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Year-end processes for Sage 100 Contractor SQL

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Summary

What do I need to know about the year-end process for Sage 100 Contractor SQL 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 & Resources, Sage Support, Downloads and Updates.

Resolution

Sage 100 Contractor SQL includes separate Year-End tasks:

  1. Close Payroll Year (before entering payroll for the new calendar year)
  2. Archive Oldest Payroll Year (before entering payroll for the new calendar year)
  3. Advance to the new fiscal year
  4. Archive Oldest Fiscal Year

These are individual tasks, performed at different times. This article discusses only the tasks of advancing to the new fiscal year, and archiving data for the old fiscal year.

 

Advancing the posting period to the new fiscal year:

Sage 100 Contractor SQL is able to hold multiple years of company data and produce correct accounting reports for all years and periods. Therefore, it is not necessary to close your books or archive your company data in order to advance into the new fiscal year. You are able to enter transactions for the new fiscal year and post them, without archiving your company data. This also means that you can continue to enter and post transactions for the old fiscal year, even though you are also entering and posting transactions for the new fiscal year. There is no “close fiscal year” or “close books” option.

Important: While you are not required to Archive Oldest Fiscal Year, you must always either Close Payroll Year or Archive Oldest Payroll Year before entering payroll information for the new calendar year. See DocLink: 5-3-8 Close Payroll Year Enhancement and DocLink: 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 the fiscal period using the Change Period feature in 1-6 Period/Fiscal Year Management.
  • Sage 100 Contractor SQL no longer requires you to close your books at year-end. Instead, as you advance your period from 11 to 12 of your fiscal year, period 1 of the new fiscal year opens so that you can begin entering transactions to the new year.
  • After you use Change Period in 1-6 Period/Fiscal Year Management to advance to period 1 of the new fiscal year, you can continue to post transactions to periods in the old fiscal year as needed, even though you are primarily posting to period 1 of the new fiscal year.
  • 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 does not require you to archive your fiscal year data in order to advance to the next fiscal year. You can actually have multiple years of data in your company folder at one time, and the software produces accurate accounting reports for all years and periods.
  • When you no longer need frequent access to a prior year’s data and you have entered all transactions for that prior year (and posted all corrections and entries recommended by your tax advisor for that prior year), you can archive the oldest fiscal year’s data out of your company folder into an archive folder, by logging into Database Administration for Sage 100 Contractor (you must already have SYSADMIN rights to get into Database Administration) and selecting Archive Company Data > Archive Oldest Fiscal Year.
  • If you have multiple prior years’ data in your company data folder, the Archive Company Data process will remove the data from the oldest prior year and move it into an archive data folder. An archive data folder contains just one year of data. If you have more than one year of data that you want to archive, perform the archive process once for each year.

 


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