Close the General Ledger fiscal year

How do I close the fiscal year in Sage 300 CRE General Ledger?

Information

• Don’t close the fiscal year at the end of the calendar year unless it’s also the end of your fiscal year. Typically, General Ledger will be the last application you close.
• Don’t proceed with closing the current fiscal year if you haven’t completed the closing of the prior fiscal year. Don't close if you anticipate receiving adjusting entries for the prior fiscal year. You won’t be able to post entries to a fiscal year that is two years prior.
• You can't use the General Ledger files while closing the year. This includes integration with other applications.

Close the Fiscal Year

1. Verify the suspense account doesn’t have a balance. Entries in suspense won’t close to retained earnings at year-end.
2. Back up your company data files. Retain this backup for historical reporting for prior years/periods that will roll off after closing the year.
3. In General Ledger, from the Tasks menu, select Close Fiscal Year.
4. If you have made your backup, select Yes on the backup message.
5. If you have multiple prefixes, select the appropriate prefix to close. You can only close one fiscal entity prefix at a time.
6. If you receive a message that it found prior year adjustments, see steps to close prior year adjustments.
7. Verify the amount in the Close Fiscal Year - Earnings Distribution window matches the net income on your financial statements.
   • If the amounts agree, verify the Account is the correct retained earnings account then click Accept to proceed.
   • If the amounts disagree, click Cancel and determine the problem before you proceed.
8. Click OK on the calendar message.
9. The Setup New Calendar window will show the new current year and the new future year. You’ll be able to modify the period end dates for the new future year if needed. You’ll only need to adjust these dates if your period end dates are something other than the last day of the calendar month.
10. Click OK.
11. Choose to print to file or select your printer using the Printer Setup button. Click Start.
12. Repeat for any additional prefixes you need to close.

Refer to the General Ledger section of the Year-End Procedures Guides (YEPG) for more detailed instructions and considerations. 

See more information about what Sage updates during the Close Fiscal Year. 

U.S. General Ledger Year-end Checklist

 

Sage MyAssistant can notify you if there are amounts in your Suspense Account before closing the fiscal year-end. Reducing the need for error correction and saving your company money. Contact our Sales team at 1-800-858-7095 or by email at [email protected] to learn more.

Can I make General Ledger entries for two years ago?

How do I record a prior year adjustment in General Ledger?

Which applications have a close period, month, or year task?

Error: "The suspense account has a current balance"