Sage 100 - Overview of period and year end (MAS 90 / MAS 200) Video Lecture | A detailed Guide to SAGE 100 - Data & Analytics

closing your period and or your year can
be very very hectic you've got a lot of
things to do in addition to your normal
duties you need to produce accurate
financial statements you need to prepare
for the new accounting month fiscal and
or calendar year your ERP system allows
you to perform period end and year in
closing at the end of each accounting
period and your last fiscal accounting
period of the year this process clears
your period to date balances and moves
them to the prior period at year end the
process also clears the year-to-date
balances accumulated in the master files
and prepares you for the new year we
prepared a series of topics to help you
every step of the way and there's a lot
of resources available for you now again
very anxious time lot going on but if
you approach this very methodically we
can all get through this without a lot
of anxiety so you want to make sure you
have a good tested backup that's the
number one most critical thing that we
recommend you need to follow the
suggested order of closing so that
inadvertently things don't happen that
you may not want to have happen you want
to follow your checklist you'll need to
ask your business partner if there are
any special circumstances that you need
to be aware of prior to closing you'll
want to access the sage website for
important closing information especially
when you get to the end of the calendar
year it would be probably helpful to
create standard communications to send
to your targeted employees that will be
involved in closing the month to prepare
them what do they need to have available
and ready to close the month now we need
to really be aware of the order that we
close and the order logic assures that a
module that writes to another is
processed first for example sales order
can post inventory accounts receivable
and general ledger so it should be
closed prior to those modules and this
is a key
thing that you need to keep in mind
there is an order of clothing that you
can find on the website you're seeing it
displayed here and you would want to
follow this in order so that everything
is processed in the logical framework
for those modules that right to each
other you'll notice that our very number
one task is to do a backup and again
make sure that you've tested that backup
because if something goes astray then
you have something to return to then
you'll process these modules in the
order listed here of course if you don't
have a particular module you would
ignore that but by going in this order
it will verify that you have a very
systematic clean clothes not all of the
modules listed in the order of closing
chart have an actual period end
processing menu task such as bank
reconciliation but the list remind you
to take care of tasks in those modules
as well prior to closing you'll notice
the very last step is to post and close
your general ledger after you've
reconciled everything and reconciled
your general ledger then you're ready to
close the general ledger there are a
number of checklists that are available
in the various modules for you and it
can be very helpful for those folks who
are involved in closing to have these
module checklists available again you
can find them right in the help now when
you're actually ready to close you need
to make sure that everybody is out of
the system or at least the module that
you're going to be working on and you
can run your master console to verify
that
this situation is ideal because it
illustrates that there only one user and
nothing is accessed other than the
desktop when you run your master console
it will show you the workstation that's
being used who's logged on to that were
stationed the company and the program
they're logged on to so it's a real
quick way to verify that nobody is in
any modules that are going to be
impacted if you do find that a user is
in there of course you can phone them
email them you can even use this screen
to broadcast a message you can also use
this screen to shut down all
workstations once everybody is back to
their desktop now do you really have to
do a month end close you know whenever
you post transactions they are being
stored based on the posting date and
that posting date defines the period
that they're reflected in so technically
you don't however it does allow you to
control posting two periods that you
consider closed it's very easy to
inadvertently post to an open period so
it could be that I might be in December
and August could still be open and I
could easily post transactions to August
when they really should be posted to
December so when you do a methodical
month end close every period you can
rest assured that those periods that are
closed will not be posted to and
therefore not have errors in the
reporting now at the end of the period
when you close the period you can
perform three tasks and you are going to
perform three tasks you're going to
print reports and that allows you to
review any of your out of balance
transactions outstanding balances
inventory shortages for example anything
that needs processing before closing the
period
you'll purge your data and that allows
you to eliminate unwanted records that
could conceivably save you disk space
and allow your system to efficiently
perform inquiries and process data and
the last task is to close the period
after everything is in balance and that
prepares you for the next period in for
the next fiscal year