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When should I archive last year's company data?

Created on  | Last modified on 

Summary

Important : Only the latest version of Sage 100 Contractor is supported for the current tax year. Year-End updates will not be issued for older versions of Sage 100 Contractor. To ensure that your software is current with all government-required processing and reporting changes, open your Sage 100 Contractor company and click Home and Resources, Sage Support, Downloads and Updates.

Cause

Sage 100 Contractor SQL no longer makes it mandatory for you to archive your company data at your fiscal year-end.

Resolution

Sage 100 Contractor SQL can hold multiple years of company data and produce correct accounting reports for all years. Therefore, it is not required that you archive your company data at the end of your fiscal year to move into the new fiscal year. Wait to archive your old fiscal year data until you have entered all transactions, corrections, and prior-year adjusting entries recommended by your tax advisor. It is not uncommon to wait multiple months before you proceed with the Archive Fiscal Year process.

 

Examples of why to wait to perform Archive Fiscal Year:

  1. Invoices and payments have not all been entered for the last fiscal year.
  2. The tax advisor has not given you the prior year adjusting journal entries to post.
  3. Bank reconciliation has not yet been completed for a prior fiscal year month.

Reasons you may want to archive your oldest fiscal year:

  1. You are running low on computer disk space.
  2. You would rather view each year in a separate company database.
  3. Your Sage 100 Contractor reports are running slowly.
  4. You are selling your company to a new owner.
  5. You are changing your fiscal year-end date.

 

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