Summary
Description
UPDATED: Version 26.1 and later offers the option to combine archiving of the oldest fiscal year and the oldest payroll year during the Archive Oldest Fiscal Year process in Database Administration for Sage 100 Contractor. To perform this action, the company database's Fiscal year-end date must be December 31, just like the payroll year-end.
- There’s a checkbox allowing you to opt out of a combined archive.
- The checkbox is selected by default.
- A “Payroll Warning” message displays when performing a combined archive before the payroll archive process.
- We've updated the wizard's Maintenance Tasks to provide “Payroll Options" that offer the same options as those offered when performing the Archive Oldest Payroll Year process.
- Results of the Maintenance Tasks will include the number of employees removed and the number of employees marked as inactive.
Resolution
Archive your oldest fiscal year when you no longer require frequent access to accounting data from the previous year. Before archiving your oldest fiscal year, ensure you’ve entered all transactions for that year, and have posted all corrections and adjusting entries recommended by your tax advisor for that year.
Use the Archive Oldest Fiscal Year wizard in Database Administration for Sage 100 Contractor to move your oldest fiscal year data to an archive company folder.
What is an archive company?
- The terms “archive company” and “company archive” are used interchangeably.
- When you no longer need a fiscal year's data, you can move it out of your company data and into a separate company file for storage. This separate company file is the archive company file. It’s a copy of earlier fiscal year's accounting data.
- The resulting archive is accessed like any other company, except that you need to select Show Archives on the Company List window.
What does the Archive Fiscal Year Wizard accomplish?
- Creates a data folder with the archive name you specify.
- The process removes the transactions from the oldest fiscal year in your current company and moves them to the archive company.
- Adjusts the current company beginning balances for asset, liability, and equity accounts and subaccounts, as well as jobs, vendors, service clients, and equipment to match the archive year’s corresponding ending balances.
- Rolls the income and expense balances for the archive year into the beginning balance of the Retained Earnings account in the current company.
What steps are performed by the Archive Fiscal Year wizard?
- The Preparation step performs these tasks:
- Searches for unprinted checks.
- Completes a general ledger audit.
- Completes an inventory audit (if you have the inventory module).
- Creates a temporary backup.
- When any unprinted checks or audit errors are found, the process stops so that you can address the issues. Fix any General Ledger audit errors before you proceed with the archive process.
- The Maintenance step lets you specify these options:
- Remove from your current company folder all jobs with Closed or Refused status and all related records.
- Remove from your current company folder all payable invoices with Paid or Void status and no Job #.
- Remove service invoices from your current company folder with Paid, Completed, or Void status dated before a date you specify.
- Remove purchase orders from your current company folder with Closed status and no Job# dated before a specified date.
- The Maintenance > Remove process removes jobs, payable invoices, service invoices, and purchase orders from the current company. The jobs, payable invoices, service invoices, and purchase orders that are removed from the current company will continue to remain and be accessible in the archive company that is generated during the fiscal year archive process.
- The Archive Data step:
- Creates the archive company, and copies company data into it, including the subfolders Images, Attachments, Aatrix Forms, Direct Deposit, and Reports.
- Removes accounting data that was posted to a fiscal year later than the year you’re archiving and recalculates ending balances, invoice balances (where the payment was recorded in a future year), and inventory quantities, as necessary.
- If jobs, vendors, employees, and equipment records created in subsequent years exist at the time you archive, these records are copied to the archive company, although the associated data is removed from the archive company.
- Verifies the archive data.
- Removes fiscal year information from the archived year for the current company.
- Performs removal of jobs, payable invoices, service invoices, and purchase orders from the current company if you specified removal in the Maintenance step.
- Verifies the current company data.
When can I complete the Archive Fiscal Year wizard?
The wizard archives 12 periods of accounting data, so you must have at least 12 periods of prior-year accounting data in your current company to perform an archive. This means that you must advance to at least Period 1 in the new fiscal year before you can archive data from your previous year.
CAUTION: Don’t archive fiscal year data until you’ve entered all transactions, corrections, and prior-year adjusting entries recommended by your tax advisor. You can wait to archive data from the oldest fiscal year when it’s convenient for you. It isn’t uncommon to wait multiple months before you proceed with the Archive Fiscal Year process. If you proceed with the Archive Fiscal Year process, and later discover that you have to make adjustments or corrections for the prior year, you will have to make entries in the archive company and in the current company.
What steps should I complete before I use the Archive Fiscal Year wizard?
- Always make two backup copies of your company data before you archive your fiscal year data.
- Follow the checklist provided on the Sage Community Hub and Sage 100 Contractor Year-End Center.
What steps should I complete immediately after I archive my fiscal year data?
- Create a backup of your company archive, verify this archive, and store it in a safe place.
- Complete the checklist provided on the Sage Community Hub and Sage 100 Contractor Year-End Center.