CANADIAN: When and what to do for year-end tasks

The Sage 100 Contractor version must not be older than 1 year. Our releases are cumulative. The year-end update will be available around the third week of December.

1. Post all current tax year payroll in menu 5-2-6 Post Payroll to GL.  Perform a Payroll Audit in menu 5-3-7.  If necessary, repair any errors.  See How do I repair payroll audit errors?

Reconcile payroll reports.  See How to reconcile payroll reports?

Install the year-end update before proceeding with the following tasks, as the year-end update can impact these areas.

• Closing the payroll year
• Archiving the oldest payroll year
• Archiving the oldest fiscal year
• Printing the tax forms and quarterly reports
• Process payroll checks for the new tax year

 

Find out the differences between the Close Payroll Year and Archive Oldest Payroll Year features and determine the best process for you.

 Complete the 1-5 Bank Reconciliation of the cash account in the current company before archiving the fiscal year.

If your fiscal year-end is 12/31, change your posting period from 12 to 1 in menu 1-6 Period/Fiscal Year Management.  Repair any audit errors.

Post any year-end adjusting entries from your accountant.

Know when to archive the oldest fiscal year and the process for archiving.