CANADIAN: Recommended Timeline of Year-End Tasks. When and what to do

Run a version of Sage 100 Contractor that is no older than one year, before installing the year-end update. Our release executables 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 you close the payroll year, archive the oldest payroll year, print tax forms, and quarterly reports, process payroll checks for the new tax year, or archive the oldest fiscal year. The year-end update may include program fixes affecting the Close Payroll Year, Archive Oldest Payroll Year, and Archive Oldest Fiscal Year functions.

See What is Multiyear Payroll (Close Payroll Year) in Sage 100 Contractor versions 24.2 and later? for more information and to discover 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 period 12 to period 1 in menu 1-6 Period/Fiscal Year Management.  Repair any audit errors.  See How do I resolve menu 1-6 Audit Books or Recalculate Balances general ledger audit errors? (Troubleshooting)

Post any year-end adjusting entries from your accountant.

See How do I archive my Oldest Fiscal Year in Sage 100 Contractor SQL and When should I archive last year's company data?