Sage 100 Contractor includes these separate Year-End tasks

These are individual tasks, performed at different times. This article outlines the process for advancing to a new fiscal year and archiving data for the old fiscal year.

1. Close the Payroll Year or Archive the Oldest Payroll Year
2. Advance to the new fiscal year
3. Archive Oldest Fiscal Year

Advancing the posting period to the new fiscal year

Sage 100 Contractor can hold multiple years of accounting data and produce correct accounting reports for all years and periods. You aren’t required to close your books or archive your company data to advance into the new fiscal year. You can enter transactions for the new fiscal year and post them, without archiving your company data. This also means that you can continue entering and posting transactions for the old fiscal year, even though you’re also entering and posting transactions for the new fiscal year.

Important: While you aren’t required to Archive the Oldest Fiscal Year, you must always either Close the Payroll Year or Archive the Oldest Payroll Year before entering payroll information for the new calendar year. See New Feature: 5-3-8 Close Payroll Year and What is Multiyear Payroll (Close Payroll Year) in Sage 100 Contractor versions 24.2 and later? 

General information about advancing to the first period in the new fiscal year

You advance to the first period or the new fiscal year by selecting the Change Period feature in 1-6 Period/Fiscal Year Management.
Sage 100 Contractor no longer requires you to close your books at year-end. Instead, as you advance period 12 of your fiscal year, period 1 of the new fiscal year opens so that you can begin entering transactions for the new year.
After you Change Period in 1-6 Period/Fiscal Year Management to advance to period 1 of the new fiscal year, you can still post transactions to periods in the old fiscal year as needed.
You can easily enter final adjustments and corrections for the old fiscal year, even if your default posting period is several months into the new fiscal year.

General information about the Archive Fiscal Year process

Sage 100 Contractor doesn’t require you to archive your old fiscal year accounting data to advance to the next fiscal year. You can have multiple years of accounting data in your company file, and the software produces accurate accounting reports for all years and periods.
When you no longer need frequent access to a previous year’s data and you’ve entered all transactions for that year, and posted all corrections and entries recommended by your tax advisor for that year, you can archive the oldest fiscal year’s accounting data from your company file into an archive company file, by connecting to Database Administration for Sage 100 Contractor and selecting Archive Company Data, Archive Oldest Fiscal Year.
The Archive Oldest Fiscal Year process will remove the accounting data from the oldest fiscal year and move it into a separate archive company folder. An archive company data folder contains one fiscal year of accounting data. If you have more than one fiscal year of accounting data you want to archive, perform the archive oldest fiscal year process for each fiscal year.

How to Archive Oldest Payroll Year

How do I archive my Oldest Fiscal Year in Sage 100 Contractor SQL