on the year they are using based on the dates of individual entries. You may have entries from the old year, and entries from the new year, and they can all be on the same batch.
If, you’re looking for support to walk you through any of the above, please give one of our Sage experts a call and they’d be more than happy to help!